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Opportunity Management in the DoD Environment Will Broadus Defense Acquisition University Mid-Atlantic Region 20 March

Topics. Context of Opportunity ManagementWhat about Opportunity ManagementDoD PolicyOpportunity Mngt's relationship to Risk Mngt

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Opportunity Management in the DoD Environment Will Broadus Defense Acquisition University Mid-Atlantic Region 20 March

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    1. Opportunity Management in the DoD Environment Will Broadus Defense Acquisition University Mid-Atlantic Region 20 March 2008

    2. Topics Context of Opportunity Management What about Opportunity Management DoD Policy Opportunity Mngts relationship to Risk Mngt Handling Risks Summary References

    3. Context of Opportunity Management positive risks or opportunities (ones whose likelihood and benefits we actually seek to increase) will exist on every project or program

    4. What about Opportunity Management ? An evolving industry Best Practice Related to Risk Management Currently in use on at least 2 major NAVAIR programs MMA CH-53K

    6. What is Opportunity Managements relationship to risk?

    7. Risk Severity

    8. Sample Reporting Format

    10. Uncertainty - Risk and Opportunity Look for Uncertainty that Matters Risk is Uncertainty that Threatens our Objectives Opportunity Is an Uncertainty With Positive Effects Accepting and Using in Practice -- Two Different Things Most Risk Plans are titled Risk & Opportunity Management with opportunity only listed on the title page and not dealt with in the process. This is a shame because every risk has an opportunity. Dr David Hilson, world renowned risk management expert, suggests that risk has a negative connotation and hinders the pursuit of opportunities.Most Risk Plans are titled Risk & Opportunity Management with opportunity only listed on the title page and not dealt with in the process. This is a shame because every risk has an opportunity. Dr David Hilson, world renowned risk management expert, suggests that risk has a negative connotation and hinders the pursuit of opportunities.

    11. Handling Negative Risks Avoidance Remove or Change a Cause Outsource or Partner Break the Cause-Risk Link Rate Risk, Use Local Currency Transfer Involves Risk Itself - Risk Does Not Change Insurance Contract Terms Mitigation Targets Probability by Weakening Cause Risk Link Minimize Impact by Weakening Risk Effect Link Acceptance Focuses on Effect Set Aside Contingency Funds Against Negative Impacts Develop a Specific Fallback Plan

    12. Handling Positive Risks (Opportunities) Exploit Opportunity by Leveraging its Cause Include and Optional Item in Project Scope Sharing an Opportunity Addresses Risk Element Risk Sharing Partnership Incentivized Contracts Enhancing Strengthening the Cause Risk Link to Increase Probability Reinforcing the Risk Effect Link to Maximize Impacts Accepting Focus On Effect Opportunity Cannot Be Influenced Proactively Contingency Funds Allocated to Advantage Positive Effects Fallback Plan to be Implemented if Opportunity Happens

    13. Summary Negative risks = threats, Positive risks = opportunities, how we Handle them is key difference Industry is out in front working to develop best practices DoD is playing but doesnt have policies or formal guidance on Opportunity Management in place

    14. Further References on Opportunity Management Hillson, D.A. (2004). Effective Opportunity Management for Projects, Exploiting Positive Risk. New York: Taylor & Francis. Project Management Institute. (2003). A Guide to the Project Management Body of Knowledge (PMBoK). 3rd Edition. Philadelphia: Project Management Institute. Broadus, W., Mallicoat, D., Littrell, P., Metcalf, I. (2007) Should Opportunity Management be Added to my Programs Acquisition Strategy?. Defense AT&L Magazine. May-June. Broadus, W., Mallicoat, D., Littrell, P., Metcalf, I. (2007) Opportunity Management, Deciding to Make it Part of Your Programs Acquisition Strategy. Defense AT&L Magazine. July-August.

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