Risk Tips 0004 – On Risk and Uncertainty

“It is very useful to see measurement as a type of optimization problem for reducing uncertainty.”

Douglas W. Hubbard, How to Measure Anything (2010), at 6.

Do you measure the most important activities in your organization? As Hubbard explains in detail in this excellent book, even a little information can significantly reduce uncertainty. Furthermore, what appears “intangible” and unmeasurable will often submit to measurement if you evaluate the issue with rigor. Check out Hubbard’s book. It may revolutionize the way you think about data.

Risk Tips is a periodic posting on the Risk Alternatives blog. Here, we share some of our favorite thinkers’ favorite thoughts (and a few of our own). Please buy the books we quote: we want you to build your library of risk management and process improvement gems. To find out more about risk management, start here

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