Evaluating Risk Strategies
John P. Hewlett ( November, 2018 )
Summary
A decision can be described as the outcome of a process that selects a preferred option or a course of action. Viewed from another perspective, decisions are the process by which strategy is implemented. They are the basic units of choice exercised by management to move the business forward. Evaluating a specific decision is best done by considering how it does or does not contribute to the success of the strategy it is intended to support. A strategy is not carried-out by a single decision. As such, a series of decisions is required to keep things on track to achieve the desired outcome. Multiple decision points require management to remain committed to the strategy across time and in the face of changing conditions. Risk management is a necessary, but sometimes frustrating, activity. Very good risk management strategies can still lead to bad outcomes because of the uncertainty involved with how the future will actually turn out. That is why it is important to judge the quality of a risk management strategy on the information available at the time the strategy is selected and not solely on the final results.
Details
| Publisher | RightRisk.org |
| Publication Date | November, 2018 |
| Publication Views | 131 |
| Material Type | Website |