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Applicative Approach to Risk Management

Author

Listed:
  • Dumitru MIRON

    (The Bucharest Academy of Economic Studies, Romania)

  • Monica PETCU

    (The Bucharest Academy of Economic Studies, Romania)

  • Iulia DAVID SOBOLEVSCHI

    (The Bucharest Academy of Economic Studies, Romania)

Abstract

Order, symmetries, correspondences and proportionalities that served ashypothesis for any economical theories are frequently infirmed by the contemporary reality. The new theoretical approaches take into consideration chaos, as an endogenous feature of simple nonlinear systems and synergetic of some minor variabilities with multiple resonance and interactions that could induce major changes in the systems behaviour. The higher the variability of a phenomenon, the higher is the probability not to obtain the estimated result. The expansion of globalized markets at planetary level and the volatility of some variables that have an impact on the whole system expose any business to an entire range of risks, thus the businesses administrations have the responsibility of risk management and avoiding of the blending of exogenous and endogenous risks, as an absolute condition of survival.

Suggested Citation

  • Dumitru MIRON & Monica PETCU & Iulia DAVID SOBOLEVSCHI, 2011. "Applicative Approach to Risk Management," REVISTA DE MANAGEMENT COMPARAT INTERNATIONAL/REVIEW OF INTERNATIONAL COMPARATIVE MANAGEMENT, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 12(5), pages 883-892, December.
    • Handle: RePEc:rom:rmcimn:v:12:y:2011:i:5:p:883-892
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    More about this item

    Keywords

    risk; interaction; management; risk evaluation; decision.;
    All these keywords.

    JEL classification:

    • D57 - Microeconomics - - General Equilibrium and Disequilibrium - - - Input-Output Tables and Analysis
    • D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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