The objective of the Issue,Change and Risk Management component is to give the PM the necessary knowledge and instruments to be able to face any events that might have an impact on the project’s products, resources, stages or objectives.

ISSUE & CHANGE Management

To facilitate the PM in dealing with unforeseen events the Issue Management procedure outlines a structured yet efficient and agile way to respond to problems as they ariseThe PM needs to categorize each issue according to its impact. This facilitates the identification of suitable responses, including the use of matrices or past lessons documenting the resolution of similar issues.

Categories :

Change Request: a formal request to change an approved (Baseline) product or aspect of the project.
Problem/Question: any other event that impacts the project

Issue and change management

Although issues can be managed in both a formal or informal way. Depending on their nature, impact, and level of authority delegated to the PM, there are some instances where a formal procedure must be applied. Change Requests impacting Baseline products, Issues that are considered outside of the PM’s remit as per contractual agreements, policies, applicable standards.

Record

The issue and change management procedure provide for the issue or change to be recorded, categorized and recorded in the Issue Log.

Decide

Following the impact assessment, the PM will proceed to find a suitable response before proposing it to the deciding authority.

Assess

Following the identification of the issue the PM must proceed to the priority and Impact assessment to ascertain the effect the issue has had or will have on the project objectives and to verify whether this impact is an exception situation or whether it can be resolved within the delegated authority and the stage/project tolerances.

Identify and Assess

The issue and change management procedure provide for the issue or change to be recorded, categorized and recorded in the Issue Log.

Control

Once the probability impact and proximity for a risk have been assessed the PM would work with the stakeholders to plan suitable responses to manage the risk.

Risk Management

A risk represents an uncertain event that could have an effect on the project objectives. This uncertainty is measured in terms of the probability of the risk and the possible impact the threat or opportunity might have on the project. authority and the stage/project tolerances.

Approve or Reject

Based on nature of change and severity, Project stakeholder will take decision to approve or reject

Risk Response

Based on Risk may result in threat or opportunity response needs to define.

Threat Response
  • Prevent: Eliminates the Risk completely.
  • Mitigate: Reduces the Impact and/or Probability of the Risk occurring.
  • Transfer: Transfers the financial impact of the Risk on a third party.
  • Contingency: Provide for an alternative should the risk materialize.
  • Accept: No response will be implemented
Threat Response
  • Exploit: Take advantage of the opportunity
  • Improve: Increase the likelihood of the opportunity occurring.
  • Reject: The opportunity will be discarded.
Get Case Study with more information

Our Product

Temporary Workforce Management

Project Issue, Change and Risk Management