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Risk Management – A Domestic Parallel and Why We Can All Be Good Risk Managers
Risk management is the identification, assessment and prioritization of risks followed by an allocation of resources to minimise, monitor and control the likelihood of unfortunate events and to maximize the realization of opportunities or investments. The risk management strategy includes transferring the risk to another party, avoiding the risk, reducing the negative effect of the risk or accepting the consequences of the particular risk.
Risk management is not just a financial concept. There are many other types of risk management. Time risk management is very common. Scope risk management is another type that has many applications.
Because it’s so important, let’s take a closer look at what it means. First, what is considered a risk? If we want to identify risks, we will need to know what to look for. I’ve heard that risk is defined as the effect of uncertainty on objectives. This definition is correct but a bit too vague. To effectively identify the risks of a particular project or initiative, I think you have to be a little more specific about the objective.
We practice risk management in our daily lives. We do it all day. Most of us are pretty good at it. We have to be because we have gone through many days without having to abandon the life project. For example, let’s look at some typical day events that would require some risk management. When you start thinking about this, the first thing you realize is that not only do events themselves require risk management, but the interrelationship between events requires risk management. Let’s say it’s Monday so you have to get up and go to work. The process of staying seated at your desk at work is fraught with challenges, but you manage it one way or another, every day.
Here is a list of things you could do to get to work in the morning:
Prepare the children
Make breakfast (Let’s imagine we do it every day)
Drop the kids off at school
Go to work
Park the car
Going from the car to the office
Each of these events is important and influenced by different outside influences. To make things a little more difficult, your spouse is out of town on business. You have to accomplish all of this on your own. I know you may already be thinking about getting out of this, but hang in there, you can do it. Plus, I’ll walk you through it.
The first step is to identify your goal. We know your goal is to get to work, so we’ve got a great start. Defining the goal is not always so easy. Before jumping straight into the shower, you must first make a plan to achieve your goal. You must have a plan! If you don’t, believe me, you’ll get a call around 9:30 a.m. from your wife asking why the kids were late to school and your boss will be waiting for you at your desk when you get to work asking you where to go. find this report. you promised to deliver the first thing.
Now about that shower, but wait, if you start waking the kids up before you get in the shower, maybe by the time you get out of the shower, they’ll be ready to get up. At least go turn on the lights in their rooms. I like to flash it multiple times. It really bothers them, but it’s an effective gesture. You can also start brewing coffee before you step into the shower. Every small gesture will help. And don’t forget to let the dog out to go to the bathroom. If you don’t, you might be sorry.
I think it’s safe to take a shower now. You’ve started a few things that will work while you shower. You could take one of those long, lazy showers, but that would come with some scheduling risk, so it would be best to wait until Saturday for that. Finish your shower. Before you start shaving, flash the lights in your kids’ room again, because they’re probably not on. Raise your voice and use the angry dad tone when telling them to get up this time, because now is the time to get serious. If they don’t get up now, you will surely be late.
You can go shave now and get ready for work. The risk from shaving is quite low unless you still use a razor and haven’t switched to an electric razor. Hope you remembered to recharge your electricity, otherwise you may have to keep working with a day or three day shade if you like to let it go on weekends. Dressing up can involve certain risks depending on the type of work you do. The risk lies mainly in the choice of clothing to wear. For most people these days, this is a low-risk area.
Remember to keep the kids on task while you prepare. You have decided to take a little more time to prepare. You have a big meeting at work, so you had to iron a shirt and put on your suit. Because of this breakfast, there will still be cold cereals. You may decide to read the newspaper over breakfast, but feel the need to keep the kids focused. You want to know what they are doing so you can keep an eye on their activities. You manage their development. You have a plan for them and your plan doesn’t include a call from the police department one day.
It’s time to send the kids to school. One of them catches a bus. You will have to drive the other two to their school. Fortunately, they attend the same school. There are many risks involved in bringing your children to school, and they start before you get in the car. You better make sure they have all the necessary tools for education in their respective backpacks. If you don’t, you may have to turn around and hand-deliver a math file to school. Traveling by car carries many risks other than the obvious risk of having an accident. Choosing the right route can mean the difference between arriving on time or not. Hope you remembered to fill up the night before because you didn’t plan for the extra eight minutes at the gas station.
You’re a good driver so I’m sure you’ll have no trouble getting the kids dropped off and heading to the parking lot where you’ll face new challenges. Unfortunately, there are usually not enough spaces in the lot, so it is essential that you get there early, otherwise you will be stuck in the overflow lot which is far from the building entrance. You have a lot of material to bring to the office for a big presentation. It looks like rain and you don’t want to get your artboards wet. If you get stuck in the overflow lot, your presentation is doomed. Watch out for suicide bombers in the parking lot. The competition for the final places is heated and you don’t have time to take the car to the repair shop, so you stay back and take what you can get.
Luckily you find a spot in the main lot, but it starts to rain a bit. You try to cover your presentation boards with your jacket. It works well enough and you get to the office, but some of the ink from the boards ends up on your jacket. You’ll either have to take the jacket out in the hour laundry or go without. You decide to do without a jacket to be able to refine your graphics. Thirty minutes before the presentation, you discover that the presentation has been changed to a videoconference. You only have a few minutes to compose the electronic files into a presentation and send it to the client.
You did it! You did it to work. Again. You are an expert in risk management.
Most people are pretty good at managing risk. We all have a lot of practice. The dynamics of enterprise risk management are similar dynamics to those we encounter every day. The nature of impacts and influences is also the same. As we progress along the path to reach our goal, we are bombarded with adversity. When developing our risk management plan, we identify risk areas, assess impacts and decide how to manage and control risk areas. This initial planning gives us the ability to handle adversity.
Like when you decided to skip the full breakfast, we can choose to avoid the risks. We may choose to minimize the negative effect of risk as you did when you decided to go without your jacket rather than spending time taking it to the cleaners and risking not completing the presentation . You could have transferred some of the risk to another party if you had called your sister who lives down the street and asked her to bring your children to school. Of course, there would have been a cost associated with this. You should have mowed his lawn or something.
Risk milestones are interdependent and linked by a timeline or timeline. You’ve reduced the risk of getting your kids ready by turning on the lights before your shower. Likewise, you also started making the coffee before showing.
The key to effective risk management is having a system that has measurable results. Risk management for real estate development can be tied to a schedule of milestones to assess and measure risk as it applies to schedule and budget.
Risk management is the key to success in business. Most of us are very well equipped to manage risk effectively. Our daily activities prepare us well. You can find many parallels in everyday life.
Develop a risk management plan. You’ll be glad you did. Check out my upcoming articles and I’ll outline the main levels of risk management and provide you with a detailed description on how to build a risk management plan to help you succeed in the new economy.
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