The U.S military talks about risk…you can back out. And gamble…no way out.
Which one does your organization pick? How about you personally and professionally? You can back out of a risky situation or risky choice. By backing out, you’ve indicated that the risk wasn’t going so well, wasn’t producing what you hoped for. Maybe there will be some unpleasant repercussions, some harm or loss or… But it’s survivable. The risk won’t do excessive harm.
But a gamble? You can’t get out of it. There are no choices left. Excessive harm and you (or your organization) may not survive.
Do you have a process for distinguishing between risk and gamble? Do you and your organization talk about this?
