Share (Opportunity Strategy)
Share is an opportunity response strategy that allocates ownership of an opportunity to a third party who is best able to capture the benefit for the project. It is the opportunity equivalent of the threat strategy "transfer."
Explanation
The share strategy involves partnering with or delegating to another entity that has the expertise, technology, or resources to maximize the opportunity. The project shares in the benefits without bearing full responsibility for making the opportunity happen.
Common examples include forming joint ventures, creating partnerships, establishing teaming agreements, or using special-purpose companies. For instance, a construction firm might share an opportunity to use a new building technology by partnering with a specialist firm that has expertise in that technology, splitting the resulting cost savings.
Sharing is appropriate when the project team alone cannot fully capitalize on the opportunity but a third party can. The arrangement typically includes a sharing of both the investment and the benefits. Like all risk response strategies, the sharing arrangement, terms, and risk owner should be documented in the risk register.
Key Points
- •Allocates opportunity ownership to a third party best positioned to capture benefits
- •Mirrors the "transfer" strategy for threats
- •Common tools: joint ventures, partnerships, teaming agreements
- •Benefits are typically shared between the project and the third party
Exam Tip
Share for opportunities mirrors Transfer for threats. If a question involves partnering with another organization to capture a benefit, the answer is share.
Frequently Asked Questions
Related Topics
Risk Response Strategies for Opportunities
Risk response strategies for opportunities are the five approaches used to address positive risks: exploit, enhance, share, accept, and escalate. Each strategy aims to increase the probability, impact, or both of a beneficial risk event.
Transfer (Risk Strategy)
Transfer is a threat response strategy that shifts the negative impact and ownership of a threat to a third party. The risk is not eliminated but the responsibility for managing it moves to another entity.
Exploit (Opportunity Strategy)
Exploit is an opportunity response strategy that ensures the positive risk is realized by eliminating the uncertainty associated with the opportunity. It is the most aggressive opportunity strategy.
Plan Risk Responses
Plan Risk Responses is the process of developing options, selecting strategies, and agreeing on actions to address overall project risk exposure and to treat individual project risks.
Test your knowledge
Practice scenario-based questions on this topic with detailed explanations.