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The Risk Management Organizational Entities

Author

Listed:
  • Mariana Man

    (University of Petroºani)

  • Sorin Mihai Radu

    (University of Petroºani)

  • Joanna Tabor

    (Czestochowa University of Technology)

Abstract

The place and role of risk in managerial activity must be analysed by taking into account the relation where the two concepts about risk are, namely: The concept suggested by the decision theory and concept suggested by managers. It is necessary to take into account managers’ behaviour towards the risk defined by the theory of choice, which leads to the following conclusion: managers actually assume risks and express preferences in terms of risk, using techniques and procedures – other than the traditional ones – such as media, variation of probabilistic distributions of possible outcomes, etc. Understanding the concept of "risk" by managers leads to a certain attitude they have towards risk characterised by three essential features and namely: managers' low sensitivity to probabilistic assessments of the possible results; managers' wilful mobilisation on some key objectives and decisive influence of this mobilisation on managerial decisions; clear distinction between managers assuming the rick and game of hazard. These features combined with the individual and organisational decisions highlight the impossibility of the classical conception of "risk" to enable a thorough and meaningful of the behavioural phenomenon of assuming the risk.

Suggested Citation

  • Mariana Man & Sorin Mihai Radu & Joanna Tabor, 2015. "The Risk Management Organizational Entities," Polish Journal of Management Studies, Czestochowa Technical University, Department of Management, vol. 11(2), pages 115-126, June.
    • Handle: RePEc:pcz:journl:v:11:y:2015:i:2:p:115-126
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    References listed on IDEAS

    as
    1. Ioan Constantin DIMA & Mariana MAN, 2012. "Information Engineering And Its Influence On Adopting The Decision In Economic Entities," STUDIA UNIVERSITATIS PETRU MAIOR SERIES OECONOMICA, Petru Maior University, Faculty of Economics Law and Administrative Sciences, vol. 1, pages 1-23, December.
    2. repec:pmu:oecono:v:1:y:2012:p:1-23 is not listed on IDEAS
    3. Marcin Sitek, 2013. "Identification Of Risk Factors As An Element Of The Process Of Risk Management In The Real Estate Market," Polish Journal of Management Studies, Czestochowa Technical University, Department of Management, vol. 7(1), pages 255-264, June.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Aleksandr Kljucnikov & Jaroslav Belas & Lubos Smrcka, 2016. "THE ROLE OF RISK-TAKING AND COMPETITIVE AGGRESSIVENESS IN MANAGEMENT OF SMEs," Polish Journal of Management Studies, Czestochowa Technical University, Department of Management, vol. 14(1), pages 129-139, December.
    2. Jaroslav Belas & Jan Dvorsky & Ludmila Kozubikova & Martin Cepel, 2019. "Important Factors of SMEs Entrepreneurial Orientation," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 3, pages 165-179.
    3. Katarzyna Grondys & Oliwia Ślusarczyk & Hafezali Iqbal Hussain & Armenia Androniceanu, 2021. "Risk Assessment of the SME Sector Operations during the COVID-19 Pandemic," IJERPH, MDPI, vol. 18(8), pages 1-19, April.
    4. Katarina Culkova & Adriana Csikosovaa & Maria Janoskova, 2015. "Development Of Risk Payment Index In Slovakia Comparing With Chosen Eu Countries," Polish Journal of Management Studies, Czestochowa Technical University, Department of Management, vol. 12(1), pages 37-47, DEcember.
    5. Pavel Taraba & Martin Hart & Katerina Pitrova, 2016. "Risk Management Of Projects In The Czech Republic," Polish Journal of Management Studies, Czestochowa Technical University, Department of Management, vol. 13(1), pages 181-191, June.
    6. Mariana Man & Bogdan Răvaş, 2017. "Implications of Lean Manufacturing on Management Accounting in Romanian Organisations," Annals of the University of Petrosani, Economics, University of Petrosani, Romania, vol. 17(1), pages 155-168.

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