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Opportunity Management in Project Management: 6 Tips

It seems that often we are focused and put immense amounts of effort into risk management, while neglecting the fact that opportunity management is equally important. Sean Lowe talks about on a post in PM Perspectives Blog that opportunity management is “about removing barriers to success and creating a path for yourself and your team.” Here are six opportunities that every project manager should capitalize on:

  1. Take the opportunity to recognize and reward success.
  2. Take the opportunity to provide and ask feedback.
  3. Take the opportunity to network with project managers regarding lesson learned.
  4. Take the opportunity to involve senior leadership and your sponsor.
  5. Take the opportunity to recognize cultural boundaries, international holidays, and cultural differences, etc.
  6. Encourage opportunity management within your teams.

Good Chances

It is not necessarily that you have to take your team out to eat and provide something of monetary value in order to reward them; sometimes we underestimate how far saying “job well done” can go. Don’t forget that it takes every player on the team to succeed and we should maximize every opportunity we get to recognize and reward team success.

Maya Angelou said, “I’ve learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel.” Feedback is a power thing. Take every chance to provide it and ask questions. Provide constructive criticism and praise. Always make sure to have the team’s interest represented in the best way possible.

Lead by example. We should maximize opportunities to share lessons learned, opportunities held and missed. This is a way to share and learn from others as well. And who better to have assistance from than the project sponsor? Leadership speaking usually draws all eyes and ears. Maximize their value in the assistance of removing obstacles:

Project initiation is also a great time to have candid conversations with leadership about their vision for the project as well as opportunities they foresee. This also affords you the opportunity to highlight movement toward and capitalization on said opportunities in status meetings.

Take into consideration everyone’s cultural background and practices to maximize the optimal times to meet. Consider international holidays and different countries’ time zones. Lastly, encouraging opportunity management within the team not only shows that we value their input, but also are willing to recognize and implement it towards the success of the team.

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About Melissa Colon

Melissa is a staff writer for AITS, with a background in journalism. She has previously written for York Dispatch and York Daily Record.

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