Good Example Of Case Study On Risk Assessment

Speaking about the four given definitions of risk, articulated by the four outstanding people, I think that each of these definitions makes sense to a great extent and striking a delicate balance between them would in fact be better that choosing one of those. However, having to choose the best I like I would say that quotations pointing out in favor of taking risk (so, the ones worded by John F. Kennedy and Jawaharlal Nehru) rather that in favor of being cautious are the ones I like better. Not taking any risk and always going forward by small steps is what makes us more confident, but also what makes us more predictable, which results in, in its turn, our being more vulnerable and less competitive. This is why the quotation by Joel Spolsky is the one I like a little less than the others. What I mean is that I totally agree that “betting the company” meaning risking everything when it is not worth it is not a clever option. However, I cannot agree with the first part of the quotation, which says “Never put yourself in a position that will put yourself at risk if you make the wrong decision”. Everyone makes wrong decisions even where taking risk is not involved at all, but a wrong decision always brings repercussions, that can be evaluated as risky. So it is not risk that leads to wrong decision that much, but rather vice versa which makes me disagree with this part of the quotation.
A part of the quotation by Frederick Wilcox is what characterizes my personal attitude towards risk best: “Progress always involves risk.” This makes perfect sense to me. Now, many might think of risk as taking some action crossing fingers and relying just on luck. But that is not how the story goes, not even remotely. And that is the greatest mistake in understanding what risk is. The point here is that one should always calculate ones plans in carrying out some business and precisely define what kind of risk is to be taken and what place it should take. That means, risk must not be something amorphous, but something as much defined and pinned down as possible. Involving some risk, some counted risk is what may help contribute a major boost to a venture, if good calculated and portioned. That is because everyone is good in linear planning and if everyone did anything according to commonplace schemes, standard for everyone and accepted by everyone, this would deprive competition – and therefore progress – of any sense whatsoever. And in this relation risk is not something that may, but must be taken in order to achieve a greater result.
In the given dilemma between taking greater and lesser risk, I would say that I would take smart risk, which should be construed as combining both, actually. Indeed, being flexible and able not only to adjust to a situation but also to produce right deductions is what is critical. Risk is non-sufficient in itself for achieving some points. What I mean is that only together with thorough analysis and calculation taking risk can lead to progress. So, a greater or lesser risk is not a question in itself, requiring a static answer, but a question that must trigger a solid planning and evaluating process, which is namely the basis of progress.