Risk management and uncertainty in business. Business decisions.
Journal Title: Zarządzanie i Finanse - Year 2013, Vol 11, Issue 1
Abstract
An integral feature of the business activity is a constant need to make choices. An integral feature of business activity is a constant need to make choices. Depending on the conditions, decision making is characterized by a different degree of difficulty. Understanding the difference between uncertainty and risk is fundamental to decision-making process in deterministic conditions. The description of risks and uncertainties presented in the paper focuses on highlighting the differences between various definitions and the evolution of those concepts. According to theorists, proper understanding of deterministic conditions helps to adjust the appropriate techniques supporting decision-making processes. Spectacular examples of wrong business decisions given in the paper and their impact on economic activity indicate the need to develop risk management standards and guidelines. Short characteristics of various standards show the goal they serve and their major beneficiaries. Standards containing a general framework for risk management systems and selected risk management techniques and tools are dedicated to Corporations.
Authors and Affiliations
Michał Dudziak, Ewa Szpakowska
Keywords
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