Work Practices, Mgt. of Risk & Uncertainty

Work practices to manage risk and uncertainty are tactical; performed day-by-day, on-the-ground and as part of evidence gathering...

Management of Risk & Uncertainty: what does that really mean? What do I do to manage risk and uncertainty, and why do I care? We manage risk & uncertainty by anticipating it and reacting to it once it happens. We care because between two equally attractive and risky investment opportunities, we chose the one that has better anticipated the risks and developed plans should they happen. This can involve more work. World Class R&D is very good at recognizing and building safeguards for risk and uncertainty. It is also very good at recognizing and capturing unexpected opportunities. In World Class R&D we recognize these capabilities do not always require additional work: they require keen management.

Expand all | Collapse all

Work practices set the stage for the compulsories+ but do not replace them. For example, with the work practice Expect the Unexpected we push routine work off the table to free up time to allow experts to recognize and control the unexpected. However if they haven’t mastered the compulsories then this free time will most likely be for naught. Decision Structures will be seen to play a similar role.

More Core Arguments for Mgt. of Risk & Uncertainty