Management by Paul Engle
ISE magazine's monthly column about management (June 2020)
A risk-based approach to restart the economy
Risk is the probability of a certain event
multiplied by the value of its consequence.
For example, the chance of being
involved in a serious automobile accident
might be one divided by 100,000,
or 0.001%. The consequence might be
tens of thousands of dollars in losses. The
risk is the product of the two numbers:
0.001 percent of $10,000, or 10 cents.
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