Hello, i have taken several sample questions and i am not to clear on the difference between enhancing a risk and exploiting a risk, Can any one please clarify Saving Changes...
both of these relate to opportunities or positive risks.
I would be surprised if an exam question would give both exploit and enhance as possible answers as these are fairly closely related.
Enhance looks at increasing the probability of occurrence or increasing the impacts if the opportunity is realized or both. Exploit focuses on probability by taking steps to ensure (100% likelihood) that the positive risk will be realized.
So, one could argue that a highly effective enhance response focused on probability is virtually identical to an exploit response.
Kiron Saving Changes...
Abigail HutchingsSenior Manager, Agile Transformation| RyderTamarac, Fl, United States
Agree with Kiron above. With enhance you increase the possibility but the opportunity may/may not come to pass. With exploit, you take the opportunity aggressively and seriously and ensure it happens 100%. Saving Changes...
Jaleel .PMP, Associate Director| MetricStreamBangalore, India
I would like to go by the meaning of these two words enhance and exploit.
Enhance - increase, intensify
Exploit - Make full use of
So in case of enhance, the probability is increased and in case of exploit make full use of the opportunity by making sure it happens. Saving Changes...
Alejandro FernándezCommissioning Manager| CAF (Construcción y Auxiliar de Ferrocarriles)Amstelveen, Netherlands
Hello,
Enhance is to take action to increase the likelihood of an opportunity.
Exploit is to take actions to make sure that an opportunity will happen.
Enhance - you'll put more ressource on project to increase chance of completion before winter, to increase chance of not paying certain winter condition. Work on probability and/or impact of risk.
Exploit - You'll put you best persons to ensure that the usage of a new technologie would save cost. Work essentially on probability Saving Changes...
I agree with Kiron and Abigail. Thanks. Saving Changes...
MICHAIL KOSTOUROSSENIOR PROJECT MANAGER, MSc,PMP,RMP,MCP,CIVIL ENGINEER| TECHNIKI 2000 S.A.Chalkida, Greece
I agree with Kiron. Enhance is the opposite of mitigate at the scale of negative risk and exploit is the opposite of avoid at the scale of negative risk if someone tries to remember them for the exams. Saving Changes...
Adrianna KnowlesManagement Professional| PMP| Public SectorNassau, New Providence, Bahamas
Enhancing and exploiting can seem to have similar terminology, but enhancing is simply increasing the chances of that risk to occur vs. ensuring the risk occurs (exploitation). Saving Changes...
Enhance and Exploit can be on the PMP exam, but usually as wrong choices rather than the right choice. Fairly easy to differentiate: enhance - TRY and make it happen or get maximum benefit from it. exploit - MAKE it happen or it's already going to happen. If a vendor offers 10% discount on buying 1,000 software licenses, and my rollout requires 1,500 installs, I will exploit the opportunity and it's guaranteed to happen. If on the other hand, there is no discount, but I know that by negotiating with the software vendor I have a good chance to get a discount if I buy 1,000+ licenses, that would be enhancing the opportunity. There's no guarantees, but I will will give it a shot and have a pretty good chance. Saving Changes...
Thanks for all your replies, i have been greatly enlighten.
...
1 reply by FALASINNU ADEGOKE
Nov 14, 2017 11:46 AM
FALASINNU ADEGOKE
...
Out of the four risk management strategies for opportunities, “enhance” and “exploit” are always not thoroughly understood.It is important that you know that you encounter two types of risks: negative risks and positive risks.Project risk is an uncertain event or condition that, if it occurs, has a positive or negative effect on one or more project objectives such as scope, schedule, cost, and quality.It is alway good that we learn and discuss the Positive Risk Response Strategies. And for the Enhance:we taking measures/actions,Exploit: we taking any possible actions.
