Chapter 1
What Are Opportunities?
Risk management manages risk. The central idea behind this book is that risk is a broad concept that includes both opportunity and threat, and consequently risk management should also manage opportunities as well as threats. Starting from first principles, this chapter details the logical thinking that leads to a broader definition of risk and explains how we have come to the position today at which an inclusive approach to risk management is widely accepted and practised. The book’s title, “Capturing upside risk: Finding and managing opportunities in projects”, makes it clear that our main focus will be the application of this type of risk management to the world of projects, although the ideas are equally ...
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