4:00 That "important" person will look Stupid. I stand to them, some are overly STUPID it cost one company $400 million and almost bankruptcy because of the stupidity and the ego of an older person. They did fire me, and they still finished one year later. Stupidity is rampant in the upper echelons of Fortune 500 companies.
i'm with you in the 1st and 3rd reason but about 2nd reason you say bad luck , but we can consider bad luck as uncertainty which we have to deal with it in our risk management and we should have contingency for it ,am i right .
Thanks for your comment. Actually when I talk about "luck" I mean chance or random events that cannot be controlled. So yes, you are right that we might treat these as unpredictable risks, and include contingency or management reserve to address the effect of luck (good or bad). Still, I believe this is something that can cause projects to fail, because we often do not have enough contingency or management reserve to cope with unplanned events. This is because most organisations don't know how to calculate the "right amount" of contingency. And that's because most organisations don't understand the idea of risk appetite and how to set risk thresholds. (We'll discuss this in videos #60 & 61 later in this series - please be patient!)
