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

Do the benefits outweigh the risks?

May 31, 2023

Do the benefits outweigh the risks? As the economist Thomas Sowell points out, there are …

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Painting the Bridge

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Painting the Bridge According to this article, the Golden Gate Bridge is painted continuously year-round. …

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Maintenance isn’t sexy

May 17, 2023

Maintenance isn’t sexy I remember reading once long ago that one of the reasons our …

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“Will I still have a job when this is done?”

May 10, 2023

“Will I still have a job when this is done? While working with a client …

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Evolution, not revolution

May 3, 2023

Evolution, not revolution I don’t recall where I first heard it many decades ago, but …

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The power of the users’ group

April 26, 2023

The power of the users’ group Recently in an online users group forum for an …

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Who is your data evangelist?

April 19, 2023

Who is your data evangelist? I was recently talking with a client of mine about …

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April 19, 2023

Who is your data evangelist? I was recently talking with a client of mine about …

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Ratio of Data to Errors

April 12, 2023

Ratio of Data to Errors One of the elements of a good data governance plan …

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Back to basics

April 5, 2023

Back to basics Over the past couple of years I’ve noticed that some AMS vendors …

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