Three responses are suggested to deal with risks with potentially positive impacts on project objectives. These strategies are to exploit, share, or enhance.
• Exploit. This strategy may be selected for risks with positive impacts where the organization wishes to ensure that the opportunity is realized. This strategy seeks to eliminate the uncertainty associated with a particular upside risk by ensuring the opportunity definitely happens. Examples of directly exploiting responses include assigning an organization's most talented resources to the project to reduce the time to completion, or to provide better quality than originally planned.
• Share. Sharing a positive risk involves allocating some or all of the ownership of the opportunity to a third party who is best able to capture the opportunity for the benefit of the project. Examples of sharing actions include forming risk-sharing partnerships, teams, special-purpose companies, or joint ventures, which can be established with the express purpose of taking advantage of the opportunity, so that all parties gain from their actions.
• Enhance. This strategy is used to increase the probability and/or the positive impacts of an opportunity. Identifying and maximizing key drivers of these positive-impact risks may increase the probability of their occurrence. Examples of enhancing opportunities including adding more resources to an activity to finish early.
• Accept. Accepting an opportunity is being willing to take advantage of it if it comes along, but not actively pursuing it.
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What you need to know about… Project Management Made Easy! Project management consists of more than just a large building project and can encompass small projects as well. No matter what the size of your project, you need to have some sort of project management. How you manage your project has everything to do with its outcome.