Risk Management

This week, Ricardo discusses decision-making processes in the context of projects, the "governance" component of the environmental, social, and governance (ESG) acronym. He explains that knowledge of governance, the organizational framework used to oversee projects, is crucial for effective decision-making. This structure and processes are used to make decisions about approving changes and planning the next steps based on project findings.

Why the Fear of Being Left Out (FOMO) Is So Dangerous for You and Your Projects … This week, Ricardo talks about FOMO, or "Fear of missing out," which is the anxiety we have when we don't feel included in a specific scenario, causing us to feel unmotivated and have low self-esteem. New technologies, cryptocurrencies, the metaverse, and artificial intelligence are just examples that can make us feel out of date and like we are falling behind.

Five whys (or 5 whys) is an iterative interrogative technique used to explore the cause-and-effect relationships underlying a particular problem. The technique laid out by Taiichi Ohno is to ask "Why?" exactly five times, to find exactly one root cause. (Wikipedia).

In this week's episode, Ricardo talks about the connection between Chaotic Systems and the behavior of risks in the project. Chaotic systems are highly disordered and unpredictable, where minor changes in initial parameters cause drastic changes in the future. Consider the global shipping crisis.

This week Ricardo discusses the impact of inflation on the project risks. In the past, countries with weak economies were more likely to experience inflation; however, today, countries with stronger economies, like those in Europe, are experiencing relevant impacts of inflation. The ability to complete projects may be heavily impacted by inflation, which presents a significant issue for project managers.

In this week's episode, Ricardo addresses the Passion Economy. There is a "passion economy" when you make money doing something you enjoy. The biggest illustration of this notion is the digital influencer, who may share information, expertise, and insights about a topic they find fascinating and monetize the content through a YouTube or TikTok channel, for example. However, the process is not as simple as most people believe.

In this week's episode, Ricardo talks about the Round-Robin Brainstorming technique. Ricardo explains that with this technique, everyone participates by analyzing, confirming, and questioning the other participants, and he makes an analogy between a football championship, where all teams play each other.

In this week's episode, Ricardo talks about Satir Change Model, created by family psychologist Virginia Satir, considered the mother of modern family psychology. The podcast has a business focus, even though it was created thinking in the family environment. The model became widely used in the business context change process.

In this week's episode, Ricardo returns to the concept of Antifragile, presented by Nicholas Taleb in his book, where Taleb stated that the antifragile "is not necessarily the opposite of fragile" but "what improves with shock." Ricardo talks about making the different types of systems antifragile, systems that can be you, your career, or your company. He complements the concept and outlines the five steps from fragile to antifragile.

In this week's episode, Ricardo talks about the concept of Antifragile, presented by Nicholas Taleb in his book. To better explain it, Ricardo explains the meaning of being "fragile" and "robust," where "robust" is not necessarily the opposite of fragile. Robust refers to the ability to resist shock and is not necessarily improved by shock. What improves with shock is Antifragile. And what you gain from stress.

In this week's episode, Ricardo talks about the relevance of early warning systems. He comments that one of our biggest aims in risk management is to anticipate the knowledge and awareness of unexpected events. Ricardo gives some examples and explains that one of the mechanisms that help us identify threats is project indicators, showing clear signs of a problem without having the pain.

In this week's episode, Ricardo talks about the fears we have during the development of a product, where situations are not totally in our control. Whether in the speed with which we have to carry out our deliveries and releases or in the concern of not delivering the value expected by our client, which leads us to the fear of failing and not being accepted as a leader in the project. He explains that these fears are natural reactions we have.

In this week's episode, Ricardo talks about resilience and adaptability. He says that when big disasters happen, we first think about resilience, and we associate this term with resistance and more solid constructions that can withstand impacts. But there is psychological resilience and organizational resilience related to developing skills in the project team, in the organization, and ourselves.

In this week's episode, Ricardo talks about our perception of time when we try to assess values, risks, and scenarios in the more distant future. Time significantly affects our ability to judge, understand and evaluate scenarios. He makes an analogy between the promises made at COP 21 for the years 2070 and 2100 and comments that it is impossible to project an event for the year 2100 without having an incredibly high margin of error.