Opportunity (glossary)

From SEBoK
Jump to: navigation, search
(1) an appropriate or favorable time or occasion; a situation or condition favorable for attainment of a goal; a good position, chance, or prospect, as for advancement or success. (Dictionary.com 2012)
(2) an outcome better than expected; a less negative outcome; a positive outcome. (Conrow 2003)

Sources

(1) Dictionary.com. 2012. "Opportunity." Online dictionary.

(2) Conrow, E. 2003. Effective Risk Management: Some Keys to Success. 2nd ed. Reston, VA, USA: American Institute of Aeronautics and Astronautics (AIAA).

Discussion

(1) is a dictionary definition which associates oppourtunity with a situation in which a system intervention might lead to additional stakeholder benefit. This definition applies to the front end of the Systems Approach, and is used to broaden our view of Problem Situations.

2) Comes from Risk Management which uses opportunity as the likelihood and impact of a beneficial outcome. In risk management a variety of different classes of outcomes can be termed an opportunity, which may not be uniquely specified. Risk can be defined in terms of specific bounds on probability (0 < P < 1), consequence (> 0), and time-frame (future), as can issue [P = 1, C > 0, and time-frame (future)] and problem [P = 1, C > 0, and time-frame (present)]. However, similar definitions are unavailable for opportunity because of the inability to uniquely specify whether the case of P = 1 is included or excluded, consequence (can be positive or negative) and time-frame (present, future, with no analog to issue and problem).

Works Cited

Conrow, E. 2008. "Risk Analysis for Space Systems". Space Systems Engineering and Risk Management Symposium, 27-29 February, 2008, Los Angeles, CA, USA.


SEBoK v. 1.7 released 27 October 2016

SEBoK Discussion

Please provide your comments and feedback on the SEBoK below. You will need to log in to DISQUS using an existing account (e.g. Yahoo, Google, Facebook, Twitter, etc.) or create a DISQUS account. Simply type your comment in the text field below and DISQUS will guide you through the login or registration steps. Feedback will be archived and used for future updates to the SEBoK. If you provided a comment that is no longer listed, that comment has been adjudicated. You can view adjudication for comments submitted prior to SEBoK v. 1.0 at SEBoK Review and Adjudication. Later comments are addressed and changes are summarized in the Letter from the Editor and Acknowledgements and Release History.

If you would like to provide edits on this article, recommend new content, or make comments on the SEBoK as a whole, please see the SEBoK Sandbox.

blog comments powered by Disqus