Do You Know The Difference Between An Issue And A Risk?

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PMBOK defines a risk as an uncertain event or condition that, if it occurs, has a positive or a negative effect on project’s objectives.

In our experience, and probably yours too, it is best to understand and capture your risks in a more structured format.  A risk assessment is a thorough review of your workplace or environment to identify those things, processes, elements that may cause harm. In a risk assessment, you make note of how likely the event is to happen and the severity /potential damage of the risk. You also determine what steps can be put in place to avoid that risk or minimize the damage.

blog-postWhat we love about risk assessments is that they are proactive. They allow you to plan ahead and avoid many of the common pitfalls that can derail projects or daily activities. Risk assessments work best when they are included in the early planning phases and monitored through the course of a project.

Key Elements of a Risk Assessment:

• Identify hazards
• Evaluate the likelihood of an injury/event, and its severity
• Consider normal situations and non-standard events (emergencies, outages)
• Identify actions necessary to eliminate the risk
• Monitor regularly to confirm the risk is controlled
• Use a structured reporting format and keep careful documentation, including evaluations and conclusions