THE POSITIVE COLLISION ABOVE THE LONG TERM PERFORMANCE OFFERED BY RISK MANAGEMENT

Anda Gheorghiu (), Paula – Angela Vidrascu () and Mihaela Daniela Niculescu ()
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Anda Gheorghiu: Hyperion University, Bucharest, Romania
Paula – Angela Vidrascu: Academy of Economic Studies, Bucharest, Romania
Mihaela Daniela Niculescu: Academy of Economic Studies, Bucharest, Romania

Internal Auditing and Risk Management, 2014, vol. 34, issue 1, 165-170

Abstract: According to the classical theory of decision, the risks are also defined phenomena of possible occurrences, but still uncertain socio-human processes. Its effects are harmful, deficient with an actual irreversible character. Signifies the chance or probability of loss or separation of predictive of results to be obtained. In parallel, the uncertainty includes both positive aspects as well as negative and for this reason cannot be confused with the risk. An uncertain event, which if they do rise can generate positive or negative effects on the project's objectives. The uncertainty is permanent and cannot be removed. At the same time we are aware that during the execution of a project there are both risks and positive elements. In defining the concept of risk uncertainty is persistently and constantly removing the emergence of two possible values. Risk management comprises a range of different methods or means through which uncertainty can be managed. He is mostly known as the essential element of risk factors in order to achieve the objectives set. Risk management refers to the knowledge of the factors that could prejudice a company. We recognize that uncertainty is a fact of life, and thus the reaction to uncertainty should be an ongoing concern. It will focus on limiting or preventing permanent problems that could instigate unnecessary damage to the company. We must not forget the fact that risk management is a very important element of any draft because risk can develop problem indolence in carrying out the projects.

Keywords: risk; uncertainty; risk management; performance; proactive management. (search for similar items in EconPapers)
Date: 2014
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