It is worth the time for any risk practitioner to reflect on risk and time. The importance of time should be given huge consideration in making decision. It is a vital component to touch on when explaining action plan to stakeholders.
As the time element increases into the future, the probabilities of achieving the deliverables change. The probability can go up or down depending on the objective, and nature or measure of the projected consequence. Time is an important, mandatory consideration in risk and risk-based management.
Risks revolve around objective or objectives so you have to be careful who provides the inputs during risk assessment. Whose interest you represent provides the framework of understanding. Ensure clarity on what you are asking or what you are after.
“If one does not know the risk, one should do one’s best to identify and know the risk. Trying to know has a boundary. The observer’s own interest heavily influence the effort he exerts. The company he represents delimits his actions. In this sense, we would have to prequalify the common phrase “I do not know,” for it can mean other things.
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