A Practical Guide to Actively Managing Risk
- Available for pre-order on April 27, 2023. Item will ship after May 18, 2023
Prices & shipping based on shipping country
Risk is the single most prevalent and enduring factor that influences every individual, organization, and society. We often seek protection from negative risk events, but also seek to take advantage of opportunities arising from positive risk events. We may feel overwhelmed by messages encountered in daily interactions with media and society, contributing to a sense of ambiguity over how to act in response to risk-related information and misinformation. We seek to leverage evidence and reason to find our own balance between both positive and negative outcomes in an uncertain world. This ground-breaking book delivers practical concepts and tools that empower readers to leverage innovations in risk science to improve their abilities to interpret, assess, communicate, and handle risk. It provides a practical non-quantitative approach to understanding risk and to making better decisions involving risk.
Think RISK covers several key themes in risk science: a) The main goals and strategies for understanding and managing risk b) How readers can inform their risk stances by considering their own individual values and mission c) The difference between risk and safety, and how that difference is critical for managing risk d) The role of psychological factors when understanding and managing risk e) The role of communication when understanding and managing risk, and f) The general importance and incentives for effectively understanding and managing risk.
Written for business professionals in all private and public sectors, this book will also be relevant to non-business professionals such as medical practitioners and policymakers and would be an ideal fit for executive education and seminar-style courses in universities, corporate books clubs and training seminars. Because it’s based on foundational and scientifically accepted ideas and principles, the book should remain relevant for many years.
Table of Contents
Rule 1: Risk is the single most constant and enduring factor in our lives and professions
1 The heart of risk science makes sense
2 We can agree to disagree on risk and uncertainty
3 Risk is about knowledge
Rule 2: We do have some control, but not full control. When we accept this, we can actively manage that risk. *
4 You have some control.
5 Risk is not objective.
6 We are all biased.
7 The message matters
8 Risk is not just about dollars.
Rule 3: Risk can be a good thing.
9 To manage risk is to balance the positive and the negative.
10 Risk management is worth the time and energy.
11 To manage risk is for our own benefit.
12 Piecing it all together: Examples of the risk science process
Shital Thekdi has been an Associate Professor of Management at the University of Richmond since 2012. She has co-authored several papers on risk management and decision-making.
Terje Aven has been Professor in Risk Analysis and Risk Management at the University of Stavanger, Norway since 1992. Previously he was also Professor (adjunct) in Risk Analysis at the University of Oslo and the Norwegian University of Science and Technology.