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

Documentation and the Great Resignation

January 19, 2022

Documentation and the Great Resignation Unless you’ve been living under the proverbial rock, you’ve heard […]

Data Management Strategy

January 12, 2022

Data Management Strategy Do you know what your data management strategy is? If you have […]

It’s always about trust

January 5, 2022

It’s always about trust When I work with clients on almost any data management project, […]

You can’t outsource buy-in

December 16, 2021

You can’t outsource buy-in One factor consistent with all of my most successful projects is […]

Use it or lose it!

December 8, 2021

Use it or lose it! I’m referring here to the data you collect. If you […]

“If I could only do one thing…”

December 1, 2021

“If I could only do one thing…” Managing data throughout your organization can be overwhelming. Do […]

Gratitude

November 24, 2021

Gratitude As Thanksgiving in the US approaches, I’m reminded of the importance of gratitude, in […]

“It’s more than I have, but less than I want.”

November 17, 2021

“It’s more than I have, but less than I want.” “It’s more than I have, […]

Don’t forget Parkinson’s Law

November 10, 2021

Don’t forget Parkinson’s Law “Work expands so as to fill the time available for its […]

Just Respond

November 3, 2021

Just Respond Growing up my father used to tell my many siblings and me that […]

Leave a Comment

Your email address will not be published.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

Scroll to Top