People have probably been taking shortcuts since the beginning of time… perhaps for some early humanoid the decision to cut across a forest clearing rather than going around it resulted in an easy dinner for some predator. The shortest distance between two points may be a straight line and possibly the fastest but it could well be the riskiest. Continue reading
The essence of risk management lies in maximizing the areas where we have some control over the outcome while minimizing the areas where we have absolutely no control over the outcome.
Peter L. Bernstein – Risk Author
During COVID, we were all VUCANs(R). We all had to deal with Volatility, Uncertainty, Complexity, and Ambiguity. This implies each of us is inherently a risk manager. Why? Maybe, it’s hard wired into our DNA. Look at the ‘fight or flight’ syndrome our ancestors had to live and decide by. The very survivability of our species was defined by this simple risk-based conundrum. Continue reading
If you buy more than one of an item used in your product, you will have to deal with variability. In general, the variability from part to part is minimal and expected. Occasionally, the variability is large and causes reliability problems.
According to O’Connor and Kleyner, “The main cause of production-induced unreliability, as well as rework and scrap, is the variability inherent in production processes.” O’Connor, Patrick D. T. and Andre Kleyner. 2012. Practical Reliability Engineering. Chicester: John Wiley and Sons. Web. Continue reading
I think it’s clear they’re going to reverse the Colorado Supreme Court. There’s no question in my mind. I would look for a reversal in a fairly short period of time. The surprise may be that some of the more liberal justices could join the majority. I would look for an overwhelming majority to reverse. I think you could potentially see some concurring opinions, although I think Chief Justice John Roberts will try to wrap it into one opinion. Continue reading
In November 2023, the National Institute of Standards and Technology (NIST) issued NIST Special Publication NIST SP 800-221 (SP). The publication is entitled “Enterprise Impact of Information and Communications Technology Risk: Governing and Managing ICT Risk Programs Within an Enterprise Risk Portfolio. (1) This SP provides a guide for integrating ICT Risk Management with the larger Enterprise Risk Management (ERM) framework. Continue reading