Eric SimmsSenior Program ManagerBaltimore, Maryland, United States
This isn’t a real-life problem I’m seeking to answer. However, I’m hoping to learn something by the way you choose to answer it.
Let’s say you’re working on a project that costs USD $10 million, and you have a risk with an incredibly low probability of occurrence, but a very high impact – the impact is so high that the risk is guaranteed to make your project fail if it is realized, resulting in the loss of the entire USD $10 million investment. However, it will cost USD $2 million dollars to implement a process that will significantly reduce this risk’s impact. Would you accept the risk since its odds of occurrence are so low? Or would you spend a very large sum to mitigate the risk?
Good arguments can be made for both choices, so I’m curious how you would respond and the reason behind your choice. Saving Changes...
