Opportunity management

Opportunity management (OM) has been defined as "a process to identify business and community development opportunities that could be implemented to sustain or improve the local economy".

Opportunity management is a collaborative approach for economic and business development. The process focuses on tangible outcomes. Opportunity management may result in interesting and motivating projects that help improve teamwork. Its three components are

Risk management can be described as the process of proactively working with stakeholders to minimise the risks and maximise the opportunity associated with project decisions.Risks are about the possibility of an adverse consequence. Good risk management does not have to be expensive or time consuming but relies on adaptability in response to change. Risk management ensures that an organization identifies and understands the risks to which it is exposed. Organisations continuously face environments in which uncertainty is constantly challenging the existing ways of doing business and the way that risk needs to be managed. However, the upside to risk, that is often overlooked, is that the feared uncertain event could have a desired outcome. TAP University's blog notes that this is a positive risk or opportunity and needs to be managed to ensure a good result. Having a clear understanding of all risks allows an organization to measure and prioritize them and take the appropriate actions to reduce losses.

Where risk management seeks to understand what might go badly in a project, opportunity management looks for what might go better.

Opportunity management is the process that converts the chance to decisiveness and is increasingly becoming embedded in the culture of organisations as they mature and broaden their understanding of the value that managing uncertainty can bring. For positive risk or opportunity management to be effective in creating or protecting value it must be an integral part of the management processes, be embedded in the culture and practices of the organisation, be tailored to the business process of the organisation, and comply with the risk management principles outlined in ISO 31000. An opportunity management process has required elements that need to be evaluated before advancing and allocating scarce resources to any project. All organisations have limited resources and it is important that they are used sensibly.

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Wikipedia