You may deal with many different types of risk at work. For example, risks could be strategic, financial, or relate to day- to-day activities. They may also be knowledge or compliance based.
You can use various techniques to assess risk. Some techniques are specifically suited to assessing opportunities that arise. Other techniques allow you to evaluate potential threats that could undermine your project’s progress. There are also techniques that can be used for both opportunity and threat assessment. Each organization and individual must choose the most suitable technique or techniques to use when assessing risk.
Whichever method of risk assessment you decide on, you must familiarize yourself with some key concepts. First off, a risk can be either a threat or an opportunity. The next risk-related concept is the probability of a risk actually occurring. And finally, the impact of each potential risk must be considered.
Opportunity assessment techniques
You can use a number of opportunity assessment techniques to evaluate potential favorable circumstances for your organization. The most common ones are:
- opportunity analysis — Opportunity analysis involves asking a set of questions designed to increase the chances of an opportunity occurring. This process allows you to identify where in your organization opportunities exist so you can lower costs and save time or other resources. You can then try to capitalize on these opportunities. You’re probably already aware of many of the opportunities available to your organization but be aware of new ones when they manifest themselves.
- market surveys — Using market surveys is another means of assessing opportunities. By using consumer questionnaires, focus groups, and online surveys, your organization can gauge from the market where new opportunities lie. A broader analysis of collected data can also reveal long-term trends that may point to opportunities for your business.
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