0
ust like in the case of threats, you have three strategies to deal with opportunities. Not surprisingly, each response strategy to deal with an opportunity is a counterpart of a response strategy to deal with a threat; a one-to-one correspondence:
• Share corresponds to transfer
• Exploit corresponds to avoid
• Enhance corresponds to mitigate
You use the SEE (Share, Exploit, Enhance) approach to deal with opportunities presented by the positive risks.
Share - Sharing a positive risk that presents an opportunity means transferring ownership of the risk to another party that is better equipped to capitalize on the opportunity. Some examples of sharing are:
• Forming risk-sharing partnerships
• Starting a joint venture with the purpose of capitalizing on an opportunity
• Forming teams or special-purpose companies to exploit opportunities presented by positive risks
Exploit - Exploiting an opportunity means ensuring that the opportunity is realized; that is, the positive risk that presents the opportunity does occur. This is accomplished by eliminating or minimizing the uncertainty associated with the risk occurrence. An example of exploiting is assigning more talented resources to the project to reduce the completion time and therefore to be the first to market. Another example could be to provide better quality than planned to beat a competitor. Whereas exploiting refers to ensuring that the positive risk occurs.
Enhance - This strategy means increasing the size of the opportunity by increasing the probability, impact, or both. You can increase the probability by maximizing the key drivers of the positive risks or by strengthening the causes of the risks. Similarly, you can increase the impact by increasing the project's susceptibility to the positive risk.
Add your answer:
Earn +20 pts
What is the relationship of policies to strategies?
The relationship between policies and strategies is strong. Policies are the ideas and rules while strategies are methods to execute them.
What are the management strategies for service business?
management strategies for service bussiness
What are human resource planning strategies?
strategies of human resources planning
Distinguish between pure and mixed strategies in production planninG?
Pure strategies use only one variable to absorb demand fluctuations. Mixed strategies involve two or more pure strategies.
Discuss the drivers of differentiation based competitive advantage?
Drivers Differentiation is enhanced by matching competences to the opportunities and laying out strategies of Differentiation, Combination, Focus, Generic and the internet. This principle is used to add value to products or services to motivate clients to pay more.
Which two commodity strategies offer clear opportunities for joint improvement efforts with suppliers?
l
How can you answer 'are you willing to relocate?
Relocation always provides additional opportunities for learning and implementing strategies learnt. Hence why not?
Strategies that help relieve tension work by altering?
Strategies that help relieve tension work by altering the body's physiological response to stress. These strategies can activate the body's relaxation response, which can counteract the harmful effects of stress hormones like cortisol and adrenaline. Common techniques include deep breathing, meditation, physical exercise, and mindfulness practices.
What three strategies did the Africans adopt in response to colonial occupation and give examples?
submission, alliance and confrontation
What are some positive impacts of natural disasters?
Natural disasters can lead to the fostering of community solidarity and resilience in affected areas. They can also provide opportunities for environmental regeneration and ecosystem restoration. Additionally, disasters can prompt advancements in disaster preparedness and response strategies.
What strategies did black southerners employ in response to the narrowing of economic and political opportunities in the New South?
Southern African Americans employed the use of minority leagues and early institutions like modern job cores to meet the needs of many new people entering the job market in the New South.
What happens if you ignoring risks in an assessment of alternatives and opportunities?
Ignoring risks in their assessment of alternatives and opportunities is very dangerous for any company. This means that they will not factor in risks in their strategies which might put them off balance.
What is stress reduction?
Stress reduction refers to various strategies that counteract this response and produce a sense of relaxation and tranquility.
Six core operational strategies of law enforcement?
the 5 core operational strategies (preventive patrol, routine incident response, emergency response, criminal investigation, problem solving) and 1 ancillary operational strategy (support services) that are employed by law enforcement agencies to fight and reduce crime.
Which Section procures special equipment contracts with vendors and develops cost estimates for alternative response strategies as needed?
logistics
How to Identify business opportunities?
It has been noticed that it's typically difficult to identify business opportunities. But, first step to identify it is stability of our business. It's also essential to keep data of which you have sale from your business and what strategies are business assurance.
Where do new adaptation come from?
New adaptations typically arise from a need to address changing environments, challenges, or opportunities. They can also result from the introduction of new technologies, ideas, or best practices that lead to improved ways of doing things. Adaptations are often a response to feedback, data, or external factors that prompt a reevaluation of existing strategies in order to achieve better outcomes.
