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Jonathan Brill's book 'Rogue Waves' presents several innovative ideas for preparing businesses for black swan events. One of the key ideas is the concept of managing overall project risk instead of individual experiment risks. This involves setting a budget considering each experiment's impact on the overall portfolio's long-term optionality, near-term impact, resilience, and performance. Brill also suggests creating a spread of experiments with high and low impact and high and low success rates. Clear rules for when to initiate and stop experiments are also recommended. These strategies can help businesses prepare for and profit from systemic threats and turn them into outsized opportunities.
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When you set a budget, consider each experiment's impact on the overall portfolio's long-term optionality, near-term impact, resilience and performance. Your financial goal must be to manage overall project risk instead of individual experiment risks. Create a spread of experiments with high and low impact and high and low success rates. Have clear rules for when to initiate experiments and when to stop them.
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How do you prepare your business for black swan events like pandemics or financial crises? Rogue Waves by Jonathan Brill explores how to prepare for a...
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