Risk Management in the Decisional Process

Florin Boghean and Carmen Boghean

A chapter in Key Issues for Management of Innovative Projects from IntechOpen

Abstract: The achievements of individuals have generated an attitude change toward risk, and the passion for gambling and bets has channeled itself toward economic growth, enhancing the life quality and technological progress. The capacity of defining something that will happen in the future and to choose between more than one alternative represents a central principle of today's society. Managing risk helps us to orient in a large spectrum of decisional processes, ranging from investing capital to making a family, from insurance premiums market to whether wear a seatbelt. Long time ago, means of production, business administration, and communication were simple. Failures were often, but they could be solved without calling on a computer technician, accountant of investment adviser. Presently, the means we use are much more complex and failures can be catastrophic, with a devastating impact. We must constantly be aware of the failures' probability and errors.

Keywords: corporate governance; responsibility; decisional process; risk management; support systems for decisions; accounting (search for similar items in EconPapers)
JEL-codes: O32 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:ito:pchaps:112719

DOI: 10.5772/67873

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