Nasa Risk Management System

I came to know that NASA has defined a system for evaluating risk based on two dimensions: likelihood and consequences. Link to the document

It is a relatively straightforward system of risk management that allows people to quantify the importance of taking action (or not) under different circumstances. Risk management at some point is a bit of futurology, but forcing you to think about possible outcomes based on different scenarios also prepare you for thing that would have been other way unexpected.