Risk - Issue - Risk - Issue - Risk - Issue - HELP!

What is the difference between a risk and an issue? I am no project management guru, but this is an issue I am willing to take a risk on ;)

A risk is something that will affect the schedule of the project (for the worse). When a project is planned there are several events that are identified which could affect the schedule of the project. These could be non-availability of resources, design changes and so on. An event which has some probability of occuring and has some definite impact on the project and it's schedule and/or cost is called a project risk.

For example, not recruiting a senior consultant for the project by the second week could delay the project by a month. This event might have a 60% probability of occuring and might have a high impact on the project.

So what is an issue? An issue is a risk that has materialized. During the course of the project if an event that was identified as a risk during the planning phase actually occurs, the risk becomes an issue. Of course there are various risk mitigation startegies that would have been planned for each risk. When a risk becomes an issue these risk mitigation strategies are put into effect.

Risk - Issue - Risk - Issue - Risk - Issue - SOLVED.