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Volume 27, Issue 3

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August 16, 2013

Managing the Uncertainty of What You Don’t Know

If the financial crisis and events like the Japanese tsunami had but a single lesson, it is this: What we don’t know can be more important that what we do know. This raises the ultimate rhetorical question, “Do we know what we don’t know?” Of course, no one knows. The reality of today’s environment is that management and the board can never be certain that they know everything they need to know. So how do we manage an organization given this reality?

Following are 10 things companies can consider in managing uncertainty:

(1)      A margin for error may be needed to cover what we don’t know: While management has knowledge from internal and external sources, do they have a useful point of view regarding what they don’t know? Probably not. That’s why strategic choices and the risks undertaken should provide a margin for error to reflect what directors and management may not know.

...

http://www.corporatecomplianceinsights.com/managing-the-uncertainty-of-what-you-dont-know

By Eric Thomas

“Use it or lose it!” You might hear your doctor say that expression about your mental acuity or your personal trainer about your physique. I often hear it from my clients in government, specifically from federal CIOs or IT managers. The phrase relates to their IT budget; if they don’t spend their money in the current year, it goes away the following year. Of course, we should have smarter incentives to reward spending under budget, but we’ll properly address that issue another day.

The impact of “use it or lose it” or, more aptly, “spend it or lose it” is most acutely felt during the budgeting process. The federal budgeting process is highly regulated, long and not very transparent to the layperson. In short, the U.S. Congress appropriates funds to agencies which then appropriate funds within the agency. From there, the IT manager is given a sum of money to spend during the fiscal year. The manager starts with a spend plan, allocates money to individual projects or line items, and tracks obligations and actual spending throughout the fiscal year.

- See more at: http://www.cioinsight.com/it-management/it-budgets/five-tips-for-use-it-or-lose-it-budgets/#sthash.zYbK8A7Q.dpuf

By Eric Thomas

“Use it or lose it!” You might hear your doctor say that expression about your mental acuity or your personal trainer about your physique. I often hear it from my clients in government, specifically from federal CIOs or IT managers. The phrase relates to their IT budget; if they don’t spend their money in the current year, it goes away the following year. Of course, we should have smarter incentives to reward spending under budget, but we’ll properly address that issue another day.

The impact of “use it or lose it” or, more aptly, “spend it or lose it” is most acutely felt during the budgeting process. The federal budgeting process is highly regulated, long and not very transparent to the layperson. In short, the U.S. Congress appropriates funds to agencies which then appropriate funds within the agency. From there, the IT manager is given a sum of money to spend during the fiscal year. The manager starts with a spend plan, allocates money to individual projects or line items, and tracks obligations and actual spending throughout the fiscal year.

- See more at: http://www.cioinsight.com/it-management/it-budgets/five-tips-for-use-it-or-lose-it-budgets/#sthash.zYbK8A7Q.dpuf

By Eric Thomas

“Use it or lose it!” You might hear your doctor say that expression about your mental acuity or your personal trainer about your physique. I often hear it from my clients in government, specifically from federal CIOs or IT managers. The phrase relates to their IT budget; if they don’t spend their money in the current year, it goes away the following year. Of course, we should have smarter incentives to reward spending under budget, but we’ll properly address that issue another day.

The impact of “use it or lose it” or, more aptly, “spend it or lose it” is most acutely felt during the budgeting process. The federal budgeting process is highly regulated, long and not very transparent to the layperson. In short, the U.S. Congress appropriates funds to agencies which then appropriate funds within the agency. From there, the IT manager is given a sum of money to spend during the fiscal year. The manager starts with a spend plan, allocates money to individual projects or line items, and tracks obligations and actual spending throughout the fiscal year.

- See more at: http://www.cioinsight.com/it-management/it-budgets/five-tips-for-use-it-or-lose-it-budgets/#sthash.zYbK8A7Q.dpuf