Threats and Opportunities Matrix (TOM) not to confuse with another TOM which is "Target Operating Model", is a shortened version of Strengths, Weaknesses, Opportunities, and Threats (SWOT) analysis. Specifically, TOM frames threats and opportunities to the organization in short- and long-term view.
With this framework, Stakeholders can brainstorm and as a result take advantage of "Opportunities" and safeguard their organization against "Threats". Though you can't change the external threats for example COVID in recent times, Competitors, Price of raw material, Oil-prices, Customer behavior, Trends etc.
TOM is a tool to help understand the set of reasons why any project is important in any organization. It helps in Listing the "consequences" if the problem is not fixed and "benefits" of making the change pro-actively.
A simple modus operandi to work on TOM would be: -
• Identify the stakeholders who doesn't understand the need of the project.
Make them understand clearly the "WHY" of the project
• Motivate people when continuously working on TOM. Normally People are
motivated by threats and opportunities and if they become part of the
process, if they are heard and appreciated
• Brainstorm threats and opportunities of the project. Very critical step as it
would set the pace of the project
• Review list, clarify, add details, monitor and act as required
• Identify which points are most compelling
• Ensure all points are "low altitude".