Friday, March 24, 2023
HomeCommentaryDeal Differently with Certainty, Risk and Uncertainty

Deal Differently with Certainty, Risk and Uncertainty

The decision making process should be different when you know the outcomes (certainty), when you know the range of outcomes (risk), and when you do not know the outcomes (uncertainty). This at its core is about effectively managing risk. When the outcomes are known, it is easy to make the decision to comply. However, when you don’t know the unknowns, this becomes more complicated. Adding capabilities and competency to your organization will help you deal with these unknowns.

Key Takeaways:

  • There is a difference in the decision making process and expected outcomes when there is certainty versus risk.
  • Part of intelligently managing risk is to understand possible consequences and then decrease the chances of those consequences occurring.
  • Environmental scanning and staying informed of the latest industry and government indicators can assist you in gaining context.

“Making decisions when there is uncertainty is a different process than when you know the outcomes (certainty) or the expected range of outcomes (risk) for your machining business. The discipline of marshaling facts and using defined processes fails when the realm is uncertain.”

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