Which practice area involves identifying potential opportunities and estimating their benefits?

The practice area that involves identifying potential opportunities and estimating their benefits is indeed risk and opportunity management. This area focuses on not only recognizing risks but also finding opportunities that can enhance project outcomes or organizational performance.

Effective risk and opportunity management strategies enable organizations to proactively identify situations that could positively or negatively affect their objectives. By assessing these opportunities, teams can make informed decisions about how to capitalize on them, which helps in maximizing the benefits that arise from favorable circumstances.

In contrast, performance measurement is primarily concerned with evaluating how well an organization is achieving its goals through specific metrics, rather than identifying new opportunities. Causal analysis focuses on understanding the reasons behind problems or variances in performance rather than seeking potential benefits. Supplier management is about maintaining and optimizing relationships with suppliers, with less emphasis on the identification of opportunities for overall organizational benefit.