5 Minutes Podcast with Ricardo Vargas
Business:Careers
In this week's episode, Ricardo talks about moral hazards. He exemplifies the recent collapse of the North American financial system when the Silicon Valley Bank closed its doors. From then on, a debate arose about the extent to which the government should interfere, with the emergence of moral hazard, because if the government helps, other banks will also have this right. Bank executives will assume riskier operations, and investors will be less demanding of the banks with which they do business.
From the perspective of projects, we can experience the same situation; that is, we risk more when we think there will be fewer consequences if the risk materializes. If nothing occurs when a supplier is late, he will not be incentivized to provide on time. The issue is that we do not know exactly what transpired with the delivery, and if we punish this supplier, we face the danger of other vendors refusing to do business with our company. This is the principle of asymmetric information; we know less about the impact and probability of the risk occurring than the supplier does. And there is no mathematical solution to this impasse; it all depends on human expertise to comprehend the issue and choose the least risky option.
Listen to the podcast to know more.
How to Manage Coupled Dependencies in Projects
Bowtie Method to Evaluate Risks
Review Your Metrics Because They Lose Value Over Time
Spotify Model for Engineering Culture - Part 3/3
Spotify Model for Engineering Culture - Part 2/3
Spotify Model for Engineering Culture - Part 1/3
The Project is Complex Enough: Simplify Management
Using the 7R’s to Plan and Deliver Change
Why is it so Hard to Make Smart People Work Together?
Why We Should Care about Psychological Safety
Let’s be Mindful: What really is a Distinct Mindset?
Understanding Scope Statement, Statement of Work and Requirements
It is Possible to Innovate and Create Value Without Destroying What is Currently in Place
Agility and Agile are Not Necessarily the Same Thing
There is no Template for Life
Stop Worrying About Things You Cannot Control
Post Mortem Analysis
Movement is Not Necessarily Progress
Regaining Control: Leading Projects and Delivering Results in Turbulent Times
Work in Progress (WIP): Your Worst Enemy When Trying to Get Things Done
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