Risk Responses

Ricardo talks about the predictions we make for our projects and initiatives in this week's episode. He explains that we frequently have an illusion of control and that the perception of future reality is significantly more complicated than reality itself. Professor Philip Tetlock found that only 45 percent of almost 30,000 predictions made by various professionals were accurate.

In this week's episode, Ricardo discusses the Gray Rhino concept described in Michele Wucker's book. Ricardo comments that this idea is the opposite of the Black Swan concept. Events and risks, according to the Black Swan concept, have a very low probability of happening but can have catastrophic consequences if they do occur.

In 1968, the government of the Manitoba— a medium-sized province located at the geographic center of Canada—completed what was, at that time, one of the great engineering marvels of the developed world: the Red River Floodway.

The floodway is a 47-kilometer-long earthen channel used to divert surging water from the notoriously flood-prone Red River around the City of Winnipeg (Manitoba’s capital). The idea for the channel was first proposed by a government commission following the devastating flood of 1950 that completely submerged Winnipeg, requiring more than 100,000 people to be evacuated and causing damage that would amount to, in 2022 dollars, more than CA$11 billion. Even though the benefits were many, most political leaders shied away from the project. Most, but not all.

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 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.

Many people want to change the world, few actually succeed.

Some, imbued with an extraordinary light, are capable of, even more, go to great lengths to bring more prosperity to the lives of others and not just to their own businesses. During crises, economic challenges, or pandemics, they account for a good part of the economically active population's work on the planet and conduct their followers with mastery. 

Ricardo Vargas was one of the collection participants, sharing his professional experience and his work in change and crisis management.

An exposure assessment to help you understand the actual impact of coronavirus in your project, initiative or product development.

In this episode, Ricardo explains the assessment he developed to evaluate the impact of the COVID-19 Outbreak in your project. He shares a 20 statements assessment that helps the evaluation of the potential exposure of your project to the implications of the COVID-19. He also shares actions we should put in place to protect the team and the reduce the damage in the project work.

With the surge of COVID-19, Ricardo Vargas developed a quick COVID-19 Assessment and Action Plan for you to evaluate the actual impact of coronavirus in your project, initiative or product development work. The COVID-19 Assessment and Action Plan comprises 20 statements about aspects of your project or initiative that may be directly or indirectly impacted by COVID-19. These are divided into 3 groups:

The objective of this paper is to propose a mathematical process to turn the results of a qualitative risk analysis into numeric indicators to support better decisions regarding risk response strategies.

In this podcast, Ricardo talks, from the project management perspective, about the impressive salvage operation of the Italian liner Costa Concordia which crashed into rocks and sank on January 13, 2012.

In this podcast, Ricardo talks about the tragedy at the nightclub Kiss in Santa Maria, Brazil. From the viewpoint of project and risk management, Ricardo raises points and makes us think, so that accidents like this never happen again.

In this podcast, Ricardo discusses the effects of Hurricane Sandy, that caused tremendous destruction on the east coast of the United States, from the point of view of Risk Management.

In this podcast, Ricardo explains why we should separate Assumptions from Constraints in the project management and do not consider them as similar. You'll learn why the approach strategies should be distinct.