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What do strategists mean when they talk about risk?

By Philip A. Wickham

Abstract

Abstract: Purpose – The purpose of this paper is to introduce strategic managers to a multi-perspective approach to thinking about risk. Design/methodology/approach – This paper takes the form of a review. Findings – An eight-fold way of thinking about risk is suggested: as a formal idea in finance and economics; as fear of loss, often non-monetary and qualitative; as something that influences strategic choice; as something that influences strategic behaviour; as a factor in position and status; as something the brain is adapted to deal with – quickly and efficiently; as something that effects the way strategic managers deal with information and impacts on their cognitive processing; and as something that, like resources, is shared between the organisation and its stakeholders. Practical implications – The article suggests a practical checklist for strategists to think about the risk(s) of different strategic options and how it impacts on strategy evaluation and implementation. Originality/value – The paper identifies the significant lacuna with regard to risk in modern strategic management

Topics: HD61
Publisher: Emerald
Year: 2008
DOI identifier: 10.1108/17515630810891870
OAI identifier: oai:eprints.hud.ac.uk:3089
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