All decisions involve risk

All decisions involve risk

Whether it's choosing a new AMS or introducing a new product or service, every decision you make involves risk.

There are two factors to risk: likelihood (probability of something bad happening) and seriousness.

To illustrate: the likelihood of a plane crash is exceedingly small, but clearly, its seriousness is very high. On the flip side, the likelihood of a traffic jam in the DC area at rush hour (pre-covid!) is high but the seriousness of being late for something is typically low.

In the case of choosing an AMS, depending on the process used, the likelihood of complete failure is probably pretty low, but the seriousness of total failure (time and money) is pretty high. So you want to be sure you have a time-tested process for ensuring you're making the right decision.

So when making any decision, consider the risk involved and the likelihood and seriousness of that risk coming to fruition. If both likelihood and seriousness are high, it may not be a risk you want to take. But if the likelihood is low and/or seriousness is low, you may proceed cautiously!

Wes's Wednesday Wisdom Archives

It’s all relative…

July 21, 2021

It’s all relative… Over the course of my 22 years of consulting, I’ve consulted with …

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Eliminate to optimize

July 14, 2021

Eliminate to optimize So much of data management is habit (both good and bad) which is …

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For data governance, ask “Why?”

July 7, 2021

For data governance, ask “Why?” Recently I’ve had the opportunity to work on several data …

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More on Meetings

June 30, 2021

More on Meetings I’ve written before about the importance of making sure your meetings are …

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Action produces momentum

June 23, 2021

Action produces momentum Another great quote from James Clear: “Motivation often comes after starting, not …

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My #1 Best Practice…

June 16, 2021

My #1 Best Practice… A client recently asked me: “If you had to pick a single …

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Encourage engagement with prizes!

June 9, 2021

Encourage engagement with prizes! One of the biggest challenges any organization faces when implementing a new …

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June 2, 2021

Inertia One definition of inertia is “to remain unchanged.” My sense is that many association processes, projects, or …

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When’s the “least bad” time?

May 26, 2021

When’s the “least bad” time? When working with clients on a new project, especially a …

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A poor launch can set the stage for YEARS

May 19, 2021

A poor launch can set the stage for YEARS It is not uncommon for me …

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