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Positive risk (better referenced as opportunities) is the potential for an event to create a positive impact on your project. Identifying these opportunities is essential for growth and can massively enhance success. You may have a risk management strategy already set up, but is it suitable for capturing, assessing and grasping these potential positive events? Let’s see…
Opportunities often arise from change, innovation and external factors. As PM, you should aim to create a culture of continuous improvement and encourage your team members to continuously think creatively. Frequent brainstorming sessions, market analysis, and feedback cycles can help identify areas where the project can gain. Identification is not a one-and-done task, but should be carried out constantly during your project.
Staying in line with technological advancements and market trends can present numerous opportunities. Integrating new software tools can streamline processes, enhance productivity, and reduce costs. Similarly, adapting to emerging market demands can open new revenue streams, improve customer satisfaction and boost the public image of your organisation. Remember, gains can be made with what you already have, you don’t just have to think outside the box.
Let us imagine that we have identified a good thing; mature project managers understand that not all opportunities are worth pursuing. Conducting a risk-reward analysis helps in determining the potential benefits against the costs and risks involved. This analytical, numbers-based approach ensures that the project only takes on opportunities that align with its strategic objectives and capabilities. Don’t waste resources chasing something that won’t give you a desirable return.
Once opportunities are identified and assessed, it is imperative to incorporate them into the project management plan (the PMP). This involves aligning the opportunity with the project's goals and applying appropriate resources. Allow for some flexibility in the PMP to enable your team to pivot and adapt as new opportunities emerge. It should be noted that opportunities are always secondary compared to the primary function of the PMP which is ensuring the project remains on track to achieve its’ original planned benefits, don’t get distracted!
Creating an environment where team members feel safe to take calculated risks can lead to significant advancements. By celebrating successes and learning from failures, project managers can build a resilient team that is open to exploring new possibilities. This final point is for many industries and organizations, but not all. You decide just how much uncertainty you wish to take based on your own risk appetite.
So there you have it, opportunities and how to manage them. By embracing positive risks, project managers can drive innovation and achieve a greater degree of success. Get more out of what you have, make gains in areas you didn’t think you would, and push the boundaries to places you didn’t know you could. Next month, we will look into threats (negative risk) and how to deal with these situations. Wanting a deeper insight to risk and other project management topics? Join me on one of my upcoming training courses. Call 0800 151 0140 to discuss dates, times and suitable methodologies.
Having worked in the industry since 2016, Harley’s experience is vast and knowledge of project management methods is of an elite standard. He has covered a wide variety of roles in a plethora of projects and has worked with some incredible project professionals over the years; there is seldom a scenario that Harley has not encountered.
Residing in Poole, Dorset Harley has specialized in maritime projects and programmes in and around the stunning natural harbour. From project managing major yachting events, to advising on risk management approaches, the natural elements have thrown endless challenges into projects where Harley has strategically extracted the best outcomes from each scenario. These tales make up some of Harley’s most interesting examples used when delivering his training of which attendees enjoy.
SPOCE is proud to have industry leading pass rates for delegates in the PRINCE2® and APM methods which Harley has played a vital part in achieving. Starting his training career in 2019, he would run sessions such as “what makes the perfect business case?” and the much loved “PRINCE2 Practitioner exam workshops”.
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