23 Stage 5: Opportunity

The world would be a better place if we could insure against every future possibility. Then people would be more willing to engage in risk taking, without which economic progress is impossible.

—Kenneth Arrow

In this chapter, I describe the practices that characterize the opportunity stage of risk management evolution. Risk (the chance of a bad outcome) is associated with every opportunity (the chance of a good outcome). When people know how to manage risk, they are prepared to take on more difficult assignments with greater opportunities. But perfect knowledge of risk management cannot guarantee success. Managers give people permission to fail because they know there is no progress without risk. People have a positive ...

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