Over Estimating and Over Obsession With Risk

How much time do we spend catastrophing out a project by over-estimating risk?

Do we need to get into so much minuscule details and analysis that we loss track of what actually works? And what the intent of the project is? The actual Why of what we are doing.

Better to record a possible issue? Just record it. Log it. And see what you already have in place to overcome it? Versus turning the list of really small things into a whole new project to implement?