9 Research Risk Analysis
9.1 Introduction
Often the difference between a successful person and a failure is not one has better abilities or ideas, but the courage that one has to bet on one’s ideas, to take a calculated risk - and to act.
Maxwell Maltz (1899–1975, Author of Psyco-Cybernetics)
Calculated risk is an essential aspect of research management. As in any project, research is subject to risk awareness, risk appreciation, risk assessment, risk management, and risk control. Risk management is an integral part of research project management in both the private and public sectors. Badiru and Osisanya (2013) present a comprehensive coverage of risk analysis in the oil and gas industry. Lessons from that ...
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