Risk and Uncertainty at the Business Frontier

Published: 2021-06-29 06:56:28
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Category: Business

Type of paper: Essay

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Risk and uncertainty are two very different things that are both very prevalent in new frontiers. Managers have to navigate their actions based on unknown knowledge, which is extremely difficult. While managing at the frontier the outcome of the new technology may be what was intended or can be completely unexpected. Managers must try to predict and deal with either of these outcomes.
Risks are both able to be gauged and insurable. For example while dealing with risk you know all the factors you just don't know a definite outcome. While when managers deal with uncertainty they don't know the factors, the situation is completely new with endless possible outcomes that are unknown to everyone.
When a manager deals with a frontier, he must gage the possible risk that is involved in the frontier. This risk and uncertainty plays a major role in how the manager manages the company. In order to limit the risk and uncertainty managers must change the way they think. They have to think outside the box and of any possible outcome that can be. They also must keep up with the new technology around them and watch the public's reactions to them. In addition, they should be constantly be reevaluating decisions made in the past based on the new technologies introduced. Risk and uncertainty therefore play a huge role in a managers day to day actions and thinking while managing a company.






Works Cited:

Wicks, A., Freeman, R. E., Werhane, P., & Martin, K. (2010). Business ethics a managerial approach. Upper Saddle River, New Jersey: Pearson Education Inc.

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