Risk Informed Philosophy: Using What We Fear to Lose to Guide Us to Success
When an organization sets out on a new effort, program, or project, one of the first steps undertaken is to understand the related requirements. Most often, these requirements come in the form of standards, directives, or other organizational processes, and are derived to meet a broad range of efforts, programs, and projects. The net result is that organizations or teams are forced to start with a maximum set of requirements and expend time and energy tailoring the set of requirements down to what is more appropriate for the effort, program, or project at hand. This presentation will present an alternate method for the application of requirements or best practices that is based upon the actual risks to the safety, performance, or success of the effort. This additive route for applying best practices and requirements also encourages an early exploration of the risks, thus yielding a better understanding of where resources should be applied. This presentation also extends this concept of risk-based application of best practices and requirements to the selection of organization-wide improvement or standardization efforts, such as Lean, Six Sigma, and Quality Management Systems.