riskologists’ Post

Transcript

I got really deeply into opportunity management over the last 18 months or so. My. Masters degree, Glasgow Caledonian University focused very much on the asymmetry between threats and opportunities within risk registers. Now I actually went into this with a mindset of it's all about framing and it's it's a framing challenge. Yeah. We think about threats more than we think about opportunities of psychological reasons. And you know, our documentation always talks about risk and people think about risk being the negative impact on the project. And that was my initial thoughts. However, one of the things which I soon discovered by doing my own research and looking critically at what had already been written was that whilst the risk management. Process overall is still fit for purpose and applicable 2 opportunities. The actual tools which we have developed and we try to implement opportunity management don't work. They don't work for opportunities. Some some really simple things here if a opportunity is identified. Then it actually breeds threats. So one opportunity should breed the minimum of two threats. First threat is what if I don't succeed in implementing my opportunity? Yeah. The second threat is what if I'm too successful in my opportunity. And as a classic story of a cupcake company and a cupcake company decided that they wanted to do a bit more marketing, a bit more advertising, and so they put a welcher. On on the Internet and they had 100,000 orders coming and it completely swamped them and they were they had to get in. Contract staff and they had to open up bakeries and other places to try to fulfill the orders and it completely wiped out all of their profit for the year. OK. They were over successful in their opportunity and that is a failure and that's a threat. Therefore, OK, so every opportunity breeds 2 threats instantly. You've got an asymmetry between threats and opportunities.