Learning risk management from engineers

Citation

Carrison, D. (2011), "Learning risk management from engineers", Development and Learning in Organizations, Vol. 25 No. 3. https://doi.org/10.1108/dlo.2011.08125cad.007

Learning risk management from engineers

Article Type: Abstracts From: Development and Learning in Organizations, Volume 25, Issue 3

Carrison D. Industrial Engineer, October 2010, Vol. 42 No. 10, Start page: 42, No. of pages: 5

Points to the misguided assumption of the general public and business journalists that industrial engineers can make complex calculations about the risks involved in their projects that can render such ventures effectively risk-free. Argues that the engineering community frequently takes risks that would be daunting even to the most adventurous of entrepreneurs due to the fact that, while the daunting probabilities of failure are well-calculated and known in advance, engineers have often no choice but to proceed. Presents examples of aggressive risk management from three premier US organizations: Turner Construction and its bid for the new Denver Broncos football stadium; Boeing and its gamble to deliver the world’s first 777 airliner to United Airlines; and Jet Propulsion Laboratory and its work with NASA to develop the Odyssey Orbiter mission to Mars. Concludes that engineers sometimes manage risk by assuming risk and by taking on risk now to avoid even greater risk later. Article type: Viewpoint ISSN: 1542-894X Reference: 40AA022

Keywords: Industrial engineering, Organizations, Risk management, United States of America