I am still unable to kill the urge to understand the reasons on how the ‘so-called’ intelligent super minds fail to differentiate between the simple cases of “UNCERTAINTY” and “RISK” – i am referring to the recent YSR incident.
I read an editorial about how politicians ignore the security cautions and end up paying a heavy price of their own life in addition to political jeopardy – the list was indeed long – Kennedy, Rajiv Gandhi, Benazir Bhutto,……….
and it is a mystery – what makes them ignore the cautions and get into the uncertainty zone from where they never returned….it is indeed psyching!
YSR also probably fell to the same trap ? – was he provided the security inputs about bad weather which he ignored? did he move into uncertainty zone thinking he is taking a calculated risk?
For ages, business gurus have advocated the criticality to differentiate uncertainty and risk from the business perspective –
Risk – a decision taken after careful analysis of data and after estimating the payoff for undertaking the risk
Uncertainty – Lack of information to qualify and quantify a risk, the thrill of considering a uncertain situation as a risk
Business gurus have established that most of the good business men have the capability to quantify risk vs payoff – is it probably a MUST-HAVE skill for our politicians??
MAY THEIR SOUL REST IN PEACE!
– with the hope that our new age politicians do differentiate “uncertainty” and “risk”!!