Data Outliers and QuestionsWhen looking at a pile of data, sometimes there is a data point that is not like the others. It attracts attention as it is different than the rest of the data.
When I spot something odd in a dataset, I wonder if there is something to learn here. Is this an opportunity to make a discovery or improve a process? Continue reading
I have been an entrepreneur and in business – nonstop – since 1985. And over the course of those 30-plus years, I have gained a lot of experience. But as the saying goes; “Experience is the most difficult teacher, she gives the test first and teaches the lesson after.” So I can say, with some degree of certainty, that I have made every mistake a business person could make. Sometimes, I would repeat the mistake just to be certain. Continue reading
One of the many honors in my career as serial entrepreneur, author and keynote speaker has been my involvement as a keynote speaker at several national and international Ernst & Young (EY) Entrepreneur of the Year Awards, a global competition that fuels and celebrates innovative business thinking. The annual awards were started in Milwaukee, Wisconsin, in 1986 and have now been run in all 50 states and more than 60 countries. Continue reading
When AS/NZS 4360:2004 was morphed into ISO 31000:2009, we somehow lost the “six rules of risk management” to a popular investment phrase, ‘risks and opportunities’. In the financial world, risk is a potential for a loss. Opportunity is a potential for a gain. Continue reading
Risk modeling is a useful tool for business continuity managers, but over-reliance and flawed approaches can create difficulties.
Introduction
Fundamental uncertainties derive from our fragmentary understanding of risk and complex system dynamics and interdependencies. Abundant stochastic variation in risk parameters further exacerbates the ability to clearly assess uncertainties. Continue reading