In a post for Voices on Project Management, Marian Haus combines the agreeable disciplines of risk management and project opportunity management. The goal is to evaluate how they parallel in effectiveness and make their union second nature.
It is out of the project manager’s control when risk and opportunities that are triggered by external project sources arise. One can only attempt to lessen their impact when they occur, and incorporate them if they are good. Internal project risk and opportunities are much more frequent and easier to control.
Haus says the key of practicing effective risk and opportunity management (ROM) is twofold. First, similar to every other project activity, the team must know that ROM will be conducted regularly. Second, ROM needed to be conducted actively, not only when required.
Incorporating ROM is easy. First, put it on paper or on the board. Have your team brainstorm and address any and every risk or opportunity that may arise in your project. Then break it down into quadrants based on probability and impact: “(i.e. low-probability + low-impact, low-probability + high-impact, high-probability + low-impact, high-probability + high-impact).”
Regularly validate and agree within the project team on the brainstormed probabilities and impacts. Simply talking about it and recognizing it is not enough though; have an action plan prepared. You can view the original post here: http://www.projectmanagement.com/blog-post/23086/The-Common-Sense-of-Risk-and-Opportunity