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How to deal with risks and uncertainties?
How to deal with risks and uncertainties?
Risk is a variable that can be mitigated. For example, closing long-term, fixed-price power supply contracts to avoid short and medium-term price volatility.
Uncertainty stems from unpredictability. The variables at stake are unknown. For example, a long-term blackout that made normal activities unfeasible.
The "recipe" is simple. Know the variables that influence your activity to, in the sequence, study the possibilities of mitigating the effects linked to undesired situations.
It will always be better to plan. Identify the risks and have a "plan B" prepared. For a well-known reason: the costs will be lower than the alternative - to improvise.
Rafael Herzberg
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