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Wishful Thinking and Risk Management in Real Time

When your reactions oust common sense, ask these questions

Alan Nicol
Thu, 04/09/2015 - 16:21
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There are a great many risk management tools available, in a variety of forms. Most of us are familiar with failure mode and effects analysis (FMEA) for design risk management, or some other form of risk matrix for project risk planning.

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But what do we use for real-time decision making? Our management decisions often cause the greatest risks, but we don’t have fancy tools for them.

Fancy tools just aren’t useful for real-time, immediate-need decisions; there isn’t time to build a matrix and debate criticality vs. severity of consequence. We rely on experience and common sense for real-time judgment and decision making. The unfortunate thing is that even the most experienced of us can lose sight of common sense, especially when we’re under pressure.

Pressure = poor decisions

I’ve recently witnessed several of the organizations I work with suffer from risks that became problems because of poor management decisions. Management took unreasonable or desperate risks, and the gambles didn’t pay off.

 …

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