Just knowing that a issue management procedure must be in place before the business venture advances to the execution phase is not enough. This is why the project manager has to know the people involved in their project team along with the business sector they are looking to venture into with their deliverable. While all issues cannot be totally mitigated, dealing with them in a preplanned manner can and instantly when they occur can be the difference in the business venture being profitable or grinding to a stop.
Just like the risk management procedure, the issue management procedure has to properly identify every conservable issue that might be encounter in the execution phase of the business venture. They should also be prepared to include the few issues that might be encounter in the planning phase. This is where the risks and issues differ. Issues can make an impact at any point in the business venture. This is because with issues comes the human factor and their interaction with the business venture.
The creation of the issue management procedure will list each of the possible issues along with their impact potential on the business venture. There the project manager must know the availability of the resources they have to deal with them. This makes it possible for them to know the different mitigation techniques they can use in dealing with each of the issues.
The best approach an issue management procedure should contain is an active approach to handling the problems that each issue will inflict on the business venture. This proactive approach is offensive so the issue can be on the defense and in most cases dealt with in a more effective manner. If this angle is not taken, then your organization will be reacting to issues when they make an impact that will lead to delays in the progression of your business ventures conclusion.
The preparation of the Issue management procedure is an important step in dealing with the problems a business venture can encounter in its execution phase. This way bottlenecks and other obstacles can more easily be avoided so the maximum profit potential of your business venture can become a reality.