Application of Antifragility in Project Management
Abstract
“ To see how large things can be fragile, consider the difference between an elephant and a mouse: The former breaks a leg at the slightest fall, while the latter is unharmed by a drop several multiples of its height. This explains why we have so many mice than elephants” (Taleb, N.N. Learning to love volatility. The Walls Street Journal)
Organizations established on the idea that any volatility is poison to the system, is not in balance with the laws of nature. Such organizations is fragile and will properly suffer from times with high volatility. Exposed to high volatility has the ability to show vulnerability or weakness of an organization. As the immune systems thrives with viruses in order to keep being intact, the antifragility organization thrives with volatility in order to improve and grow. In this sense, nature gives the answer to high volatility in organizations.
- Benefits of implementing antifragility in project management
- Instead of seeking to eliminate any kind of stress or volatility in the project management, the idea is to have an organization that seeks to grow and prosper from volatility.
“Vaccines introduce a little of what is harmful to build resistance to disease” (Taleb, N.N. Antifragility: How to Live in a World We Don’t Understand, The Guardian)
- Simulate failure scenarios in project management
- Typically, the project has a clear definition of success and failure from the early start. The possibility of failure is great and can have a substantial impact on the organization. In order to reduce the impact of a failure - simulating possible failure scenarios stand as a strong tool.
- “Upside risk” and “downside risk”
- Taking risk has two outcomes – either you fail or succeed. A successful project manager is rewarded if the project succeed beyond expected, but if it fails have something at stake.
