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+61 (02) 8091 4747Opportunity management allows teams to plan, identify, analyze, handle, and monitor initiatives that present potential improvements in the current program (e.g. cost and schedule reductions).
The figure below is a simple portrayal of how side-by-side risk and opportunity management aids in achieving program benefits.
*Source: DoD, http://bbp.dau.mil/docs/RIO-Guide-Jun2015.pdf
Opportunity Management is comprised of five main steps:
Step 1: Opportunity Identification
Opportunities within the current project are identified. Teams can look at processes currently in place and identify what can be improved.
Step 2: Opportunity Analysis
Once opportunities are identified, analysis on the opportunities are then conducted. Cost, schedule and performance benefit analysis are necessary. It is important to take into account both the advantages and disadvantages in the benefit analysis of each opportunity. Unless done properly, teams may run the risk of overstating the benefits or understating the risks attached to the identified opportunity.
Step 4: Opportunity Monitoring
Upon implementation of the opportunity approach, opportunities are continuously monitored for any pertinent changes that may affect initial item assessment.
Step 5: Opportunity Management
Key personnel will be assigned to all identified opportunities. Opportunities, depending on the required resources, may be escalated to upper management for further advisement.
The steps outlined above are indicative. Communication and feedback are necessary between steps to ascertain what the next line of action is best approaching identified opportunities.
*Source: DoD, http://bbp.dau.mil/docs/RIO-Guide-Jun2015.pdf
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