If you can measure it, you can manage it
Updated: May 10, 2020
One of the biggest obstacles in implementing effective risk management is the mistaken belief that 'we don't have the data to be able to do that', so many organisations are left describing risks as 'high' or 'medium', and putting dots in boxes on colourful heatmaps, which doesn't provide any actionable information to help the organisation.
This post from Hubbard Research explains why you're actually better placed than you think.
If it matters, it can be measured
You have more data than you think
You need less data than you think
We measure to reduce uncertainty
What you measure most may matter least
What you measure least may matter most
You don't have to beat the bear
Hubbard's book How to Measure Anything - Finding the Value of Intangibles in Business has a lot more information, and will help you understand that you already have all the data you need to carry out quantitative risk analysis in your organisation today.