The cowardly lion was always my least favorite character in the Wizard of Oz.
If we were to conduct a survey I think most people familiar with the story would say the same thing. The cowardly lion was just too cowardly. He was afraid of everything, even the things he didn’t need to be afraid of. However, I think the thing we dislike most about the cowardly lion is that we can all identify with him.
With the exception of thrill-seeking adrenaline junkies, most people tend to be a little "risk averse." Maybe not to the same extent as the cowardly lion, but fear and avoidance is how many people deal with risk—despite the fact that it isn’t a sound strategy. Particularly in a discussion about project risk.
Successful project and portfolio management methodologies address risk early—during the evaluation process. Facing risk early gives business leaders and project managers options. They can:
- Quantify the risk (some risks are worth taking)—I commute to the office everyday because the need to earn a living outweighs the risk of a car accident.
- Determine a plan to mitigate the risk—I wear a seat belt so if an accident does occur, I increase the odds that I won’t suffer permanent injury.
- Avoid the project to avoid the risk (Some risks aren’t worth taking)—I don’t commute to work standing on the roof of my car "surfing" down the highway.
Do your project and portfolio management processes help you face and deal with risk? If so, is it early enough in the process to make informed decisions about whether or not the risk is worth taking? Or do you leave it up to chance? Or worse—ignore and avoid?
Now for the poll. Who is your least favorite character from the Wizard of Oz?
