Tuesday, August 21, 2018

Risk and Choice

(Transcript from Temi – edited for context)

One of the ways you can mitigate risk is by the selection of the risk that you take.

Some organizations and some people are risk averse and likely for good reason and some have a much higher tolerance for risk.

I’m going to use the products from my international grocery store trip for an example.

Item one is the donut peach. Now, if you’re trying to donut peach new for the first time, this is at a fairly low risk. Most of us have had peaches and we know whether or not we like the peach and this tastes like a peach. It smells like a peach. It looks like a peach, just a little squishy.

This, to me is like an upgrade between something like project management systems. I know we’ve got a project management system. We just need to do an upgrade to it or transition to one that’s somewhat similar. So… low risk change.

Slightly higher risk is, say, going from a pear, which many of us have had before and many of us know we like them, to something like this, which is also a pear.

Now, some of us live in an area who have had a chance to try Asian pears. We don’t know whether or not this pear is like an Asian pear or not and this was the first time I’ve tasted it.

So yeah, this is like an Asian pear just in terms of texture, so it’s a lot crunchier than your normal pair, little closer to an apple and this is a lot sweeter than Asian pears, which tend to go more towards the apple side of things. This is more like a really, really sweet bosc pair, but with apple texture, so pretty good. But again, this is higher risk.

The analogy I would use here would be – I’ve got a fairly good project management process. I need a tool to help me automate it or help me solve a problem that I’m struggling with in my current process. Like resource management.

Again, it’s a calculated risk, slightly higher risk tolerance. Um, these are really good.

An even higher risk – something like this, small octopus dumplings. Now, depending on how you feel about octopus, your risk level on this, uh, might be higher than most people. I happen to like octopus when it’s done well.

You can mitigate it (the risk).

An example – let’s say I’ve never tried octopus. I know, I like dumplings. Higher risk. We’ll find out whether or not you like octopus.

The other, slightly lower, risk is I know I like octopus. I know I liked dumplings. This should be good.

I would actually use this more as a metaphor for – we don’t really have a project management process. We do some stuff on spreadsheets. We’ve got a few things at work. Let’s try to implement a system.

That will be more of your small octopus dumpling.

I will actually report back, let you know how this is (the small octopus dumplings). This was one of my picks. An interesting thing I have not tried yet. And, honestly, I enjoy picking out things like this to freak out my friends. So hope that helps as an analogy.

If you have access to a farmer’s market nearby and it’s in season, go ahead and get yourself some donut peaches. This is probably your lowest risk thing. I hope this helps.

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