Nov 23, 2023
Risk Management - it's a really hot topic right now. I'm joined by long-time management consultant, the inventor of Applied Information Economics (AIE), and author of 'The Failure of Risk Management: Why It's Broken and How to Fix it', Douglas W Hubbard. During our chat, Douglas talks about: 1. The challenge with Risk Assessments, 2. Probability defined (not as easily defined as you think), 3. Problems with the traditional risk matrix and matrices (sure to surprise you!), 4. Analysis placebo, 5. Using information incorrectly, 6. The long definition and short definition of risk management, 7. The 4 responses to risk action...can be ...a little murky, 8. Risk neutrality, 9. Changes in risk tolerance, 10. Risk and impact, 11. Value Statistical Life (VSL), 12. Tips to chat current risk practices. Effective risk management plays an essential role in effective decision-making. By applying the insights Douglas provides, you'll find yourself (and your organization) making smarter decisions based on techniques that have shown measurable benefit. (Adapted from the back cover sleeve). Enjoy!
Preparing for the Unexpected is about how people, organizations and communities plan, prepare, test, communicate and respond to sudden unplanned events such as natural and manmade disasters and crises. The show is for everyone who wants an understanding of how plans are created for individuals, organizations and communities and for anyone who wants to know what they can do in their own lives to help protect themselves from unexpected events. There is a myth that disasters happen to others but in reality, they happen to everyone. It's just a matter of when and how well-prepared you are. The greater the level of awareness, communication and knowledge, the quicker one bounces back from adversity. The overall aim of Preparing for the Unexpected is to reduce the suffering, effects and impacts caused as a result of disasters and unexpected life events by increasing knowledge and awareness of Operational Resilience, Business Contingency, Disaster Planning, Crisis Management, and related activities.