#3 Know the Difference

What is a Risk?  "Could my project fail?"

Something that will impact overall success of the project.

• Risks need to be weighted for their impact and probability, managed at the steering committee level, and have a clear escalation plan for resolution.

What is an Issue?  "Do I need a course correction?"

Something that could slip a critical path in the project, but not yet likely to impact its overall success.

• Issues are managed by the project manager at the team level and are prioritized with accountability and due dates.

What is an Action?  "Are actions prioritized and assigned?"

Tasks that need to be worked. Actions have resources, due dates, durations, and dependencies.

• Resources assigned are accountable for them. The project manager keeps on-going tabs on their completion.