Defining Risk in Management Research

Abstract: A major problem in the field of management has been the wide variety of definitions that have been proposed. To resolve the resulting terminological confusion, a conceptual review that considers the many ways in which risk has been defined in the management literature was conducted. Our findings highlight some disagreement in the management literature associated with the definition of risk. The review identified four distinct groups of risk definitions: (1) risk as outcome uncertainty, (2) risk as probability of (unwanted) outcomes, (3) risk as variability in outcomes, and (4) risk as unwanted outcomes (that may or may not occur).

Authors: Jonas Stromfeldt Eduardsen, Svetla Trifonova Marinova, Oded Shenkar, Simcha Ronen

Date: March 2, 2018

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