Question

Based on this week's material, What would you love to know more about Opportunity, or Positive Risk, Management

Answer 1

Taking care of opportunities is one of the antidotes to the project success. And, sometimes cautious responses to project risks help in realizing opportunities. But, many of us believe that risks create an adverse impact on projects; it is not always true. Risk can be positive also. Now the question is – what is a positive risk?

It is something like an opportunity is there, but we have some risk to realize it. If these risks occur, you will get gains or benefits in the projects. And, we need risk responses to realize these risks.

The next question is what the positive risk response strategies are? These are strategies

• To make it happen, or
• Increase its probability, or
• To see if any collaboration can help to grab the opportunity.

These are Positive Risk Response Strategies.

The difference between negative and positive risks:

If positive risks occur, they have a positive impact on the project objectives. These favourable opportunities tend to save cost and other resources of the project. Unlike Negative Risks, here you aim to make this uncertain event happen.

In negative risks, you intend to avoid or to reduce its impact. This is the basic difference between a positive and negative risk.

Following are the five strategies for positive risk responses:

• Escalate: You escalate the risk to your seniors because you do not have the authority to execute steps of risk response strategies.
• Exploit: You explore strategies to make sure risk happens for sure.
• Share: You make a partnership to realize risk as you feel you cannot execute it alone.
• Enhance: You are not 100% sure of risk realization so you explore strategies to increase its probability.
• Accept: You choose not to take any actions to realize risks, but you monitor it if it becomes important to get risk response strategies.

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