Budget, Scope and Schedule are three constraints a project manager has to deal with to produce deliverable. Any one of these three is changed, remaining are also affected.
Risks and issues in a project are documented and monitored. During the documentation phase, it becomes cofnusing when we have to classify it into either risk or issue category. Here is the basic info on difference between risk and issue -
Risk is a future event that may have an impact on triple constraint. It may happen or it may not. We can plan for risk based on its probability and impact on deliverable – risks can be avoided completely, or can be minimized, or can be transferred to other party, or we can meet head on.
An issue is present problem or concern influencing triple constraints. In other words, an issue is raised when something has gone wrong and will impact triple constraint.
A risk can become an issue, but issue is not risk – it has already happened.
Hope this helps. Thank you for reading the post.
27-Oct-2010 : More details added in other post http://virk.wordpress.com/2010/10/26/project-risk-management-101/