The failure of risk management : why it's broken and how to by Douglas W. Hubbard

By Douglas W. Hubbard

A vital advisor to the calibrated possibility research procedure. The Failure of hazard administration takes an in depth examine misused and misapplied simple research tools and indicates how one of the most well known "risk administration" equipment aren't any greater than astrology! utilizing examples from the 2008 credits obstacle, normal mess ups, outsourcing to China, engineering failures, and extra, Hubbard unearths severe flaws in risk Read more...

summary: a necessary consultant to the calibrated threat research process. The Failure of chance administration takes a detailed examine misused and misapplied easy research equipment and exhibits how essentially the most renowned "risk administration" tools are not any greater than astrology! utilizing examples from the 2008 credits difficulty, ordinary failures, outsourcing to China, engineering failures, and extra, Hubbard unearths serious flaws in chance administration methodsâ??and exhibits how all of those difficulties will be fastened. The strategies contain combos of scientifically confirmed and often used equipment from nuclear strength

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Notes 1. My use of ‘‘placebo effect’’ requires a qualification. The placebo effect in medicine is the tendency among patients to experience both subjective and in some cases objectively observable improvements in health after receiving treatment that should be inert. This is a purely psychological effect but the improvements could be in objectively measurable ways—such as reducing blood pressure or cholesterol. However, when I refer to a placebo effect I mean that there literally is no improvement other than the subjective impression of an improvement.

Then the evidence shown in the previous chapter would tell us that risk management is generally successful, at least half the time. So let’s look at why self-assessments tell us so little, some possible objective measures we might use instead, and what we should be prepared to discover if we use objective measures. H An Assessment of Self-Assessments Skepticism about what gains can be attributed to popular management tools is not only justified, but a requirement of good management. And self-assessed results of implementing these methods should be considered 37 38 chapter 3 how do we know what works?

Notice that the assessment of risks appears prior to and as part of the selection of risk mitigation methods. The State of Risk Management According to Surveys Contrary to the claims of some vendors or consulting firms, neither the methods of risk assessment nor the methods of risk mitigation have evolved much for several decades. Some methods look new but simply repackage basic tools that have been around for quite awhile. It might be the case that some methods are only recently being used more often, but, with only a few exceptions, the underlying methods are often older than the management of the firm.

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