Handling the Truth in Risk Management

A successful risk management program requires commitment on the part of the analysts and the decision makers. This commitment must begin with a reliable risk analysis methodology. Given a reliable process, however, managers and other decision makers must come to grips with the analysis results - reg...

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Bibliographic Details
Published in:Cost engineering (Morgantown, W. Va.) W. Va.), 2008-10, Vol.50 (10), p.19
Main Authors: Curran, Kevin M, Curran, Michael W
Format: Article
Language:English
Subjects:
Boards of directors
Cost analysis
Decision making
Dictionaries
Engineers
Power
Professionals
Project management
Requirements
Risk assessment
Risk management
Sound
Terminology
Trust
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Summary:A successful risk management program requires commitment on the part of the analysts and the decision makers. This commitment must begin with a reliable risk analysis methodology. Given a reliable process, however, managers and other decision makers must come to grips with the analysis results - regardless of how favorable or unfavorable they may be. Decision makers who use risk analysis merely to determine contingency requirements (or other necessary adjustments to any budget) will never capitalize on the real power of a sound risk analysis process - the insight and direction it provides to favorably impact the future. Those who finally reach acceptance, will find they have a powerful tool to improve their organizations' (and their own) bottom lines. All of this reduces to one simple question for decision makers and risk analysts alike: "Can You Handle the Truth?" [PUBLICATION ABSTRACT]
ISSN:0274-9696