Risky Business: How Tacoma Power Is Addressing the Risk of Risk Management

TRC-2019 Learning Session 30:53 minutes

by Todd Shepherd, Tacoma Power

One of the most important decisions we can make is how we make decisions. Understanding risk is at the foundation of every decision we make in asset management. The methods organizations use for making decisions have been studied for decades. Some methods show measurable improvement over others, where others actually add more error. Unfortunately, some of the most popular methods often have the most problems.

Tacoma Power will show how they are avoiding these issues by removing the pitfalls that typically are associated with developing a risk framework. Tacoma Power will show how they are quantifying their uncertainty of probability and impacts of assets, and then comparing that to the risk profile developed from what is important to senior leadership from a corporate perspective.