Risk management is the identification, evaluation, and prioritization of risks (defined in ISO 31000 as the effect of uncertainty on objectives) followed by coordinated and economical application of resources to minimize, monitor, and control the probability or impact of unfortunate events or to maximize the realization of opportunities.
Chesapeake Energy and its CEO, Aubrey McClendon, have been the public face of the U.S. shale gas revolution, which is as celebrated for its role in transforming energy geopolitics as it is feared for the potential environmental impacts of its key technology – hydraulic fracturing, or ‘fracking.’ Now, allegations of scandal at Chesapeake, the nation’s…
Narconomics = Narcotics + Economics. A term denoted to convey possible management lessons learned from Mexico’s drug lords. For a country with an economy brought to its knees in 2009, it should be surprising to learn that Mexico still houses 11 billionaires. Well, perhaps not too surprising in the light of their thriving drug trade…
Discrepancies in performance, losses or incidents happen, but are they accidents? Has the organization really stopped to analyze why projects or processes are experiencing disruptions, inefficiencies, accidents, and losses? Why are workers not meeting expectations or getting hurt in spite of standards, programs, policies, procedures, training, and possibly everyone’s best efforts? How can the situation…
There’s little good in debating the threat of global warming these days. Finally, efforts worldwide are being made to help reduce carbon dioxide levels and ease the potentially dire pending consequences of climate change. Norway is one country with such a shiny new pipe dream. Here, the world’s largest and newest experimental facility for capturing…
America’s shale gas industry has been a huge asset to the American industry as a whole in previous years. Just at a glance, the industry has created hundreds of thousands of jobs and been responsible for producing affordable, much-needed gas. According to a report published recently by the International Energy Agency (IEA), a strong case…
I have been quizzed by some readers, “What do currencies in general – and the challenges facing the Euro and its member countries in particular – have to do with Operational Excellence?” For that matter, what do discussions that involve “geo-politics” have to do with Operational Excellence? Both are very fair questions.
