topic: [[Deciding]] people: #people/tygagnon created: 2024-12-17 *A structured process to figure out if you should be taking on this risk, or how to mitigate the risk.* ##### what is it? 1) Identify your loss exposure: what is at risk of loss 2) Analyze your loss exposures: how critical is the failure or loss 3) Examine the feasibility of various risk management techniques 4) Select the appropriate risk management techniques 5) Implement the selected risk management techniques 6) monitor results and adjust as required going along ##### why does it matter? We need to both assess what's at risk, as well as ways we have available to mitigate the risk. Then we need regular updates. ##### This reminds me of [[luck and risk are two sides of the same coin]] ##### What would the opposite argument be? [[risk is what is left after everything you have thought of]], so if you can apply this risk management approach, you still have risk of the "unknown unknowns." There's additional mental capacity put into this type II risk assessment, and it might be in conflict with type I thinking, group thinking, or [[Naturalistic decision-making]]. Possible most importantly, [[not learning from failure]], or not giving yourself moments to fail, is going to limit learning. The question is, how do we have [[Intelligent Failure]] for learning, and the [[escalation of commitment]] or [[dysfunctional momentum]] are common failure modes, you just don't know your limit until you're past it. tags: #note/idea | #on/risk | #on/decisions ##### Sources: Gagne, T. (2017). [[Where You'll Find Me]]: Risk, decisions, and the last climb of Kate Matrosova_. TMC Books.