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Opportunity

A risk event that, if it occurs, creates a beneficial impact on one or more project objectives.

Key Points

  • Opportunities are positive risks that can improve outcomes such as cost, schedule, scope, or quality.
  • They are identified, analyzed, prioritized, and monitored in the risk register with a clear owner.
  • Common response strategies are exploit, enhance, share, and accept.
  • Quantitative or qualitative analysis helps determine which opportunities are worth pursuing.

Example

A supplier offers a 15% discount and faster delivery if the team commits this week. Capturing this could lower costs and shorten the schedule. The project manager assigns an owner and chooses to exploit the opportunity by confirming the order after validating budget and approvals.

PMP Example Question

During risk planning, the team identifies a risk that could reduce testing time by two weeks if a new tool performs as expected. How should this risk be categorized?

  1. Threat
  2. Issue
  3. Assumption
  4. Opportunity

Correct Answer: D — Opportunity

Explanation: The event, if it occurs, would positively affect the schedule, making it a positive risk, also known as an opportunity.

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