Risk and uncertainty
- Risk is when the factors that determine success or failure are out of your control, but the odds of success are known.
- Uncertainty is when the factors that determine success or failure are not out of your control but are simply unknown. It is playing a game that you do not entirely know the rules of.
Risk analysis is a rational and calculation-driven process, while uncertainty triggers the fight-or-flight response. Innovators don't ignore risk. They are able to maintain their analytical capabilities in the face of uncertainty.
176
790 reads
CURATED FROM
You too can be a great innovator, if you just learn to work with this
fastcompany.com
5 ideas
·4.21K reads
IDEAS CURATED BY
"With great power comes great responsibility". We all know who said that, but it's so true.
The idea is part of this collection:
Learn more about personaldevelopment with this collection
How to use storytelling to influence and persuade
How to create a compelling narrative
How to structure your story for maximum impact
Related collections
Similar ideas to Risk and uncertainty
Risk and Uncertainty
People often confuse risk with uncertainty. But the terms "risk" and "uncertainty" do not refer to the same thing.
- Risk is precise and quantifiable.
- Uncertainty is when the underlying system is not understood.
...
NASA Risk Matrix: Likelihood And Consequence
The two main factors that impact the level of risk:
- The Likelihood: How likely is the risk of the potential change to occur.
- The Consequence: The level of the impact of the departure from the original plan.
The consequence ‘scorecard’ evaluates the likelihood o...
Uncertainty Triggers Fear
Constant communication with the team is crucial for a manager, and the current state of affairs, when the world is in turmoil and most employees are sitting at home, it is increasingly difficult for the manager to provide information or assurance, due to uncertainty in every aspect of the busines...
Read & Learn
20x Faster
without
deepstash
with
deepstash
with
deepstash
Personalized microlearning
—
100+ Learning Journeys
—
Access to 200,000+ ideas
—
Access to the mobile app
—
Unlimited idea saving
—
—
Unlimited history
—
—
Unlimited listening to ideas
—
—
Downloading & offline access
—
—
Supercharge your mind with one idea per day
Enter your email and spend 1 minute every day to learn something new.
I agree to receive email updates