Risk vs Issue

[Audio] ENTEGRIS, INC. Risk vs Issue, Chris Reddy.

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[Audio] ENTEGRIS, INC. Risk vs Issue, 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] ENTEGRIS, INC. Why Does It Matter? 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] gas purification system as an example to illustrate the difference between a risk and an issue: 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. ENTEGRIS, INC..

[Audio] Risk vs Issue example Purifier system: 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. ENTEGRIS, INC..

[Audio] Risk vs Issue example Purifier system 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. ENTEGRIS, INC..

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[Audio] ENTEGRIS, INC.. Appendix.