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Everyday Operational Definitions of Risk & Opportunity Terminology


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A number of "standard" definitions and uses of risk and opportunity terminology can confuse even experienced R&O professionals.

The attached PPTX of Definitions are recommendations to hopefully  clarify some of that confusion.

The rationale for these recommendations is based on the premise that there is no need for the concept of a "positive Risk".

A scenario identified as leading to a positive / wanted but / uncertain outcome is best considered as a pursuit  of an Opportunity

not managing a " positive Risk".

What do you think?

Everyday Risk & Opportunity Definitions.pptx

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HI Jim

The document is colourful!  

Can you give an example of when an engineer would contemplate using the concept of "positive Risk" (I've never heard that term!).

In the effort to clarify risk, we should put some context around it.  How might this document help an engineer deal with risk for a detail design? Or an operating asset? Or for what task might it help?

Susan 

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