Tag: Scenario Planning
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Failure of Imagination
Failure of imagination describes the inability to foresee major risks or opportunities due to cognitive blind spots and conventional thinking, as highlighted by the 9/11 Commission. It applies to events like Pearl Harbor and the 2008 crisis, spanning security, business, and social contexts. Mitigation involves scenario planning, diverse perspectives, and historical learning.
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This-or-Better
This-or-Better is a goal-setting principle that emphasizes achieving a desired outcome while being open to the possibility of attaining a superior result. The phrase frames a mindset where the desired outcome is seen as a baseline, and the individual is encouraged to remain adaptable for improvements beyond initial expectations.
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Risk Management
Risk management is a systematic process for identifying and addressing potential risks and opportunities in various contexts, including organizations and projects. It combines quantitative and qualitative analysis to minimize negative impacts and maximize positive outcomes, adapting to evolving global trends and technological developments.
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Sensitivity Analysis
Sensitivity Analysis quantifies the impact of variable changes on a specific outcome within a model. Employed across various disciplines, it aids in risk assessment, model validation, and decision-making, offering metrics to represent sensitivity.