A project portfolio risk-opportunity identification framework

Only by understanding the events which could impact--both negatively and positively--the outcome of implementing strategic goals can organizations effectively manage their portfolios of projects. This article examines a framework for identifying the risks and opportunities involved in managing a project portfolio, and with this, decreasing the uncertainty of achieving strategic goals. In doing so, it defines the concept of project portfolio management; it overviews the literature on managing project portfolios--noting its practices, objectives, and challenges--in relation to generating organizational value and realizing strategic benefits. It then outlines the proposed risk-opportunity identification framework, one implemented with a risk register and developed to help organizations link strategic objectives to portfolio processes. It details the framework's six primary steps; it discusses the practice of managing risk in relation to systems thinking and the interdependence model.