Onomatopoeia@lemmy.cafe 3 weeks ago
Sure. It’s about balancing risks, what the business world calls Risk Mitigation (there’s an entire field(s) called Risk Analysis and Management)
We always ask “what’s the risk?” Both for making a given change or not making it. We then attempt to asses which risk is more manageable - which can be “mitigated”.
We have teams whose job it is to analyze the usentied risks, and try to quantify them to enable decision making.
sp3ctr4l@lemmy.dbzer0.com 3 weeks ago
Right, and the flip side of this is roughly opportunity cost.
Assess the risk, and potential benefits, of every action, where nonaction is… also an action.
If you ‘do nothing’, and others ‘do something’, and the net result is you are now comparatively worse off than others… well then, your inaction has made you comparatively worse off.
You can use that logic in stock portfolios, business strategies, or ‘should i evacuate after the tsunami warning?’.