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

Who is your data evangelist?

April 19, 2023

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

Ratio of Data to Errors

April 12, 2023

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

Back to basics

April 5, 2023

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

Your people matter

March 29, 2023

Your people matter I’ve written many times about how people, process, and technology have to […]

We remember moments…

March 22, 2023

We remember moments… “We do not remember days, we remember moments.” – Cesare Pavese Another […]

Acknowledging problems is part of managing expectations

March 15, 2023

Acknowledging problems is part of managing expectations Research was done some time ago that suggested […]

Need data? Consider third-party sources

March 8, 2023

Need data? Consider third-party sources I always tell my clients, only collect data that you’re […]

Action must follow the decision

March 1, 2023

Action must follow the decision When I work with my clients on their projects (whether […]

Everything should be focused on improving user adoption

February 22, 2023

Everything should be focused on improving user adoption Your AMS is a tool, and a […]

Needs change over time, and that’s OK

February 15, 2023

Needs change over time, and that’s OK I was speaking with a couple of association […]

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top