Risk management in the entrepreneurship in Romania in the context of the economic crisis
AbstractThe future of business depends, in a determinant way, on the manner in which the companies have the risk under control. In businesses, risk management entails organized activity to manage uncertainty and threats and involves people following procedures and using tools in order to ensure conformance with risk-management policies. In practice, balancing between risks with a high probability of occurrence but lower loss versus a risk with high loss but lower probability of occurrence can often be very difficult. Risk management also faces difficulties allocating resources. Resources spent on risk management could have been spent on more profitable activities. Again, ideal risk management minimizes spending while maximizing the reduction of the negative effects of risks. This paper presents the possibilities and the limits of the risk management implementation in the entrepreneurship in Romania in the context of the economic crisis, starting from the concept of risk management and observing the reality from the small and medium size enterprise.
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Bibliographic InfoArticle provided by Faculty of Management, Academy of Economic Studies, Bucharest, Romania in its journal Economia. Seria Management.
Volume (Year): 12 (2009)
Issue (Month): 1 (June)
risk management; decision; entrepreneurship; economic crisis;
Find related papers by JEL classification:
- M10 - Business Administration and Business Economics; Marketing; Accounting - - Business Administration - - - General
- M19 - Business Administration and Business Economics; Marketing; Accounting - - Business Administration - - - Other
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