Opportunity Management

Abstract

Opportunity Management is a well-defined concept in the field of project management. However, at the same time, opportunity management is not practised very well. Under risk management, threats and opportunities are identified and managed. In practise, opportunities are overlooked while threats receive more attention. Numerous barriers to the practical use of opportunity management have been identified by researchers. Eight of the twelve barriers were found to be connected to organisational procedures and competencies. This study looked at competencies and took advice from entrepreneurs in an effort to overcome such barriers. This study aims to shed light on project managers' and entrepreneurs' perspectives on the competencies that could facilitate practising opportunity management and identify solutions to enhance opportunity management.

Project managers' and entrepreneurs' perspectives were compared using the Q-methodology. Q-analysis resulted in low cumulative explained variance (42%). The similarities and differences between the perspectives of project managers and entrepreneurs were examined in light of the Q-analysis findings. Entrepreneurial or shared competencies, such opportunity (s10), creativity (s4), and leadership (s8), received the highest overall ratings. The lowest rated competencies, in comparison, are self-management (s26), governance, structure, and processes (s7), and compliance, standards, and regulations (s2). Business developers entering a project in the conceptualisation phase found resourcefulness (s22), vision (s34) and personal communication (s12) more important. Whereas project managers are involved in the execution phase of a project, they found negotiation (s9), time (s33) and procurement (s16) more critical for opportunity management. Project managers' and business developers' differing perspectives are the result of (1) their involvement in different stages of the project and (2) their different project roles.

The difference in opinion can be overcome by increasing coherence between project managers and business developers. Project managers need to move their focal point to business oriented by fostering opportunities in alignment with the project portfolio, and opportunities in the direction of the project portfolio will help deliver portfolio benefits. According to this research, it is advised to involve the project manager in the project's conceptualization stage, and the business developer must continue to be involved during the project's initial execution stage. It will give both parties the chance to look at one another's work, gather ideas from one another, and develop a market opportunity that is viable enough to take advantage of. To identify opportunities, project managers must consider organisational strategy and portfolio benefits. Project managers should foster an environment where team members who are working in isolation can communicate and exchange ideas with people from different disciplines. Project managers need to educate their team members more about opportunity management, organisational strategy, and portfolio benefits.