6. Personal action

The example in chapter 5 gives an idea as to how we can apply the principles in this document. What personal action can we take?

• This can be summarised as:
• What are your objectives?
• What are the opportunities likely to benefit the achievement of these objectives?
• What are the risks likely to hinder the achievement of these objectives?
• What decisions have to be made to reduce these risks to an acceptable level?
• What information is required to make these decisions?
• When is the information required?
• How accurate does it need to be?

• There is a form below to record the results of the process.
• When asking for information:
• Make sure that the information to be provided will be sufficient to make the decision – no more, no less.
• Tell the provider what decision you wish to make or, if it’s confidential, be clear in your own mind what it is.
• When asked to provide information:
• Ask what decision is to be made, based on the information requested (assuming such a question won’t result in termination of employment).
• Confirm that the information you will provide is exactly what is required.

OBJECTIVE: Increase sales of ice creams by 6%

Timing:

Advertising information: provide sufficient time to prepare and launch campaign.

New product: provide sufficient time to research and launch new product.

Accuracy:

Use @RISK calculations to determine the sensitivity of the cost justification calculations.

To see how this action can be used for the Board Pack click here.

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