You%20are%20an%20AI%20assistant.%20Information%20will%20be%20provided%20to%20help%20answer%20the%20user's%20question.%20USE%20ONLY%20THE%20REFERENCE%20INFORMATION%20PROVIDED%20TO%20ANSWER%20THE%20QUESTION.%20Be%20very%20specific%20in%20your%20answer%20and%20focus%20only%20on%20the%20question.%20Don't%20say%20you%20used%20the%20reference%20information%20in%20your%20response.%0AUser%20question:%20Compare%20risk,%20assumption%20and%20issue.%20Give%20examples%20%0AReference%20information:%20%0A%23%23%23%0AThere%20are%20two%20key%20characteristics%20of%20risks%20and%20assumptions.%20First,%20there%20must%20be%20some%20uncertainty%20to%20the%20event.%20If%20there%20is%20100%25%20chance%20of%20an%20event%20occurring,%20it%20is%20simply%20a%20fact.%20If%20there%20is%20a%200%25%20chance%20of%20the%20event%20occurring,%20it%20is%20fiction.%20Neither%20are%20risks%20or%20assumptions.%20%20%0ASecond,%20assumptions%20and%20risks%20are%20both%20outside%20the%20total%20control%20of%20the%20project%20team.%20If%20the%20event%20is%20within%20the%20control%20of%20the%20project%20team%20it%20is%20neither%20an%20assumption%20nor%20a%20risk.%20It%20should%20simply%20be%20managed%20as%20a%20part%20of%20your%20schedule.%20%20%0AOne%20way%20to%20identify%20important%20assumptions%20is%20to%20perform%20a%20risk%20assessment%20and%20look%20at%20low-risk%20items.%20Most%20of%20these%20low%20risks%20are%20not%20worth%20mentioning,%20but%20some%20will%20have%20significant%20implications%20if%20events%20do%20not%20turn%20out%20as%20you%20think.%20These%20are%20the%20ones%20that%20you%20can%20document%20as%20assumptions.%20%20%0AReview%20the%20following%20examples%20for%20more%20clarity%20on%20assumptions%20and%20risks.%20%20%0AStatement%20%20%0AAssumption,%20Risk%20or%20Other%3F%20%20%0AStrong%20support%20for%20this%20initiative%20from%20our%20executive%20sponsor.%20%20%0ADepending%20on%20the%20project,%20there%20could%20be%20a%20high%20degree%20of%20risk%20in%20this%20statement%20(risk)%20or%20very%20little%20(assumption).%20%20%0AThe%20production%20servers%20will%20be%20installed%20by%20the%20vendor%20before%20we%20are%20ready%20for%20testing.%20%20%0ASince%20there%20is%20a%20vendor%20involved,%20this%20is%20not%20totally%20within%20the%20control%20of%20the%20project.%20Depending%20on%20the%20project,%20there%20could%20be%20a%20high%20degree%20of%20uncertainty%20in%20this%20statement%20(risk)%20or%20very%20little%20(assumption).%20%20%0AThe%20concrete%20floor%20is%2012%20inches%20deep.%20%20%0AThis%20statement%20is%20a%20fact%20or%20a%20requirement,%20and%20not%20a%20risk%20or%20assumption.%20%20%0AWe%20will%20complete%20requirements%20before%20we%20begin%20design%20work.%20%20%0AThis%20is%20part%20of%20the%20project%20approach%20or%20schedule.%20It%20is%20not%20a%20risk%20or%20assumption%20because%20it%20is%20within%20the%20control%20of%20the%20project%20team.%20%20%0AOur%20vendors%20will%20be%20ready%20to%20support%20installation%20by%20October%201%20%20%0ASince%20there%20is%20a%20vendor%20involved,%20this%20is%20not%20totally%20within%20the%20control%20of%20the%20project.%20Depending%20on%20the%20project,%20there%20could%20be%20a%20high%20degree%20of%20uncertainty%20in%20this%20statement%20(risk)%20or%20very%20little%20(assumption).%20%20%0AWe%20must%20go%20to%20Pluto%20to%20get%20the%20supply%20of%20meteor%20fragments%20that%20this%20project%20requires.%20%20%0AThis%20is%20not%20a%20risk%20or%20assumption%20because%20there%20is%20no%20probability%20involved.%20It%20is%20a%20fiction%20(0%25%20true).%20%20%0AThe%20car%20must%20be%20able%20to%20withstand%20the%20force%20of%20a%20collision%20at%2040%20miles%20per%20hour.%20%20%0AThis%20statement%20is%20a%20requirement,%20and%20not%20a%20risk%20or%20assumption.%20It%20describes%20a%20deliverable.%20%20%0AIt%20is%2060%20miles%20from%20one%20project%20team%20location%20to%20the%C2%A0other.%0A7.1.2.2%20Assumptions%20and%20Risks%20%20%0A(7.1.2.2.P1)%20%20%0AThe%20quick%20definition%20for%20an%20assumption%20is%20that%20it%20is%20a%20%E2%80%9Cstatement%20believed%20to%20be%20true%E2%80%9D.%20In%20other%20words,%20you%20are%20not%20100%25%20sure%20if%20it%20is%20a%20fact,%20but%20you%20believe%20it%20to%20be%20true%20for%20the%20purposes%20of%20planning%20your%20project.%20%20%0AProjects%20need%20assumptions.%20You%20cannot%20delay%20a%20project%20while%20you%20try%20to%20be%20100%25%20certain%20of%20all%20aspects.%20In%20fact,%20it%20is%20not%20possible%20to%20be%20100%25%20sure%20of%20every%20aspect%20of%20a%20project.%20In%20some%20cases%20you%20need%20to%20%E2%80%9Cassume%E2%80%9D%20that%20things%20will%20turn%20out%20as%20you%20expect,%20and%20continue%20planning%20based%20on%20those%20assumptions.