_______               __                   _______
       |   |   |.---.-..----.|  |--..-----..----. |    |  |.-----..--.--.--..-----.
       |       ||  _  ||  __||    < |  -__||   _| |       ||  -__||  |  |  ||__ --|
       |___|___||___._||____||__|__||_____||__|   |__|____||_____||________||_____|
                                                             on Gopher (inofficial)
   URI Visit Hacker News on the Web
       
       
       COMMENT PAGE FOR:
   URI   Managing risks in research
   DIR   text version
       
       
        tchalla wrote 2 days ago:
        It is critical to distinguish risk from uncertainty.
        
        > "Uncertainty must be taken in a sense radically distinct from the
        familiar notion of Risk, from which it has never been properly
        separated.... The essential fact is that 'risk' means in some cases a
        quantity susceptible of measurement, while at other times it is
        something distinctly not of this character; and there are far-reaching
        and crucial differences in the bearings of the phenomena depending on
        which of the two is really present and operating.... It will appear
        that a measurable uncertainty, or 'risk' proper, as we shall use the
        term, is so far different from an unmeasurable one that it is not in
        effect an uncertainty at all."
        
   URI  [1]: https://en.wikipedia.org/wiki/Knightian_uncertainty
       
          darkerside wrote 2 days ago:
          Unknown unknowns, versus known unknowns.
       
        uniqueuid wrote 2 days ago:
        This is excellent advice and widely applicable. I'm definitely stealing
        "Managing your risk budget".
        
        That said, I find it important to also consider where risk implies
        inevitable failure. You need not only manage your risk budget, but also
        your failure budget. Let me explain:
        
        Risk is a collective concept. Individuals anticipate risk, but see
        realized success and failure. Collectives see realized rates of
        success. In that sense, if there is any risk, there is bound to be some
        failure. Failure is not always negative, it also generates knowledge!
        This is essential to avoid future risks.
        
        How do we handle this?
        
        - Normalize talking about failure. Document failure.
        
        - Don't stigmatize individuals for bearing risk and failure that is
        necessary to the organization.
        
        - Create support structures that enable individuals to reason about
        failure.
        
        - Create visibility so everyone learns from others' failures.
       
          robertk wrote 2 days ago:
          I wonder if there is a standard way to specify a researcher’s
          “Sharpe ratio”? The typical reward units out per risk units put
          in.
       
          bobm_kite9 wrote 2 days ago:
          Talking about risk as it affects software projects is the main topic
          of [1] if anyone is interested in reading more on this.
          
          (disclosure: I am the author of that site)
          
   URI    [1]: https://riskfirst.org
       
       
   DIR <- back to front page