The chance to promote my books among friends and friends of friends was a welcome event last May 30, 2019 at El Torito, Dana Point, California. Once more, I had the chance to talk about risk-based management fundamentals and principles with gusto. My wife was specially happy of the turnout. She was the one who supported me all the way and made things possible from the start. I'm fortunate to have her by my side!
My apprehension that the small group who attended that evening might not show any interest on the subject was unfounded. The ensuing discussions were lively and fruitful. There was excitement in the air, gasps of discovery in each turn, and a promise from the audience to read and promote my work. This small, simple book-signing event was fun and successful. This was first this year since my last book-signing at Indigo Hills, Calgary two years ago.
Arthur, an HR/Operation Manager, was eager to learn more, hoping to use and espouse the philosophies in running his company. Jojo, an Information Security Manager asked questions revolving around his concerns about the fast-growing cyber threats, technology disruptors coming fast and furious like artificial intelligence. He understands that he needs to continuously keep learning new things to manage the risk. Sheila, a Health Services Director, and Rina, the CEO of a home are establishment, appeared equally interested on the idea that all management are risk-based and how it touches her own area of expertise. We lightly touched topics that include black swan, early identification, mitigation, prevention, and the best way to manage/monitor the risk register.
All of the attendees were all ears listening as I explained the duality of risk, a concept that still eludes a big percentage of all project and business professionals. While everyone seems to understand pure risk, visualizing risk in two versions; i.e. opportunity and/or threat, as expected, needed further introduction. In my profession as a risk management practitioner, I look at risk as two-faced. The same event we see as a threat could very well be an opportunity to another. How one perceives it will depend on an individual's objective and the relevance of the event to him and to what’s important to him (Frago, R., 2015).
For truly, the primary purpose of life is managing risk. There’s nothing more common to all of us than that of risk-based management. It is in the very fabric of our lives. The only time a person finally stops managing and dealing with risk is when he dies. So, you might ask, “What could be an excellent, most compelling, and shocking example as applied to people’s lives?
What does duality of risk mean? In the most adverse of conditions, it means that despite the grim after-effects of misfortunes and calamities, where perhaps thousand dies, the deadly event can result in some form of goodness (opportunity).
Has anyone noticed how an usually disconnected, dispersed and detached community comes together as one body after such an event? How a nation becomes stronger in it’s resolved right after? How about those who lost loved ones, suddenly realizing how much they missed them. They come to realize/comprehend how foolishly they’ve ignored them when they were still alive and now resolutely promising to be different? It changes people for the better (and of course, to some, for the worse!).
We are all risk managers! Risk management is the only thing we do for a living, the very reason why our company or client pays us, the reason why we go to work every day. We manage risk even as we prepare to go to sleep, to increase probability that we wake up the next day healthy and refreshed. The amazing thing is, we don’t even realize it!
In this sense, we are all risk managers as we support our very existence. We survive each daily rigors because we are already unconsciously competent of what we do through years of experience and training.
If for some reason we are unable to appreciate this intriguing concept of oneness of purpose, then I guess we are all familiar with risk, but we still really do not know it well enough.
It simply means that risk should be the main contemplation by anyone while keeping an eye to achieving objectives. Risk is a primary concern in pursuit of a goal.
Risk is not only a factor or featured element of management. It is the main character at play. Risk-based management gives importance to objectives. Failing to mitigate the risk means failure to meet the objective/s.
What I am driving at is the concept that all categories of management are risk-based management. Project Management, by virtue of the first premise becomes Risk Management. When we take care of ourselves, or our projects, we are managing risks. We do it all the time because it is a very risky world out there.
Many great concepts come from various directions, with some lines meeting to create similar points and some diverging and contrasting. This is where management, risk management, and risk-based management meet.
Rufran C. Frago, P. Eng., PMP, CCP, PMI-RMP, Author
Books authored by Rufran Frago
- Risk-based Management in the World of Threats and Opportunities: A Project Controls Perspective.ISBN 978-0-9947608-0-7.Canada
- Plan to Schedule, Schedule to Plan.ISBN 978-0-9947608-2-1.Canada
- How to Create a Good Quality P50 Risk-based Baseline Schedule.ISBN 978-0-9947608-1-4.Canada
- Schedule Quantitative Risk Analysis (Traditional Method).ISBN 978-0-9947608-3-8.Canada
The opportunity to promote my books among friends and friends of friends was a welcome event last May 30, 2019 at El Torito, Dana Point, California. Once more, I had the chance to talk about risk-based management fundamentals and principles with gusto. My wife was specially happy of the turnout. She was the one who supported me all the way and made things possible from the start. I'm fortunate to have her by my side!
