“Progress always involves risks.You can’t steal second base and keep your foot on first.”
—Frederick B. Wilcox
A risk is an event that may impact your operation if it actually happens. Some risks are unavoidable; others are assumed because they are associated with a benefit. To manage risks, you must first identify the risks and then measure them. Every risk has a likelihood or probability of occurring and an impact if the risk is realized. If you can quantify these two aspects of a risk and weigh them against associated benefits, you can make an informed decision to manage the risk. These basic options exist for managing any risk:
• Avoid the risk by deciding not to take the path that presents ...