Category Archives: Informed_Decisions@Risk™ – Patrick Ow

#343 – A MODEL FOR DECIDING UNDER RISK AND UNCERTAINTY – PATRICK OW

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In Part 1, we looked at the two relevant dimensions for decision-making under certainty, risk, and uncertainty that form the certainty-uncertainty spectrum are:

  1. Degree of certainty – It ranges from close to certainty to far from certainty.
  2. Level of predictability and control – It moves from close to predictability and control to far from predictability and control.

In Part 2, we looked at the three conditions along the certainty-uncertainty spectrum that you will face when making decisions under certainty, risk, and uncertainty. Continue reading →

#342 – DECISION MAKING UNDER CERTAINTY, UNCERTAINTY, AND RISK – PATRICK OW

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In Part 1 of this series, we looked at the two relevant dimensions for decision-making under certainty, risk, and uncertainty that form the certainty-uncertainty spectrum are:

  1. Degree of certainty – It ranges from close to certainty to far from certainty.
  2. Level of predictability and control – It moves from close to predictability and control to far from predictability and control.

Continue reading →

#341 – MAKING SMARTER CHOICES IN A CHANGING WORLD – PATRICK OW

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Uncertainty is all around us, never more so than today. Whether it concerns a global pandemic, the economy, or your finances, health, and relationships, much of what lies ahead in life remains uncertain.

Nonetheless, life continues. You still must earn a living, take care of the family, house, and car, and walk the dog. All under these new clouds of stress and uncertainty. Continue reading →

#340 – HOW TO STRUCTURE YOUR ERM SYSTEM – PATRICK OW

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Andy Benoit once said, “Most geniuses — especially those who lead others — prosper not by deconstructing intricate complexities but by exploiting unrecognized simplicities.”

This statement is so true when corporate leaders and managers tend to over-complicate processes or over-engineer systems in organizations. Designing and implementing your organization’s enterprise-wide risk management system is no exception. Continue reading →

#319 – STRATEGY FOCUSED MANAGEMENT SYSTEM IMPROVES PERFORMANCE – PATRICK OW

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Organisations use different management systems to provide the required foundation to direct and control their activities to achieve their objectives.

When the organisational structure is complex, the organisation needs to develop a robust, practical, yet simplified, integrated management system. This strategy-focused integrated management system will fully integrate all relevant management practices and common touchpoints of the business into one coherent and synchronised management system. In doing so, it enables and drives the achievement of its corporate strategy and improve or drives performance. Continue reading →