Dyman & Associates Risk Management Projects: What are you willing to pay?

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Dyman Associates Risk Management Projects
Risk Management What are you willing to pay?
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Risk Management What are you willing to pay?
Winter weather has taken its toll on both sides
the US and Canadian border. One utility that has
taken it in the chops from all the ice and snow
has been electric companies that provide services
to businesses and individuals. Now this wasn't
the only time that there have been electrical
outages due to severe weather. Power outages
have become rather routine when severe weather
hits. The question is, "How much mitigation do
you want to invest in to reduce the impact of
outages?"
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The above is the theme from a Toronto Glob
editorial, see the ice storm Why you want the
lights to go out, sometimes in the piece they
call attention to the fact that you can't
mitigate every risk. The costs to do so would be
too high. Thus, the focus on risk management
"What is risk? It is the odds of suffering a loss
in the future. It is a cost. And what about the
reduction or elimination of that risk? Also a
cost. In deciding whether to pay the price,
utilities and all of us end up having to
weigh three factors the size of the possible
damage, the likelihood of its occurrence, and the
price of mitigation."
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