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9 Reviews
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4 of 4 people found the following review helpful
5.0 out of 5 stars Interesting, thought provoking and practically useful
I bought this book following some high recommendations from various risk management consultants.

Hubbard does an excellent job of describing the various qualitative and subjective approaches that are currently used in the risk management world and the flaws and biases that often result in their application. Before reading the book I was skeptical of his claim...
Published on 10 Mar. 2011 by Mark Farrell (AIA)

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11 of 13 people found the following review helpful
3.0 out of 5 stars The failure to talk about risk MANAGEMENT
So first of all I actually agreed with just about everything the book said, it's what it didn't say that I have an issue with for the following reasons:
1) It's calling itself a book about 'risk management' but in truth it's about 'risk analysis'. The book has some good things to say about improving the forecasting of risk, assessing the probability of risk or impact...
Published on 22 Aug. 2012 by A. King-karvell


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4 of 4 people found the following review helpful
5.0 out of 5 stars Interesting, thought provoking and practically useful, 10 Mar. 2011
I bought this book following some high recommendations from various risk management consultants.

Hubbard does an excellent job of describing the various qualitative and subjective approaches that are currently used in the risk management world and the flaws and biases that often result in their application. Before reading the book I was skeptical of his claim that some of the methods in use today (risk/heat maps to name a few) are actually worse than useless, but by the end of the book I found myself agreeing with his viewpoint given the well researched and laid out argument he puts forward.

At a time when quantitative risk models are being questioned Hubbard quite rightly points out that if the quality of data being used as inputs is of sufficient quality and over a suitable time frame then quantitative risk analysis can help rescue the current failures occurring within risk analysis.

Towards the end of the book he goes into detail on the merits and practical use of some of the methods he advocates such as Monte Carlo simulations and Bayesian analysis which provides a useful guide to practical implementation.

Overall a great read and a useful reference guide.
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14 of 15 people found the following review helpful
5.0 out of 5 stars Excellent, thought provoking and easy to read!, 3 May 2010
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Mairtin O. Sullivan (Dublin, Ireland) - See all my reviews
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If you work in risk management and have previously only been exposed to the traditional qualitative rating systems then you should go read this book immediately.

I work in information risk management and I absolutely loved it this book. I found it raised a number of questions I already had in the back of my head about the effectiveness of risk management and also posed some ideas that were completely new to me.

Also, this is not a dry risk management book in any sense and is full of anecdotes and examples from Doug's work making it a very easy read.

If you enjoy this book I would also highly recommend Doug's other book "How to Measure Anything". This is the perfect accompaniment to this book as after reading this book you will want to learn more!

I would recommend this book to anyone in risk management and while the ideas put forth in the book may not be for everyone, it definitely will get you thinking about the way you assess risk.
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4 of 4 people found the following review helpful
5.0 out of 5 stars Excelent, 11 Feb. 2011
Over the past year I have been researching into the various methods to identify backlog maintenance problems, assess their probable timeframe of failure, and their un-planned failure vs. a planned replacement/repair process in relation to their prioritisation and funding. Needles to say, I find Douglas Hubbard's approach to such problems is: straight forward, practical and outstrips any other that I have reviewed. I have begun to implement his techniques with exceptional results. I recomend to any person within a management role of all types to read both: How to measure anything and The failure of risk managent.
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10 of 11 people found the following review helpful
5.0 out of 5 stars Review of Risk Management, 14 Feb. 2010
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As a (construction) project manager and PhD candidate in management science (risk) I unreservedly reccommend this book for practitioners as well as management students. Douglas Hubbard suggests that for projects/ corporate objectives to succeed, a unified risk perspective is needed to cut across different disciplines, described in the book as the 'four horsemen' such as engineering (war quants), finance (economists) and insurance, in effect a project team. Derived from the Game Theory, Decision Analysis/ Decision Theory provides this perspective and can be utilised to provide this perspective.

Keeping in mind the fact that each of these professionals is differently trained and has different expectations of a project, a deeper understanding of quantitative risk management will cut across boundaries of profession and specialisation, permitting managers to take more informed decisions.

I wish I had this book available when I worked on my MSc dissertation!
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2 of 2 people found the following review helpful
5.0 out of 5 stars Great, 24 Dec. 2011
I love this book. It openly critises all the methodological mistakes spread by non quants and self proclaimed risk managers eapecially since the development of operational risk in financial services. It insists on the importance of measuring risks and probabilities and demonstrates to those who did not know that it is both feasible and practical. A must read to all serious risk managers.
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11 of 13 people found the following review helpful
3.0 out of 5 stars The failure to talk about risk MANAGEMENT, 22 Aug. 2012
By 
A. King-karvell (Somerset, England) - See all my reviews
(REAL NAME)   
So first of all I actually agreed with just about everything the book said, it's what it didn't say that I have an issue with for the following reasons:
1) It's calling itself a book about 'risk management' but in truth it's about 'risk analysis'. The book has some good things to say about improving the forecasting of risk, assessing the probability of risk or impact of risk. However it has nothing to say on what you can actually do about managing the risk once you've worked out how likely it is and how much damage it will do!
2) My goodness is it long, the author actually comments that the original had 50,000 words but this version has 80,000! Those extra 30,000 weren't needed! In my opinion the book spends far too much time explaining whats wrong with risk management methods, here's a clue; if you have purchased a book called 'The failure of risk management' you are likely to agree with the principal and really don't need that much convincing
3) One of the major issues I have with alot of common risk management processes is the assumed relationship between a risk mitigation budget and the impact analysis. I was disappointed that this book didn't address this. In many methodologies the risk mitigation budget is assumed to the probability of the risk times the impact assessment (i.e. a risk that has 10% chance of occurring and a £1m impact if it occurs should have a risk mitigation budget of £100,000) quite why there should be a relationship between this and the actual cost of risk mitigation I am not sure.

In summary, it's not a bad book content wise but unless you are a) new to the subject or b) stupid then it's too long and too narrow. For the record if the author did release a book about actually managing risk then I probably would read it because the subject matter is good but for me this book didn't deliver 'risk management' it just ripped apart 'risk analysis'. . . which it did well
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3.0 out of 5 stars Good reading but tricky title, 16 Jan. 2015
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I liked the reading of this book and I would recommend it to the medium- to highly- engaged risk manager in whatever field.
The title is a bit tricky. Being quite involved in risk management, I was shocked by the title of this book, asking myself “risk management is failed and I am still working with it ?” Then, by reading the book I realized that the author is questioning some risk analysis methods, rather than risk management theory and practices as a whole, what a relief !
As for the subtitles, the book delivers some good points on the “why it’s broken” issue but not as many on the “how to fix it” issue.
Although I would agree with many of the author’s claims, these are regretfully unproven in the book. It would have been interesting to offer some case studies with precise data about the assumptions made, the model utilized, and the results in terms of accuracy of risk prediction.
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5.0 out of 5 stars Well written, convincing arguments and easy to read, 1 Feb. 2014
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An excellent book which follows on from How to Measure Anything. It has convincing arguments for use of numbers and calibrating people.
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0 of 1 people found the following review helpful
4.0 out of 5 stars Read this insted of paying for a risk manager, 17 Jun. 2013
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This review is from: The Failure of Risk Management: Why It's Broken and How to Fix It (Kindle Edition)
A good critical book about risk management being expensive nonsense. But Hubbard falls down when he concludes that firms need a more complicated version of risk management. What firms need is mangers who aren't foxed by smoke-and-mirrors consultants.
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