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Risk Relativity

By Rufran C Frago posted 08-24-2020 10:48 PM

  

For a thief, a good security system is a threat. To a security guard, that same system is an opportunity to lessen the risk of robbery and to increase the chance of catching the thieves.

A person’s perspective depends on which side of the fence they are sitting on. With that in mind, a risk can be a threat or an opportunity. It is relative from a point of view. Your business sees a threat and your competitor sees an opportunity. It is as simple as that.

Each individual player within the risk universe will see things a bit differently compared to the next person, with some people interpreting things in exactly the opposite fashion. In each case, the person can see only one set of attributes. 

Anyone who contemplate risk should consider that threats also bring with it opportunities and opportunities can also brings threats. These are underlining characteristics that all risk practitioners have to remind themselves always. Have you ever heard the saying, “every cloud has a silver lining?” Ring a bell?

Now, if we could take an even more macroscopic view of the risk universe as an independent observer, we would be able to see risk from more than one perspective and gain a level of understanding that most of us never thought possible before - that risk is both a threat and an opportunity.

To read the complete writeup, click the image below.

About the Author

Rufran C. Frago is the Founder of PM Solution Pro, a Calgary consultingproduct, and training services firm focusing on project and business management solutions. He is passionate providing advice, mentorship, education and training through consultation, collaboration, and what he uniquely calls, student-led training.

BOOKS AUTHORED BY RUFRAN FRAGO

  1. Risk-based Management in the World of Threats and Opportunities: A Project Controls Perspective.ISBN 978-0-9947608-0-7.Canada
  2. Plan to Schedule, Schedule to Plan.ISBN 978-0-9947608-2-1.Canada
  3. How to Create a Good Quality P50 Risk-based Baseline Schedule.ISBN 978-0-9947608-1-4.Canada
  4. Schedule Quantitative Risk Analysis (Traditional Method).ISBN 978-0-9947608-3-8.Canada
  5. RISK, What are you? The Risk Management Poem: Children's Book for all Professionals.ISBN 978-0-9947608-4-5 (Canada)

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