An important principle in risk management is understanding the difference between risks, assumptions, and issues.In practice, risk identification is one of the most poorly done risk management steps. Often, teams do not spend enough time at the beginning of the project looking at all the things that can happen. Risk identification needs to be done throughout the project's life, but identification at the beginning is particularly poor. Simply speaking, a risk is something on a project with an uncertainty (something that might happen) that could have a negative impact (something bad can happen) or a positive impact (something good can happen) on the project plan. You will be addressing both negative (threats) and positive (opportunity) risks as a best practice in Engineering Project Risk Management.For example, if you are concerned that a critical resource might be unavailable in the future, this is a risk?it's something you anticipate and can plan for. During the planning phase, identifying risks allows you to develop mitigation strategies before they impact the project.On the other hand, an issue is something that has already occurred or is sure to happen, with a 100% probability. If you needed a resource last week and it is still unavailable, that issue must be addressed immediately. However, since you are still in the planning phase, no issues have occurred yet, and your focus remains on what could happen rather than what has already materialized.Lastly, assumptions

THE ARROW OF ATTENTION VHI VHI HI HI PROBABILITY PROBABILITY MED Threats Opportunities MED LO LO VLO VLO VLO LO MED HI VHI VHI HI MED LO VLO NEGATIVE IMPACT POSITIVE IMPACT