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80-20% rule in Risk Management practice: a way out of the overwhelming syndrome

Recently a client called us in to help determine the criticality of each element (division) of their business. They had developed a qualitative and indexed approach (FMEA/PIG risk matrix style). However they realized it neither yielded enough specific high quality information nor allowed sensible and informed decisions. We analyzed their system and found that the 80-20% rule in Risk Management practice: a way out of the overwhelming syndrome was true. More specifically they had difficulties in: Defining the appropriate level…

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Intensive Risk Management Module at the University of Turin SAA (Business School)

We just gave a Intensive Risk Management Module at the University of Turin SAA (Business School). The University of Turin asked for a 24hrs, intensive course spread over three dasys. Twenty two delegates were present. They came from a wide spread industrial and institutional horizon including start-ups and mature entities. We facilitated various activities First we discussed well known methodologies (FMEA, NPV, ORE ). Second we tackled their limitations and clarify their fields of possible application. Third we facilitated various activities, as follows: We presented…

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Examples of Risk and Insurance in the Hollywood Movie Business

We recently saw of an interesting info graphic about Hollywood Movies Business risks by Easy Life Cover. “Risky Business, Insurance and Hollywood” is its title. Hollywood spends upwards of $200 million dollars on insurance policies annually. The movie business is a high risk business (high probability of non success and/or “failure” and high cost of consequences). Here are a few Examples of Risk and Insurance in the Hollywood Movie Business. Examples of Risk and Insurance in the Hollywood Movie Business Operational…

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Leadership, Challenger explosion, Winston Churchill and overwhelming syndrome

Thirty years ago, on January 28th, 1986, the world watched speechlessly the explosion of Challenger space shuttle, a minute or so after lift-off. Seven crew perished in the accident. Based on this tragic failure, what can we learn from Leadership, Challenger explosion, Winston Churchill and overwhelming syndrome? Later, investigations determined that an o-ring failure in one of the rocket booster and cold weather were the root cause and ancillary factor for the explosion. Earlier, an engineer working at the manufacturers of…

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