An Opportunity is a type of risk that, if it occurs, would have a positive effect on one or more portfolio, program, or project objectives. Unlike threats, which carry potential harm, opportunities represent favorable uncertainties that can lead to improved outcomes, strategic gains, or added value.
Opportunities are managed through intentional risk response strategies that aim to realize or enhance the potential benefit.
Characteristics of Opportunity
- Positive Risk – Represents upside potential instead of danger.
- Outcome-Oriented – Can improve scope, cost, schedule, quality, or value.
- Requires Management – Needs identification, evaluation, and action planning.
- Not Guaranteed – Like all risks, outcomes are uncertain until realized.
Example Scenarios
- A vendor offers early-delivery incentives that could shorten the schedule.
- A breakthrough in technology enables faster production or higher quality.
- Market demand unexpectedly rises, increasing product value.
Common Response Strategies
- Exploit – Actively ensure the opportunity occurs.
- Enhance – Increase probability or impact.
- Share – Partner with another party to capture value.
- Accept – Acknowledge the opportunity and monitor it passively.
Why Opportunity Matters
- Drives Competitive Advantage – Turns uncertainty into strategic gain.
- Maximizes Project Value – Enhances outcomes beyond baseline expectations.
- Encourages Proactive Thinking – Shifts focus from only mitigating harm to capturing upside.
- Strengthens Portfolio Performance – Enables better allocation of resources and focus.
See also: Risk, Threat, Risk Response, Strategic Alignment, Risk Management.