How do you manage opportunities?

We manage it in the same way than risk because most of the opportunity is detected when creating risk responces. Those for internal project opportunities. For external once the business analyst or the program manager is aware of that because they have the big picture.

Hello Flavia,

i would like to echo Bala, could you please be a bit more specific about what we are talking here?
Do you mean (business) opportunitys in general or is it more about the positive risks within a project/program? Or is it something else?


Regards,

Markus

I mean positive risks in projects :)

Well, the one difference between risk and opportunity (positive risk) is that you can exploit opportunity, even encouraging the circumstances that can cause the opportunity to arise. So, if the opportunity arises, how can you capitalize on it?

First, the opportunity will have be *prioritized* versus the current efforts. Who is going to *sponsor* or champion the opportunity? Like a project, it may need *ROI* or *cost-benefit* analysis. You'll probably need some *funding*. Maybe contingency *staffing* plans. Then some *planning* to gain as much of the opportunity as your *timeframe* and *budget* will allow. A *risk analysis* to determine if the opportunity will impact other projects or plans. In short, the opportunity becomes a project in itself. Quality, procurement, all the other areas I haven't mentioned should be considered.