ABSTRACT
This part conclusion presents some closing thoughts on the key concepts discussed in the preceding chapters. The part explores some of the significant practical problems facing busy practitioners who have to work within extant risk systems. One good consistency of reasoning example is the widespread use of the concept of probability–a central pillar to most industrial risk. Many risk-reasoning systems are not using coherent statistics. Rather, they are happy to designate pure ex nihilo judgements as probabilities. The classic reductionism of modern industrial risk to the product of a probability multiplied by an impact and plotted on a graph to reveal priority fails the dual test of psychological and statistical coherence. The consistency of reasoning in a risk assessment can be improved. The size and complexity of the business transformation made it obvious that the industry-standard risk register approach would be all but meaningless.
