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Performing an Opportunity Assessment

Even if your organization is the biggest in the business, chances are it still won’t be able to pursue every opportunity that presents itself. So how do you decide which ones will benefit you and your organization the most?

The value of each apparent opportunity

You can assess the value of each apparent opportunity by asking the right questions. Get input from everyone working on your project when answering these questions and then you can determine which opportunities are worth pursuing.

The first question to ask when weighing opportunities is “What events would increase the probability of the opportunity occurring?” This gets at the fact that there are many variables you may be able to change to improve the likelihood of an opportunity happening.

Put the question to your team members, and get their opinions on how you can increase the likelihood of realizing an opportunity. To do this effectively, you might have to loosen rigid procedures or improve communication among your team. Or it may just involve getting the team to agree on an agenda for realizing the opportunity.

Actions to take to use an opportunity

Next ask “How can we encourage those events to occur?” This question probes for actions to take to improve the chances an opportunity will come about. Once you come up with suggested events that make an opportunity more likely, you then have to work with your team on making sure those events actually happen.

You may have to change working arrangements or alter the scope of a project. Or you may have to build relationships with people outside your department who have crucial expert knowledge.