This answer is based on the PMBOKGuide, which is one of the reference materials for the PMP exam1. According to the guide, an opportunity is a positive risk or uncertain event or condition that, if it occurs, has a positive effect on one or more project objectives1. Opportunities can be identified and managed throughout the project life cycle, using various tools and techniques, such as risk identification, risk analysis, risk response planning, and risk monitoring and control1. When an opportunity is outside of the project scope, the project manager should update the risk register to document the opportunity and its potential impact, and escalate the opportunity to a higher level, such as the project sponsor, the portfolio manager, or the organization's management1. The higher level can then decide whether to pursue the opportunity or not, and allocate the necessary resources and authority to do so1. The project manager should share the opportunity with another project that may benefit from it, or suggest a new project to exploit the opportunity1. The other options are not correct because they do not follow the best practices of opportunity management. Establishing a contingency reserve is a risk response strategy for negative risks, not positive ones1. Further monitoring the opportunity is not sufficient to realize its benefits, and may result in missing the opportunity or losing it to competitors1. No more action is required is not a proactive or responsible approach to managing opportunities, and may imply a lack of interest or commitment to the project objectives1. References:
* PMBOKGuide