ABSTRACT
So the case has been made. It is undeniable that businesses and their projects have to operate in an uncertain environment. Not all uncertainty poses a risk however, but only that subset which has the potential to affect objectives. And within that subset there are uncertainties that if they occurred would be hurtful to project or business objectives, and there are others that would be helpful if they occurred. Both threats and opportunities must be managed proactively if the chance of project and business success is to be maximized. Since they are in essence two types of the same thing, namely uncertainties that if they occurred would affect one or more project objectives, threats and opportunities can be managed together via a joint process. The typical threat-focused risk management process is an obvious candidate for achieving this aim, and simple process extensions are possible to incorporate opportunity management alongside threats.
