Risk Management in Decision Making

Publisher:
Springer
Publication Type:
Chapter
Citation:
Handbook on Decision Making, 2012, 1, pp. 3 - 7
Issue Date:
2012-01
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Organizational decision making often occurs in the face of uncertainty about whether a decision makers choices will lead to benefit or disaster. Risk is the potential that a decision will lead to a loss or an undesirable outcome. In fact, almost any human decision carries some risk, but some decisions are much more risky than others. Risk and decision making are two inter-related factors in organizational management, and they are both related to various uncertainties.
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