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Risk management in the entrepreneurship in Romania in the context of the economic crisis

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Author(s): Felicia Adriana LUPU

Journal: Economia : Seria Management
ISSN 1454-0320

Volume: 12;
Issue: 1;
Start page: 259;
Date: 2009;
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Keywords: risk management | decision | entrepreneurship | economic crisis

ABSTRACT
The 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
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