Economic Decision Making and Risk Management: How They Can Relate

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Author(s): Brian J. Galli (Long Island University, Brookville, USA)
Copyright: 2019
Volume: 8
Issue: 1
Pages: 25
Source title: International Journal of Risk and Contingency Management (IJRCM)
Editor(s)-in-Chief: Narasimha Rao Vajjhala (University of New York Tirana, Albania)
DOI: 10.4018/IJRCM.2019010103

Keywords: Business Science Reference / Information Security & Privacy / Risk Assessment / Security & Forensics

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Abstract

The definition of long-term objectives in corporate management as well as means of achieving them is often associated with uncertainty. The reason for this is apparent: managers in corporate entities cannot predict all circumstances, whether positive or negative, that is likely to occur in the future. Management during the decision-making process must be able to make informed decisions given the existence of insecurities and uncertainties in the course of business operations. Management must, therefore, take into account the risks that might occur in the future. As a result, this article aims at discussing the risks affecting corporate entities. The paper also defines and analyzes the risks, thus explaining how business entities can tackle them through making informed business decisions.

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Economic Decision Making and Risk Management: How They Can Relate

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