Qur firm – Quality + Engineering – provides professional engineering, forensics, and risk management. In the last two months, we’ve been contacted to:
1. Manage outsourced quality operations.
2. Reframe a much smaller quality group into a risk management group.
3. Do a combination of the above.
For the past year, I’ve been wondering why has the US media been focusing so much coverage on Greece. Small country. Small GNP. European. Little industry. No much economic similarity to US.
It’s not that I don’t care. I’m just wondering why I should care. And, why all media are telling all of us why we should care. Now, I got it!
We are Greece. The media is preparing the US for what has happened and will happen to the US. Greece, Ireland, Spain, Portugal, Italy, and US are the dominoes in the economic debt cycle. All are impossibly in debt. We are going to one of the dominoes to fall. The media is giving us an early warning of what to expect in terms of unpaid public pensions, social unrest, and diminished expectations. Not good?
What do you think? Am I off base? What are the alternatives?
Bio:
Greg Hutchins PE and CERM (503.233.101 & GregH@QualityPlusEngineering.com) is the founder of:
CERMAcademy.com
800Compete.com
QualityPlusEngineering.com
WorkingIt.com
He is the evangelist behind Future of Quality: Risk®. He is currently working on the Future of Work and machine learning projects.
He is a frequent speaker and expert on Supply Chain Risk Management and cyber security. His current books available on all platform are shown below:
From http://www.digitaljournal.com/article/320137:
Risk can take many forms from individual to companywide (enterprise). Regardless of the level there is always a tendency to underestimate the level of risk. Soldiers in combat almost never believe that they will end up a casualty. In fact, people performing jobs considered dangerous regularly underestimate the risk to health and welfare. This same mentality carries forward when dealing with enterprise risk. Ken Olsen, the founder of Digital Equipment Corporation (DEC), stated, “There is no reason why anyone would want a computer in their home.” (1) Personal Computers are now ubiquitous. DEC is out of business. Another famous incident is when Andrew Grove and Intel CEO Gordon Moore decided to exit the memory chip business. It took Intel management two years of churning and emotional trauma before the exit was complete. When one customer was told of the exit, the response was, “What took you so long?”
Uncertainty and risk are often used interchangeably, however, they are different.
Is understanding the difference between risk and uncertainty really that important? Yes, especially when developing a management or project plan. Risk is a known or anticipated event with an unknown outcome. Uncertainty is an event that may not be anticipated. A good plan includes mitigations for anticipated risks. Continue reading
