Risk and Uncertainty

Type: Principles
Sources: Matthew Leitch's Online Survey on 'Indivudual differences in risk and uncertainty management' (http://www.internalcontrolsdesign.co.uk/rumaresults/index.html)

Gist

Provide a set of principles on how to tackle risk and uncertainty

Principles and Notes

P1: Objectivity and rationality are desirable.

P2: We usually face risk and uncertainty and need to acknowledge this and act in accordance with it.

P3: Focus on single future outcomes is usually at the expense of an objective view of the future, which requires a recognition of uncertainty.

P4: It is better to be honest.

P5: These considerations are very important and usually outweigh others.

Quotes

A project without risk and uncertainty isn't a project. — Sven Biedermann

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