Opportunity management

Alternative name

Chance
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http://www.innodan.com/



Description

Opportunity management is the approach to fulfil the basic requirement of business or economy. Olsson (2007) cited that every project should have risk management plan, when organisations successfully response to those risk, each responded risk could be opportunity or could bring opportunity. Olsson (2007) described that when all the possibilities which have negative impact could be remove, it might be easy to look at hidden positivity and that called opportunity. Opportunity management has broad knowledge spectrum in itself, It could not be possible to tie opportunity with particular field or activity however; there would be proper time and manner to identify opportunity. For example, as known every project has its life cycle and every cycle has four stage to define project. First stage is initiating stage in which scope could be develop and at the same time in this stage organisation could have many uncertainty and risks. For that reason scope defining process had been included in one of the success factors.


Agile values

Responding to change: Highsmith and Cockburn (2001) cited that change has significant impact on the project, or it could harm the project badly. Highsmith and Cockburn (2001) also describe that change in the software development has became necessary through out the project life. For example, in software development process change in last stage of project life cycle might bring project toward the risks, but use of appropriate approach could come over those risks. As discuss above, proper respond to risk or uncertainty could reach project toward the opportunity.

Customer collaboration: Customer collaboration means combining goodwill of users, customers and all team members in order to come over the changes within the project constraints. It could be part of opportunity; for example, changes mostly come from user side or customers side. In this situation, changes should discuss with the team members as well as changes really meeting the customers requirement could be the possible solution to keep eye on opportunities.

Agile principle

Build a project around motivated individuals: As known, agile process needs everyone's best effort. Though, agile process has been considered as art, it could need more than that. Team or team member should not taken as resources, they are human being. For that reason, as changes bring complexity in the project, project needs a certain atmosphere in which members can actually bring them goodwill. The best way to create this atmosphere is motivation, it can help each person to keep communicate with each others. For example, in organisations people are empowered even though, motivation could be the key factor to identify opportunities.

Agile practice

Scrum: Scrum is the way to work together for the same thing in pieces of work. It can start with small piece of work and after that it can include work on previous piece of work on basis of the feedback. Scrum could be the collaboration between the change to make and previous work in efficient manner. For example, in software development process small piece of work pass through the feedback and in next iteration previous work and building a software further might work parallel. As we described in description, opportunities have not boundaries, it could be smaller to bigger but they way to identify and action taking that opportunities have power to change whole picture. It can lead to success or could pull it to the ground.

Discussion

Highsmith and Cockburn (2001) noted that in traditional approach, working hard to fulfil the requirements and eliminating the changes had to be on top of the project. Nowadays eliminating the change means could be stay away from opportunities. In traditional process error and effect had been found at last stage and actions might be taken as last. In the modern world, to survive in this competitive market agile practices could give affordable way to response quick to the changes and chance to pick all the opportunities. In traditional approach, collaboration to the customers were poor, which might indicate the lower importance of quality. However, Agile development combines effectiveness and manoeuvrability to the team work.

Links from this KA to other KAs

Responding to change over following a plan: As discussed above that uncertainty/ risk could be the opportunity, but it might rely on the response to particular change and action. Agile has nature to accept changes, it might be hard to address changes but certain phase of project life cycle should have interval for changes. It could help developers to find simple way to address changes.

Feedback: Feed back could be the bridge between the customers/users and developers. It can help users to analyse the deliverables and could bring the change during the development phase. Changes during the development phase might be hard to address by achieving this target, organisation can clarify that they have met all the requirement of customers. Further more, this changes bring opportunity to lead project toward high quality standard.

References

Olsson, R. (2007). In search of opportunity management: Is the risk management process enough?. International Journal of Project Management,25(8), 745-752.[On line] Available at:
http://www.sciencedirect.com.ezproxy.herts.ac.uk/science/article/pii/S0263786307000531

Highsmith, J., & Cockburn, A. (2001). Agile software development: The business of innovation. Computer, 34(9), 120-127.[On line] Available at:
http://ieeexplore.ieee.org.ezproxy.herts.ac.uk/xpl/articleDetails.jsp?arnumber=947100




External links

Risks and opportunity management
Really simple system- Opportunity management