Crazy Little Thing Called Risk

Most of our project teams talk about risk, but we rarely benefit much from these conversations because our "talk" is often the final risk-focused action that we take. In other words, we often don't DO anything beyond the talking. Managing risk is one of the most important aspects of delivery. The ability of leaders to articulate the importance of risk management, and ensure that it is carried out, is critical to business success! 

In a quest to ensure that delivery leaders can confidently, quickly and easily remember and communicate the essence of risk, I've leaned on what is possibly the oldest and most successful medium known to humans...

That's right. If we can sing the message, we can carry the message in our heads and hearts. I hope you will take a moment and listen to this piece. I've included the lyrics below:

The Risk

That nagging question at the back of your mind, reveals a situation longing to unwind.
Lying in the murky depths, and veiled in mystery…
An underlying doubt that fills you with uncertainty

And uncertainty is what we face when options overwhelm us
And risk is just the consequence of the actions we take in spite of this uncertainty

“If X then Y.” That’s what it all boils down to. We’ll realize the consequence of what we do.
Nothing risked. Nothing gained.

Analysis of risk might help to put your mind at ease.
We’ll estimate the impact and the probability of each potential future outcome that we identify.
We’ll employ a methodology to help prioritize them

Yes, analysis of risk is not a task to be forsaken
But analysis is worthless if no subsequent action is taken

And what are the actions we can take with risk?

Optimize to mitigate it
Insure it to eliminate it
Outsource it
Insure it
Accept the risk and budget for it

Those are the actions we can take with risk!

“If X then Y.” That’s what it all boils down to. We’ll realize the consequence of what we do.
Nothing risked. Nothing gained.


© C. E. Linville