March 15, 2012

Risk analysis & Decision making

risk1Working on my pma and exploring the decision making tools, I'm becoming more aware that many of the decisions that companies are facing are full of risks and uncertainty. In other words, either it is about programmed or not decisions, the uncertainty may always be prevalent resulting in different kinds of risks.

That is one more reason why probably companies use the decision tools. Not only to make a robust decision, but also to take the risks into consideration and see the potential outcome. I think that in our in-module work, although the risk was there as a variable (market conditions, development of successful prototype, etc.) in the decision process, we didn't pay that much attention to it. However, in real life, the uncertainty and the risks associated with it need always to be considered carefully.

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