PM.348.WC1 Project Risk Management

Exercise 2 - The Productivity/Performance vs. Risk Balance

We all want to reduce risk, but sometimes there are practical tradeoffs that need to be considered. Just for fun, let's take it to a personal level - here's the situation to analyze:

Consider what you would pack for a day-long 10 mile hike in the wilderness. You may be taking along some "contingency" items, such as first aid kit, extra food, warm clothes, and a flashlight. Keep in mind these are the kind of items that are (1) extra weight you must carry, (2) take up space in your pack, and (3) will probably not be used if everything goes as planned.

Document your responses to the following questions:

1. What are some of the the pros and cons of taking items that may or may not ever be used?

2. Describe how a person's risk appetites and risk tolerances come into play in making their list of what to take along.

3. If you cccooompleteee yyyouuur hike and no negative incidents occur - all went well - should you revisit the list of items you carried to optimize preparation for your next adventure?