Comments on: Assumptions and Risk Management http://middlezonemusings.com/assumptions-and-risk-management/ It's about lessons learned... from life! Sun, 12 Oct 2008 15:08:39 +0000 http://wordpress.org/?v=2.6 By: Risk Management http://middlezonemusings.com/assumptions-and-risk-management/#comment-6695 Risk Management Mon, 21 Jul 2008 22:24:56 +0000 http://middlezonemusings.com/assumptions-and-risk-management/#comment-6695 i think its better to be safe than sorry, no matter the case :/ -Jennay i think its better to be safe than sorry, no matter the case :/
-Jennay

]]> By: Robert Hruzek http://middlezonemusings.com/assumptions-and-risk-management/#comment-2104 Robert Hruzek Wed, 10 Oct 2007 22:12:00 +0000 http://middlezonemusings.com/assumptions-and-risk-management/#comment-2104 <p>Oh, I don't know, Tully - we might call the risk with a potential positive impact by some other term (windfall, reward, serendipity, etc.), but it's still a risk - and maybe (?) should be managed as well. (e.g. What if you DO get that raise - or inheritance, etc.? What's your plan for spending it wisely?)</p> <p>But going back to the crane example, I'm talking about managing the risk of something not going as <i>planned</i>. In other words, <i>planning</i> manages <i>some</i> of the risk, but what we commonly call "risk management" is how we plan for times when those plans don't go as, uh, <i>planned</i>.</p> Oh, I don’t know, Tully - we might call the risk with a potential positive impact by some other term (windfall, reward, serendipity, etc.), but it’s still a risk - and maybe (?) should be managed as well. (e.g. What if you DO get that raise - or inheritance, etc.? What’s your plan for spending it wisely?)

But going back to the crane example, I’m talking about managing the risk of something not going as planned. In other words, planning manages some of the risk, but what we commonly call “risk management” is how we plan for times when those plans don’t go as, uh, planned.

]]> By: William Tully http://middlezonemusings.com/assumptions-and-risk-management/#comment-2097 William Tully Wed, 10 Oct 2007 14:53:52 +0000 http://middlezonemusings.com/assumptions-and-risk-management/#comment-2097 I think the big challenge is that assumptions are beliefs with a currently unproven truth to them, whereas a risk is a potential negative impact on something in the immediate or near future. You can have good or bad assumptions, yet you can only have negative risk. Do we only focus on the negative aspects of everything and try to manage them? Isn't simply being AWARE (and educated) of the risks of something, yet making sure you don't find yourself in such a position a better practice? Take your crane example. Yes there is a risk that the crane for a project might not be available when you need it. It would be bad to make the assumption that it will or will not be there simply because it is a belief with a "wait and see" action tied to it. Being aware of this risk though, one can then take action to ensure that you won't be in the position of being without the crane when you need it most. When it comes to risk management, when do you stop asking the "what if" questions? I think the big challenge is that assumptions are beliefs with a currently unproven truth to them, whereas a risk is a potential negative impact on something in the immediate or near future. You can have good or bad assumptions, yet you can only have negative risk.

Do we only focus on the negative aspects of everything and try to manage them? Isn’t simply being AWARE (and educated) of the risks of something, yet making sure you don’t find yourself in such a position a better practice?

Take your crane example. Yes there is a risk that the crane for a project might not be available when you need it. It would be bad to make the assumption that it will or will not be there simply because it is a belief with a “wait and see” action tied to it. Being aware of this risk though, one can then take action to ensure that you won’t be in the position of being without the crane when you need it most.

When it comes to risk management, when do you stop asking the “what if” questions?

]]> By: Assumptions and Risk Management at Eye Care http://middlezonemusings.com/assumptions-and-risk-management/#comment-2093 Assumptions and Risk Management at Eye Care Wed, 10 Oct 2007 11:27:05 +0000 http://middlezonemusings.com/assumptions-and-risk-management/#comment-2093 [...] I’ve put a link to this article here [...] [...] I’ve put a link to this article here [...]

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