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Home > Departments > Methods & Means
With uncertainty comes opportunity. But if a project manager is consumed with managing the risks, there is little time to manage the opportunities. Good risk management is not about fear of failure, but removing barriers to success. And this is when opportunity management emerges.
In the project management domain, the subject of risk management ranges from addressing the political risks of a project’s outcome, to the risks of a supplier failing to deliver on time, to the technical failure of a product in the marketplace, to the nearly endless possibilities that could disrupt the path to success.
As well, risk management is applied in diverse disciplines. Statistics, economics, psychology, social sciences, biology, engineering, toxicology, systems analysis, operations research, and decision theory, have risk management disciplines.
Although risk management as defined in PMBOK is useful, a better paradigm to manage both risk and opportunity is “Managing in the Presence of Uncertainty.” Uncertainty is created when risks appear along the path to success. With uncertainty comes opportunity. If the project manager is busy “managing” the risks, there is little time to manage opportunities — ignoring half the “management in the presence of uncertainty” equation.
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