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Stop Letting Unmanaged Risks Damage Your Products — Learn How to Identify, Communicate, and…
- When planning a project or product, assumptions or educated guesses are made, tied to the potential risk that they may not pan out.
- Risks can be categorized into Known Knowns, Known Unknowns, and Unknown Unknowns based on foreseeability.
- Managing unknown unknowns and acknowledging different types of risks leads to more resilient strategies.
- Quantifying risk involves assessing impact and likelihood, placing them on a risk matrix to prioritize effectively.
- Individual perceptions of risk are influenced by biases and incentives, impacting decision-making.
- Balancing stakeholder incentives in risk management aids in aligning short-term execution with long-term vision.
- Teams and individuals operate with varying risk tolerances influenced by experiences and external factors.
- Understanding and aligning risk tolerance within a team or organization is crucial for balanced strategies.
- Crafting communication strategies tailored to stakeholders' risk preferences helps in managing risks effectively.
- Effective risk management requires a structured approach including identifying dependencies and team velocity.
- By staying clear-eyed about risk tolerance and fostering a culture that embraces uncertainty, organizations can navigate risk intelligently.
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