DAU GLOSSARY DEFINITION
In the context of the DoD Risk, Issue, and Opportunity Management Process, a process for planning, identifying, analyzing, managing, and monitoring initiatives that yield potential program cost reductions, schedule reductions, and/or performance improvements.
Opportunity management, like issue management, is complementary to risk management. Risk, issue, and opportunity (RIO) management, singly and collectively, attempt to improve potential program outcomes. Opportunity management measures potential program improvement in terms of likelihood and benefits. Opportunities may be identified before program execution and should be sought across the program life cycle.
Management options should be evaluated in terms of cost, schedule, and performance potential benefits versus risks, and the best option (or hybrid of options) selected. These options are:
- Pursue: Fund and implement a plan to realize the opportunity
- Defer: Pursue/cut-in later; for example, request funds for the next budget and ask that the science/technology community mature the concept
- Reevaluate: Continuously evaluate the opportunity for changes in circumstances
- Reject: Intentionally ignore an opportunity because of cost, technical readiness, resources, schedule burden, and/or low probability of successful capture.