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Introduction
“I cannot conceive of any vital disaster happening to this vessel. Modern shipbuilding has gone beyond that.”
—RMS Titanic Captain Edward J. Smith, 1907
“We are ready for any unforeseen event that may or may not occur.”
—Dan Quayle, quoted in Cleveland Plain Dealer, 27 September 1990
Things don’t always go according to plan. That’s why we have risk management.
In the case of RMS Titanic, both management and operations thought the risk of catastrophe was low, and indeed—measured objectively—it was. The Titanic was, in many respects, a marvel of safety engineering, with watertight compartments designed to keep it buoyant even in case of collision. It traveled in shipping lanes filled with other ships, so that even in case ...
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