Talking Risk

Just like that? … I thought you had to do some research and come up with an equation to solve for ‘x’ and that kinda thing.

That is excellent! You have assessed your risks by rating the impact and likelihood of each risk.

Not at all. The important thing is being able to determine the effect an event would have on your objective (impact) and the chances of that outcome materializing, taking into consideration anything that is being done to influence the outcome (likelihood) . Of course, in the workplace there are a lot more risks to be assessed, so the process would be more extensive, but the analysis is the same – and always remember to keep your objective in mind when assessing risks .

Well, on that note, I think I need to go and assess all of my many risks. Then what to do after that?

Then we could talk about how to manage them and other risks in the workplace; but that’s for next time. With all the risks you have, that will take a while. See you next week!

Sure … hopefully by then some people would have figured out their wonderful plan!