Technology transfer risk management There is some level of risk in everything. This is particularly true in any technology-oriented endeavor. The dynamism and untested waters of new technology make risk very much a part of any technology undertakings. We should not shy away from risks. Rather, we should embrace risk as an opportunity to try new things so that we may thrive. Consider the following famous quotes:

The future is always decided by those who put their imagination to work, who challenge the unknown, and who are not afraid to risk failure. (General Bernard A. Shriever, USAF, retired, 2005)

It is not the critic who counts. Not the man who points out how the strong man stumbled or where the doer of deeds could have done better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood; who strives valiantly; who errs and comes short again and again; who knows the great enthusiasms, the great devotions; who spends himself in a worthy cause. Who, at the best, knows in the end the triumph of high achievement, and who at the worst, at least fails while daring greatly, so that his place shall never be with those timid souls who know neither victory nor defeat. (Ted Roosevelt 1910)

The above quotes are about taking risk, venturing out, discovering what is out there, and exploring what exists within or outside the realm of possibility. Risk management is the process of identifying, analyzing, and recognizing the various risks and uncertainties that might affect a project. Change can be expected in any technology environment. It should be noted that change is the only constant in life. Change portends risk and uncertainty. Risk analysis outlines possible future events and their likelihood of occurrence. With the information from risk analysis, the

technology transfer team can be better prepared for change with good planning and control actions. By identifying the various technology alternatives and their associated risk levels, the team can select the most appropriate courses of action.