Risk and Opportunity definitions If the definition of a risk is: > Anything that might affect a project achieving its goals then what is the definition of an opportunity?

In project terms an opportunity is something (tangible or an "effect") identified within the project deliverables that could unlock or otherwise facilitate a positive or beneficial effect.

Such things are sought and documented within the Business Case to counterbalance and justify the cost. Opportunities are the same things though are largely uncovered or noticed during the evolution of the project rather than by-design at the beginning or business case time.