Risk management is the identification, evaluation, and prioritization of risks (defined in ISO 31000 as the effect of uncertainty on objectives) followed by coordinated and economical application of resources to minimize, monitor, and control the probability or impact of unfortunate events or to maximize the realization of opportunities.
When was the last time you created a Pareto chart manually? For those of you not familiar with a “Pareto ” chart, it is simply a bar chart that organizes the categories from highest-to-lowest in frequency of occurrence. Pareto charts are useful when “issues” outnumber the resources available to solve them; obviously, you would want to put the resources on…
EnterpriseIn the January 1, 2009 edition of CFO Magazine , an article entitled Rethinking Riskreferenced a recent survey of 125 CFO’s. The survey reports that 62% of the respondents blame the financial crisis on “risk management’s inability to understand complex financial instruments”. It states that nearly 75% of the executives rank risk management ahead of many key issues facing the…
The Misconception of Reliability and Availability After a 10 year reliability journey that takes me across the appliances, power generation, aerospace, component placement, electronics design, wireless, and finally the cable industries, I would like to share my astonishing discovery with my friends and foes alike. My focus will be on the cable industry where my recent…
1. THROTTLE: OFF 2. FIRE LIGHT: DEPRESS 3. FIRE EXTINGUISHER READY LIGHT: DEPRESS 4. …. These are the first few steps or IMMEDIATE ACTION PROCEDURES (IAPs) that make up the beginning of an emergency situation checklist for an engine fire in a garden-variety high performance aircraft. These steps are listed in BOLD in…
Companies frequently fail to conduct thorough background checks and due diligence on their employees and management. The headlines are filled with stories of corporate officers who exaggerate their business experience and lie about their education. This negligence on the part of management can lead to embarrassment and potential liability for the corporation. It is a sound business practice…
In the “legion,” you march or die… As business leaders, sometimes we march because we are driven by opportunity to accomplishment, and sometimes we are forced to march to thwart a threat. … But march we must. The media has devoted a lot of energy as of late fanning the flames that the economy is…
