Applicative Approach to Risk Management

Dumitru Miron, Monica Petcu and Iulia DAVID Sobolevschi
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Dumitru Miron: The Bucharest Academy of Economic Studies, Romania
Monica Petcu: The Bucharest Academy of Economic Studies, Romania
Iulia DAVID Sobolevschi: The Bucharest Academy of Economic Studies, Romania

REVISTA DE MANAGEMENT COMPARAT INTERNATIONAL/REVIEW OF INTERNATIONAL COMPARATIVE MANAGEMENT, 2011, vol. 12, issue 5, 883-892

Abstract: Order, symmetries, correspondences and proportionalities that served ashypothesis for any economical theories are frequently infirmed by the contemporary reality. The new theoretical approaches take into consideration chaos, as an endogenous feature of simple nonlinear systems and synergetic of some minor variabilities with multiple resonance and interactions that could induce major changes in the systems behaviour. The higher the variability of a phenomenon, the higher is the probability not to obtain the estimated result. The expansion of globalized markets at planetary level and the volatility of some variables that have an impact on the whole system expose any business to an entire range of risks, thus the businesses administrations have the responsibility of risk management and avoiding of the blending of exogenous and endogenous risks, as an absolute condition of survival.

Keywords: risk; interaction; management; risk evaluation; decision. (search for similar items in EconPapers)
JEL-codes: D57 D61 D63 G32 (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:rom:rmcimn:v:12:y:2011:i:5:p:883-892

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