%20%20%0AAnother%20way%20to%20look%20at%20assumptions%20is%20their%20relationship%20with%20risks.%20Assumptions%20are%20very%20much%20related%20to%20risk,%20and%20in%20fact%20are%20simply%20low-level%20risks.%20They%20both%20start%20with%20the%20same%20premise.%20They%20are%20both%20future%20events%20or%20conditions%20that%20will%20impact%20your%20project.%20In%20both%20cases,%20there%20is%20a%20probability%20of%20occurrence%20and%20an%20impact%20to%20your%20project.%20The%20difference%20between%20an%20assumption%20and%20risk%20has%20to%20do%20with%20whether%20the%20combination%20of%20probability%20and%20impact%20is%20acceptable%20to%20you%20or%20not.%20%20%0ALet's%20take%20an%20example%20of%20a%20common%20statement%20that%20is%20included%20in%20many%20Project%20Charters%E2%80%93that%20%E2%80%9Cthe%20resources%20needed%20for%20this%20project%20will%20be%20available%20when%20needed.%E2%80%9D%20What%20kind%20of%20a%20statement%20is%20this%3F%20Most%20people%20would%20say%20it%20is%20an%20assumption.%20After%20all,%20when%20a%20project%20starts,%20you%20always%20assume%20you%20will%20get%20the%20resources%20you%20need.%20%20%0AHowever,%20is%20it%20really%20an%20assumption%3F%20Can%20you%20imagine%20starting%20a%20project%20where%20the%20people%20and%20equipment%20were%20not%20available%20and%20there%20was%20a%20realistic%20possibility%20that%20they%20would%20not%20be%20ready%20when%20you%20need%20them%20-%20perhaps%20because%20another%20project%20needed%20to%20finish%20first%3F%20It%20is%20not%20too%20difficult%20to%20imagine%20that%20scenario.%20In%20that%20case,%20the%20same%20statement%20would%20definitely%20be%20a%20risk%20-%20not%20an%20assumption.%20%20%0AThe%20key%20point%20is%20that%20the%20same%20statement%20might%20be%20an%20assumption%20or%20a%20risk%20depending%20on%20the%20circumstances%20of%20your%20particular%20project.%20The%20difference%20between%20an%20assumption%20and%20risk%20is%20whether%20the%20combination%20of%20probability%20and%20impact%20are%20acceptable%20to%20you%20or%20not.%20If%20the%20event%20is%20negative%20and%20the%20combination%20of%20probability%20and%20impact%20are%20not%20acceptable%20to%20you%20(that%20is,%20the%20combination%20is%20too%20high),%20it%20can%20be%20stated%20as%20a%20risk.%20If%20the%20event%20is%20negative%20and%20the%20combination%20of%20probability%20and%20risk%20are%20acceptable,%20it%20can%20be%20an%20assumption.%0ACheck%20all%20medium-level%20risks%20to%20determine%20if%20the%20impact%20is%20severe%20enough%20that%20they%20should%20have%20a%20risk%20response%20plan.%20%20%0A5%20%20%0AProject%20Manager%20%20%0AEvaluate%20any%20low-risk%20risks%20%20%0ANow%20check%20the%20low-level%20risk%20items%20and%20see%20if%20they%20should%20be%20listed%20as%20assumptions.%20In%20this%20way%20you%20recognize%20that%20there%20is%20a%20potential%20for%20problems,%20but%20because%20the%20risk%20is%20low,%20you%20are%20'assuming'%20that%20the%20condition%20will%20not%20occur.%20See%207.1.2.2%20Assumptions%20and%20Risks%20for%20more%20information.%20%20%0A6%20%20%0AProject%20Manager%20%20%0AMove%20the%20risk%20plan%20activities%20to%20the%20project%20schedule%20%20%0AMove%20the%20activities%20associated%20with%20the%20Risk%20Plans%20to%20the%20project%20schedule.%20You%20will%20also%20add%20the%20people%20assigned,%20effort%20hours,%20start%20dates,%20etc.%20Moving%20the%20activities%20to%20the%20schedule%20should%20help%20ensure%20that%20the%20work%20is%20actually%20completed%20and%20keeps%20the%20schedule%20the%20primary%20focus%20of%20all%20work%20planning%20and%20monitoring.%20%20%0AOngoing%20Processes%20%20%0ARisk%20Monitoring%20and%20Control%20(7.1.1.P2)%20%20%0A7%20%20%0AProject%20Manager%20%20%0AMonitor%20the%20current%20risk%20plans%20%20%0AThe%20project%20manager%20needs%20to%20monitor%20the%20Risk%20Plan%20to%20ensure%20the%20risks%20are%20managed%20successfully.%20New%20activities%20should%20be%20added%20if%20it%20looks%20like%20a%20risk%20is%20not%20being%20managed%20%20%0A8%20%20%0AProject%20Manager%20%20%0ALook%20for%20new%20risks%20%20%0AThe%20project%20manager%20also%20needs%20to%20periodically%20evaluate%20risks%20throughout%20the%20project.%20New%20risks%20may%20arise%20as%20the%20project%20is%20unfolding%20and%20some%20risks%20that%20were%20not%20identified%20up-front%20may%20become%20visible%20at%20a%20later%20date.%20It%20is%20also%20possible%20that%20previously%20identified,%20lower%20level%20risks%20(assumptions)%20may%20become%20medium%20or%20high%20risks%20at%20a%20later%20time.%20This%20ongoing%20risk%20evaluation%20should%20be%20performed%20on%20a%20regular%20basis.%0A%23%23%23