My apprehension that the small group who attended that evening might not show any interest on the subject was unfounded. The ensuing discussions were lively and fruitful. There was excitement in the air, gasps of discovery in each turn, and a promise from the audience to read and promote my work. This small, simple book-signing event was fun and successful. This was first this year since my last book-signing at Indigo Hills, Calgary two years ago.
Arthur, an HR/Operation Manager, was eager to learn more, hoping to use and espouse the philosophies in running his company. Jojo, an Information Security Manager asked questions revolving around his concerns about the fast-growing cyber threats, technology disruptors coming fast and furious like artificial intelligence. He understands that he needs to continuously keep learning new things to manage the risk. Sheila, a Health Services Director, appeared very interested on the idea that all management are risk-based and how it touches her own area of expertise. We lightly touched topics that include black swan, early identification, mitigation, prevention, and the best way to manage/monitor the risk register.
All of the attendees were all ears listening as I explained the duality of risk, a concept that still eludes a big percentage of all project and business professionals. While everyone seems to understand pure risk, visualizing risk in two versions; i.e. opportunity and/or threat, as expected, needed further introduction. In my profession as a risk management practitioner, I look at risk as two-faced. The same event we see as a threat could very well be an opportunity to another. How one perceives it will depend on an individual's objective and the relevance of the event to him and to what’s important to him (Frago, R., 2015).
For truly, the primary purpose of life is managing risk. There’s nothing more common to all of us than that of risk-based management. It is in the very fabric of our lives. The only time a person finally stops managing and dealing with risk is when he dies. So, you might ask, “What could be an excellent, most compelling, and shocking example as applied to people’s lives?
What does duality of risk mean? In the most adverse of conditions, it means that despite the grim after-effects of misfortunes and calamities, where perhaps thousand dies, the deadly event can result in some form of goodness (opportunity).
Has anyone noticed how an usually disconnected, dispersed and detached community comes together as one body after such an event? How a nation becomes stronger in it’s resolved right after? How about those who lost loved ones, suddenly realizing how much they missed them. They come to realize/comprehend how foolishly they’ve ignored them when they were still alive and now resolutely promising to be different? It changes people for the better (and of course, to some, for the worse!).
We are all risk managers! Risk management is the only thing we do for a living, the very reason why our company or client pays us, the reason why we go to work every day. We manage risk even as we prepare to go to sleep, to increase probability that we wake up the next day healthy and refreshed. The amazing thing is, we don’t even realize it!
In this sense, we are all risk managers as we support our very existence. We survive each daily rigors because we are already unconsciously competent of what we do through years of experience and training.
If for some reason we are unable to appreciate this intriguing concept of oneness of purpose, then I guess we are all familiar with risk, but we still really do not know it well enough.
It simply means that risk should be the main contemplation by anyone while keeping an eye to achieving objectives. Risk is a primary concern in pursuit of a goal.
Risk is not only a factor or featured element of management. It is the main character at play. Risk-based management gives importance to objectives. Failing to mitigate the risk means failure to meet the objective/s.
What I am driving at is the concept that all categories of management are risk-based management. Project Management, by virtue of the first premise becomes Risk Management. When we take care of ourselves, or our projects, we are managing risks. We do it all the time because it is a very risky world out there.
Many great concepts come from various directions, with some lines meeting to create similar points and some diverging and contrasting. This is where management, risk management, and risk-based management meet.
Rufran C. Frago, P. Eng., PMP, CCP, PMI-RMP, Author
Books authored by Rufran Frago
- Risk-based Management in the World of Threats and Opportunities: A Project Controls Perspective.ISBN 978-0-9947608-0-7.Canada
- Plan to Schedule, Schedule to Plan.ISBN 978-0-9947608-2-1.Canada
- How to Create a Good Quality P50 Risk-based Baseline Schedule.ISBN 978-0-9947608-1-4.Canada
- Schedule Quantitative Risk Analysis (Traditional Method).ISBN 978-0-9947608-3-8.Canada
