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

First, you gotta have the data

February 17, 2021

First, you gotta have the data When I work with clients on a new AMS …

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Work on your relationship with your AMS vendor

February 10, 2021

Work on your relationship with your AMS vendor It is no coincidence that my most …

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Dashboards for Data Integrity

February 3, 2021

Dashboards for Data Integrity I’ve written a bunch on data integrity reports. (Click here for …

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Next-to-Nothing Goals

January 27, 2021

Next-to-Nothing Goals I saw a Ted Talk by Christine Carter recently discussing the concept of …

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Just because you can…

January 20, 2021

Just because you can… In response to a recent Wednesday Wisdom on averages hiding the …

Just because you can… Read More »

Always ask “Why?”

January 13, 2021

Always ask “Why?” Little kids ask “Why?” all the time, because they are sponges for …

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Averages hide the extremes

January 6, 2021

Averages hide the extremes I can’t remember where I first heard it, but “averages hide …

Averages hide the extremes Read More »

Look up PARTIAL names!

December 24, 2020

Look up PARTIAL names! Train your staff to do look ups on partial names, not full …

Look up PARTIAL names! Read More »

Not Just Technology

December 16, 2020

Not Just Technology There was recently a discussion on the ASAE online community about project management …

Not Just Technology Read More »

Consider quitting

December 4, 2020

Consider quitting Patient: “Doctor, it hurts when I do this.” Doctor: “Then stop doing that.” …

Consider quitting Read More »

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