Effective Opportunity Management for Projects

Filed under Risk | Posted by PMStudent

opportunity_mgmtGlen Alleman left a comment recommending several resources for me, one of which is the book “Effective Opportunity Management for Projects“.? I am reading it now and would like to share some of my initial insights thus far.

I’ve found the authors agree with me that standard risk management approaches mostly pay lip service to opportunity management without really addressing it.? In correlation (not necessarily causation) with that, most project managers and teams focus on threats as the primary target of risk management.

I’ve also revised my view of needing a seperate knowledge area for opportunity management.? Through the various articles, websites, and books I’ve reviewed thus far I believe it should be handled within risk management; but risk management approaches and project managers need to do more than just pay opportunity management the lip service they do today.

A citation from the book which states my view nicely:

“….both can be handled by the same process, although some modifications may be required to the standard risk management approach to enable it to deal effectively with opportunities.”

Another important insight is that opportunities are not merely the mirror-image of threats.? A chance that a threat will not occur is NOT an opportunity.

“Distinctive opportunities exist in their own right, presenting the chance to enhance project objectives, deliver early, cost less, increase customer satisfaction, improve competitiveness, enhance company reputation, etc.”

Thanks for tagging along with me on my journey through better understanding opportunity management.? More to come!