Project risk and opportunity management is a set of management techniques aimed at ensuring that actual and planned project outcomes at least coincide, or are exceeded. As such, project risk and opportunity management is practiced by the great majority of project planners, project managers, and their staff. Risk and opportunity management influence nearly every facet of planning and conducting a project, or at least, they should do so.
Risk and opportunity are different but intimately related concepts. A decision that minimizes risk in isolation may on the surface appear to be a good decision, but may in fact be a very bad decision when opportunity is factored in. The aim in fact is to maximize value delivered by the project, not to minimize risk per se.
This course deals with that extra, formalized set of techniques that can be applied cost-effectively to manage risk and opportunity within those projects that are unlikely to proceed to plan or better without specific focus on risk and opportunity. The majority of public sector information technology, defense, aerospace and infrastructure projects above a few million dollars of value are in this category, as are many projects conducted for internal customers in all sectors, and entrepreneurial product development projects in the commercial sector. This course establishes a framework for application of formal risk and opportunity management to significant projects, and imparts to delegates a capability to select and implement appropriate risk and opportunity management techniques within that risk and opportunity management framework.