Resilience means being in a situation to take advantage of positive random outcomes and to survive negative random outcomes
Summary
- A resilient strategy means that if there is a negative random outcome(bad 'luck'), we are able to survice it. If there is a positive random occurence, we can take advantage of it
Details
- If there is a bad outcome, it doesnt mean we made a bad decision, and vice versa
References
Quotes
Strategies require decisions, and decisions are about the future. Predicting the future in a complex system is an unreliable venture. As a result, unexpected, unpredicted outcomes are the norm.
It’s worth calling it what it is: luck.
Resilient strategies accept and account for luck. They benefit from good luck and are resilient enough to survive bad luck.
It’s tempting (and lazy) to blame bad decisions for bad outcomes. But they might be unrelated.
Related
- Resilience in the face of adversity
- Resilience means being in a situation to take advantage of positive random occurence and to survive negative random occurence
- Ten ways to build resilience
- Role rotate regularly to improve documentation and resilience
- The harder i work the luckier i get - Samuel Goldwyn
- Increase the surface area of luck by taking more shots
- Decisions are like hats, haircuts or tattoos