Strategies for positive risks or opportunities
“Strategies for Positive Risks or Opportunities” is a tool/technique for the process “Plan Risk Responses”.
Three of the four responses are suggested to deal with risks with potentially positive impacts on project objectives.
The fourth strategy, accept, can be used for negative risks or threats as well as positive risks or opportunities. These
strategies, described below, are to exploit, share, enhance, and accept.
– Exploit. The exploit strategy may be selected for risks with positive impacts where the organization wishes to ensure that the opportunity is realized. This strategy seeks to eliminate the uncertainty associated with a particular upside risk by ensuring the opportunity definitely happens. Examples of directly exploiting responses include assigning an organization?s most talented resources to the project to reduce the time to completion or using new technologies or technology upgrades to reduce cost and duration required to
realize project objectives.
– Enhance. The enhance strategy is used to increase the probability and/or the positive impacts of an opportunity. Identifying and maximizing key drivers of these positive-impact risks may increase the probability of their occurrence. Examples of enhancing opportunities include adding more resources to
an activity to finish early.
– Share. Sharing a positive risk involves allocating some or all of the ownership of the opportunity to a third party who is best able to capture the opportunity for the benefit of the project. Examples of sharing actions include forming risk-sharing partnerships, teams, special-purpose companies, or joint ventures, which can be established with the express purpose of taking advantage of the opportunity so that all
parties gain from their actions.
– Accept. Accepting an opportunity is being willing to take advantage of the opportunity if it arises, but not actively pursuing it.
This definition was found in the PMBOK V5
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