Most mistakes are inconsequential. They are small errors that occur in isolation.
However, there are some situations where small, interdependent mistakes can compound to produce grave consequences.
This weekend’s Sardinian diving experience had me reflecting on this idea.
Diving is a safe activity when performed correctly. However, like any sport, there are things that can go wrong. For example:
- You could become separated from your dive buddy
- You could get lost and lose track of the dive boat
- You could forget to regularly check your oxygen supply
Most of these mistakes, if they occur in isolation, have an easy fix:
- If separated from your buddy, do a 360 degree turn, look for their bubbles, use an audio signalling device, and flash your dive light.
- If you lose track of the dive boat, ascend slowly, and after performing the required 3 minute safety stop at a depth of 5 meters, you can surface using an inflatable diving buoy to let the dive boat know your location
- If you forget to regularly check your oxygen supply, your buddy will usually remember and you’ll be able to make a safe ascent with oxygen to spare
However, it is when these mistakes occur simultaneously that the risk compounds. The emergence of a second or third problem may prevent us from being able to solve the first, let alone all of them at the same time.
To protect against these situations, we build in a margin of safety. These are checks and processes to minimise risk. In diving, we’re trained to an international standard, we look at the weather report, we triple check our gear and our buddy’s, we discuss the dive route beforehand, and we make sure we’re clear on what we’re going to do if something goes wrong.
Having these processes, this margin of safety, gives us confidence.
The usefulness of the margin of safety concept extends well beyond diving. In any situation where there is significant risk, it encourages us to think ahead and protect ourselves from the worst.
Travel insurance is a good idea. Diversifying your savings into varied investment types is too. Even something as simple as routine stretching before exercise can help prevent painful, long-term negative consequences.
In which of your activities could you apply the margin of safety concept?