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  • Writer's pictureDiana Landazuri

Risk Management

Updated: Aug 25, 2021

Being a Project, Program and Portfolio Manager, Risk Management is a very important topic. From the PMO, we gather all risks, analyze and create a mitigation plans, risk responses, contingency plans, fall back plans and workarounds. So the book "Risk Savvy" by Gerd Gigerenzer, was a great book to review my knowledge on risks and how to make sound decisions despite complex circumstances. Here are some thoughts:

* Logical thinking is not enough to make good decisions

* Risk is different from uncertainty, and understanding both is critical for making good and best decisions

* Risks are events, good and bad, from which you know most of the possible outcomes

* Uncertainty is an unknown or undetermined situation from which you don't know nothing or very little about any possible outcomes or factors

* When presented a RISK, ask how it was calculated and by whom, because the perception on the risk varies and how the information is presented can also affect the decision making process

* There are not always "best decisions", sometimes our "gut feeling" will give us the best decision, but we need to understand when we can trust it.

* Mistakes are part of the decision making process

* Becoming Risk Savvy is about asking the right questions

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