Re: More bad news for risk management

[valdis.kletnieks () vt edu]

On Sat, 18 Aug 2012 12:17:40 -0400, Jeffrey Walton said:
> On Fri, Aug 17, 2012 at 12:43 AM, Tomas L. Byrnes <tomb () byrneit net> wrote:
> > Ignoring risk is a perfectly valid way of managing it, if the return of
> > putting the resources into the risky endeavor exceed the costs of
> > putting them into managing the risk.
> I know its common practice, but I respectfully disagree. Its been my
> experience that most problems can be solved correctly from an
> engineering standpoint.

Reading comprehension fail.  Tomas's point is that yes, often there *is* an
engineering solution.  But if you invest $250K in an engineering solution for a
problem that only risks $100K loss, you're being stupid.  At that point, just
making a note that you have a potential $100K liability and getting on with
your life *is* the proper way to manage that risk.

(Of course, if the engineering solution only costs $10K, then yes it should be
pursued.  But only when it costs less than just ignoring the risk).

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