Risks and Chances

Every project carries uncertainty in both directions: things that could go wrong, and things that could go better than planned. GreenVee models both with the same amount of care, using two parallel entities — Risk and Chance — that live under the project’s Risks & Chances screen.

The symmetry

A Risk is a specific bad thing that might happen. A Chance is a specific good thing that might happen — extra revenue, a favourable change in scope, an early delivery bonus. Structurally, they are mirror images of each other:

Concept	Risk	Chance
The event itself	Project Risk	Chance (an “opportunity” in plain language)
Financial size if it happens	Possible Risk Value	Possible Chance Value
Probability	Likelihood (%) and Degree of Likelihood	Likelihood (%) and Degree of Likelihood
Severity / upside rating	Degree of Risk	Degree of Chance
What happens if it occurs	Consequences of Occurrence	Consequences of Occurrence
Accountable person	Owner	Owner
Response plan	Risk Action	Chance Action
What the response does to probability	Reduces likelihood	Raises likelihood
Actual outcome, once known	Occurred Risk Value / Occurred At	Occurred Chance Value / Occurred At
Can it be tied to a Gate?	Yes	Yes

Both Risks and Chances belong to exactly one project, carry a Type (a category, e.g. financial, operational, commercial), and can be marked Active or not. Both can be assigned an Owner — the employee accountable for watching and acting on them.

Actions: the response to each

Just as a Risk gets Risk Actions (steps that reduce the likelihood or impact of the bad outcome), a Chance gets Chance Actions (steps that raise the likelihood of the good outcome, or help capture more of the upside if it happens). Each action has a title, type, description, state, and an estimated cost — and, like Risk Actions, a Chance Action can be linked to a Gate Criteria, tying the pursuit of an opportunity to a project milestone.

Where you see this in the app

The project’s Risks & Chances page shows both registers together — a combined view, a risk/chance matrix (likelihood vs. impact), and KPI totals for exposure and upside. This is deliberate: a project manager reviewing project health should see both sides of the picture at once, not just the risk register.

Note

This is a project-level, operational concept. It is a different thing from Portfolio Risk Factors, which score strategic risk dimensions across the whole portfolio. See The Two Risk Worlds for that distinction — the Risk/Chance symmetry described here applies only within a single project.

For Project Managers

Treat your Chance register with the same discipline as your Risk register. An opportunity you never logged is one you are less likely to actively pursue.