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Designed to help those that are preparing to take the PMP or CAPM Certification Exam, each post within this series presents a comparison of common concepts that appear on the PMP and CAPM exams.
Enhance vs Share vs Exploit
There are three proactive strategies for positive risks (opportunities). This risk may be enhanced, shared, or exploited.
Enhancing the opportunity implies changing the plan or approach to improve the probability of the opportunity occurring or increasing the benefit of the opportunity should it occur.
Sharing the opportunity occurs when you partner with another company or organization to enable achieving the benefits of the opportunity. Sharing usually involves some type of a contractual relationship.
Exploiting the risk is taking action to ensure that the opportunity will be realized.
There is an opportunity to be first-to-market with a new product resulting in significantly increased profits from the original business case.
To enhance the opportunity, you offer your team incentives to keep them motivated and focused on the work.
To share the opportunity, you enter into a contractual agreement with another company that can provide a key component required to get to market faster.
To exploit the opportunity, you fast-track and crash your schedule to ensure you will launch prior to your competitor.
There are three proactive approaches to handling a positive risk, also called an opportunity:
- Enhance – increase the probability or benefit
- Share – partner with a 3rd party
- Exploit – ensure the opportunity will be realized
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