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

Action isn’t the same as progress

January 25, 2023

Action isn’t the same as progress I’ve written before that not taking action is an …

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Start with the end in mind

January 18, 2023

Start with the end in mind Like so many, I probably first heard the phrase …

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It’s quiet in here…maybe TOO quiet…

January 11, 2023

It’s quiet in here…maybe TOO quiet… One of the truisms of data management is that …

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It’s ALWAYS about expectations

January 4, 2023

It’s ALWAYS about expectations The headline reads: “Tesla sets record for vehicle deliveries, an increase …

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It’s hard to get UNangry

December 14, 2022

It’s hard to get UNangry I often emphasize to my clients the importance of testing …

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Some history IS important!

December 7, 2022

Some history IS important! When I’m advising clients on data conversion (moving data from one …

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“Many mickles make a muckle.”

November 30, 2022

“Many mickles make a muckle.” “Many mickles make a muckle.” – George Washington Apparently, this …

“Many mickles make a muckle.” Read More »

It’s easy to collect; it’s harder to manage

November 16, 2022

It’s easy to collect; it’s harder to manage The beauty of today’s highly configurable AMS …

It’s easy to collect; it’s harder to manage Read More »

Tell them why you want the data

November 9, 2022

Tell them why you want the data Because data is so easy to collect these …

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Don’t get hung up on something minor

November 2, 2022

Don’t get hung up on something minor I’m a problem solver. I love to solve …

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