Risk and Uncertainty

Abstract

Volatile business conditions have led to drastic corporate downsizing, meaning organizations are expected to do more with less. Managers must be more knowledgeable and possess a more eclectic myriad of business skills, many of which have not even been seen until recently. Many internal and external changes have occurred to organizations that have dictated the need to do business differently. Changes such as technological advances; globalization; catastrophic business crises; a more frantic competitive climate; and more demanding, sophisticated customers are examples of some of the shifts in the external business environment. Internal changes to organizations have been in the form of reengineering, accompanied by structural realignments and downsizing; greater emphasis on quality levels in product and service output; faster communication channels; and a more educated, skilled employee base with higher expectations from management.

KEYWORDS:

• management
• crisis
• risk
• organization
• uncertainty
• effectiveness