Risk Enhancement
Risk enhancement is a type of risk management that involves taking steps to make a positive risk event happen more often or have a bigger effect. Positive risk events, which are also called opportunities, are situations or events that can be good for a project. By improving these chances, project managers can make it more likely that project goals will be met and potential benefits will be realised.
Risk enhancement strategies can include:
- Expanding the project’s scope: Project managers can make positive risk events have a bigger impact by adding more features or capabilities to the project’s scope.
- Allocating more resources: By allocating more resources, like time or money, project managers can make it more likely that project goals will be met.
- Building partnerships: When project managers build partnerships with other groups, they can increase the impact of positive risk events and use the expertise and resources of partner groups.
- Investing in technology or infrastructure: When project managers invest in technology or infrastructure, they can create an environment where positive risk events are more likely to happen.
- Improving project management processes: If project managers improve project management processes, they can make the project team more efficient and effective. They can also make it easier to spot and take advantage of good risk events.
Project managers can improve the chances of a project’s success and get more out of it if they look for and build on positive risk events. But it’s important to keep in mind that risk enhancement should be balanced with good risk mitigation strategies to deal with bad things that might happen.
Usage
It is used in Risk Management