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If your presentation is confidential, this second slide should be the appropriate version of this layout: company, customer, or NDA.. 

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If your presentation is confidential, this second slide should be the appropriate version of this layout: company, customer, or NDA.

[Audio] When it comes to project management, understanding the difference between "risk" and "issue" is important. Risk is a potential event or condition that could have a negative impact, and its occurrence is uncertain. On the other hand, an issue is a problem or challenge that has already occurred and has consequences that are known. Key differences include timing – risks are future-oriented while issues are present or past events – and the response required: risks require proactive planning, whereas issues need reactive resolution.. 

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Risk: A potential event or condition that, if it occurs, could have a negative impact on a project, goal, or objective. Risks are uncertain events that may or may not happen. Issue: A problem or challenge that has already occurred and is currently affecting the project or objective. Issues are definite and need immediate attention. Key Differences: Timing:  Risks are future-oriented Issues are present or past events. Uncertainty:  Risks are uncertain events and  their impact may vary,  Issues are concrete problems with known consequences. Response:  Risks require proactive planning and mitigation,  Issues demand reactive actions and resolution.

[Audio] I have focused my talk on the significance of distinguishing between risk and issue management in the realm of efficient project management. When we distinguish between risks and issues, our project management can become more effective and successful. We can then assign our resources more competently and proactively tackle risks in order to reduce the chances of having issues arise. Most of all, clear communication is irreplaceable for managing expectations and preserving trust with stakeholders. I hope this talk has been beneficial to you and that you now understand the importance of distinguishing between risk and issue management.. 

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Effective Project Management: Distinguishing between risks and issues helps project managers allocate resources appropriately.
 Proactive vs. Reactive: Addressing risks proactively minimizes the likelihood of issues arising.
 Stakeholder Communication: Accurate communication is vital for managing expectations and maintaining stakeholder trust.

[Audio] The potential event of a delay in component delivery is classified as a risk due to it not having occurred yet and its impact being uncertain. A response plan should be developed to prepare for this eventuality. An issue, on the other hand, is an event that has already occurred and needs an immediate response, making it more urgent than a risk.. 

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Scenario: Entegris is installing a new gas purification system in a chemical processing plant. Potential Risk:  The purification system has a possible delay in the delivery of critical components due to supply chain disruptions. Characteristics of a Risk: Future-Oriented: The delay in component delivery has not happened yet but is a potential future event. Uncertainty: The impact of the supply chain disruption on the project timeline and cost is uncertain. Response: To address this risk, your project team develops a contingency plan, including potential alternative suppliers and a timeline adjustment strategy.

gas purification system as an example to illustrate the difference between a risk and an issue:

[Audio] Risk and issue are different from one another. An issue is a sudden problem that has an identifiable cause and has already occurred. For example, the gas purification system underwent a valve malfunction and as a consequence, the plant had to shut down. When faced with such an issue, immediate action has to be taken such as troubleshooting or looking for replacement parts. Getting familiar with the differences between risk and issue can enable teams to anticipate and react to potential problems in an efficient manner.. 

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Issue:  Scenario: The gas purification system has been installed, and the plant is operational. Actual Issue: A few days after commissioning, a critical valve in the purification system malfunctions, causing a shutdown of the entire plant. Characteristics of an Issue: Present or Past Event: The valve malfunction is currently affecting the plant's operations. Definite Problem: The valve is broken, and the plant is non-operational. Response: Your team immediately initiates troubleshooting and repair activities, possibly contacting the vendor or seeking replacement parts to resolve the issue.

[Audio] Understanding the differences between risks and issues is critical for successful project management. A risk is a potential future event that could have a negative impact on the project's success, while an issue is a current problem that needs to be addressed and resolved immediately. For example, to reduce the impact of disruption in the supply chain of a gas purification system, ordering critical components ahead of time and/or having a backup plan in place can help minimize plant shutdowns due to unexpected valve malfunctions. Effective communication with stakeholders depends on the ability to distinguish between risks and issues, as it enables proactive risk management and quick issue resolution.. 

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In this example: The risk is a potential future event (supply chain disruption) that could affect the project's success. It requires proactive planning and mitigation efforts. The issue is a current problem (valve malfunction) that requires immediate attention and resolution. Understanding this distinction is crucial because managing risks effectively can help prevent or minimize issues. In the case of the gas purification system, addressing the risk of supply chain disruptions might involve ordering critical components well in advance or having backup plans in place, reducing the likelihood of facing the issue of a plant shutdown due to valve malfunction Conclusion: Understanding the difference between risks and issues is essential for effective project management. It allows for proactive risk mitigation and timely issue resolution. Proper communication with stakeholders hinges on this distinction.

[Audio] We have outlined the Appendix of the presentation - which details the practical implications of the research conducted. We have identified the areas of risk in our company, and how we can prevent and manage them. We have discussed issues that we will need to consider, and the strategies that we can use to address them. By understanding the difference between risk and issue, our company can move forward with confidence as we strive for success. Thank you for your attention and for allowing us to present our findings on Risk vs Issue for Entegris, Inc.. 

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Risk vs Issue

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When it comes to project management, understanding the difference between "risk" and "issue" is important

Risk is a potential event or condition that could have a negative impact, and its occurrence is uncertain

On the other hand, an issue is a problem or challenge that has already occurred and has consequences that are known

Key differences include timing – risks are future-oriented while issues are present or past events – and the response required

risks require proactive planning, whereas issues need reactive resolution.

avatar

I have focused my talk on the significance of distinguishing between risk and issue management in the realm of efficient project management

When we distinguish between risks and issues, our project management can become more effective and successful

We can then assign our resources more competently and proactively tackle risks in order to reduce the chances of having issues arise

Most of all, clear communication is irreplaceable for managing expectations and preserving trust with stakeholders

I hope this talk has been beneficial to you and that you now understand the importance of distinguishing between risk and issue management.

The potential event of a delay in component delivery is classified as a risk due to it not having occurred yet and its impact being uncertain

A response plan should be developed to prepare for this eventuality

An issue, on the other hand, is an event that has already occurred and needs an immediate response, making it more urgent than a risk.

Risk and issue are different from one another

An issue is a sudden problem that has an identifiable cause and has already occurred

For example, the gas purification system underwent a valve malfunction and as a consequence, the plant had to shut down

When faced with such an issue, immediate action has to be taken such as troubleshooting or looking for replacement parts

Getting familiar with the differences between risk and issue can enable teams to anticipate and react to potential problems in an efficient manner.

Understanding the differences between risks and issues is critical for successful project management

A risk is a potential future event that could have a negative impact on the project's success, while an issue is a current problem that needs to be addressed and resolved immediately

For example, to reduce the impact of disruption in the supply chain of a gas purification system, ordering critical components ahead of time and/or having a backup plan in place can help minimize plant shutdowns due to unexpected valve malfunctions

Effective communication with stakeholders depends on the ability to distinguish between risks and issues, as it enables proactive risk management and quick issue resolution.

We have outlined the Appendix of the presentation - which details the practical implications of the research conducted

We have identified the areas of risk in our company, and how we can prevent and manage them

We have discussed issues that we will need to consider, and the strategies that we can use to address them

By understanding the difference between risk and issue, our company can move forward with confidence as we strive for success.

Thank you for your attention and for allowing us to present our findings on Risk vs Issue for Entegris, Inc.