Identifying and Recognizing Opportunities

Strengths: Internal advantages that enhance operations.

Weaknesses: Internal disadvantages that compromise or hamper operations.

Opportunities: External factors or situations that are beneficial.

Threats: External threats or situations that are detrimental.

Develop strategies to leverage the identified opportunities and overcome or minimize the impact of the threats.

Introduction

The traditional view of risk is negative, characterizing risks as “threats” with adverse consequences on project objectives. But current risk thinking includes the possibility of “upside risk” or “opportunity,” which could have a beneficial effect on achieving objectives. Despite this theory, most applications of the risk process still concentrate on managing threats, and approaches to opportunity management remain patchy and reactive. The tools and techniques available to practitioners seem to focus attention only on the negative side of risk. This is particularly true of the Risk Response Planning phase, where the common strategies of avoid, transfer, mitigate, and accept are only appropriate for dealing with threats. New strategies are required for responding to opportunities.
This paper proposes approaches for responding to opportunities, which are based on the familiar threat response strategies. Each threat response strategy is generalized to determine the underlying principle, then the positive equivalent is developed, namely eliminating the uncertainty to exploit identified opportunities, sharing opportunities with a third party best able to manage them, enhancing probability and/or impact, and ignoring residual minor opportunities.

Create an action plan outlining the steps and resources required to implement the selected strategies

Summary

An action plan outlines precisely how you’re planning to accomplish your goals. It’s the perfect way to approach goals systematically and keep your team on target. In this article, we will cover how to create an action plan in six steps and how to implement it successfully. Plus, learn more about the differences between action plans, project plans, and to-do lists.
It can feel good to make goals. After all, you’re defining what you want to accomplish. But goals won’t do much without clear action steps. ​​An action plan is a popular project management technique that lists your action steps so you know exactly how you’re going to accomplish your goals. 
We’re going to show you how to create this clear roadmap step by step and other tools you should utilize to get the most out of your action plan. Let’s dive in.