1. Top-down cost-cutting directives can lead to deterioration of assets, resulting in major risks to the business.
2. Using cross-functional teams to solve specific problems is very effective. Each function looks at the other from a lay-person's perspective and throws challenges without the risk of offence. The result is a well- balanced product.
3. A risk matrix brings objectivity to decision making.
4. The 10x rule for concrete:
• Cost C to fill slight cracks
• If left until the crack gets big: cost 10C
• If left until spalling starts: cost 100C
5. As an engineer, it was a humbling experience to learn how to do my job better from the finance and commercial managers.
To manage any business well, we must manage risks effectively. We have to replace arbitrary decision-making regimes with logical processes that evaluate risks and help minimize them.
Cross-functional teams bring diversity and unconventional solutions; in general, we do not tap into their power fully.