In search of opportunity management: Is the risk management process enough?

The concept of risk has always been present in the industrial environment. However, not until recent years has it been actively managed for products, in projects, and, as a consequence, for the organization. Project risk management has been in focus within different organizations, and has proven its value in reducing risks in projects. Risk, however, could be described as the negative outcome of an uncertainty. The opposite of risk would then be opportunity. The aim of this paper is to find empirical evidence supporting a theory that current methodologies for risk management focus mainly on risk. If the results of this study show that methodologies in practice actually focus more on risk, the need to enhance opportunity management would be apparent. Based on interviews with people who actively work with project management and who also seek continuous improvements by being active members of project management networks, this study presents three major factors needed for managing opportunities: the ability of the project manager to develop a holistic view within the project, the organizational support and interest, and the ability to understand how other organizations affect the project objectives. Furthermore, this paper explores the perception of opportunity as it shifts between organizations and levels within the organization.