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Open Access Journal Article

Risk Management Strategies in Decision Sciences

by James Harris 1,*
1
James Harris
*
Author to whom correspondence should be addressed.
DSSC  2023 5(1):37; https://doi.org/10.69610/j.dssc.20230322
Received: 26 January 2023 / Accepted: 23 February 2023 / Published Online: 22 March 2023
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Abstract

The paper explores various risk management strategies within the field of Decision Sciences, highlighting the importance of effective risk assessment and mitigation techniques in decision-making processes. Decision Sciences encompass a broad spectrum of disciplines, including economics, finance, operations management, and information systems, where risks are inherent in both strategic and operational decisions. This abstract delves into the conceptual frameworks and practical approaches employed in managing risk in these areas. It discusses the role of probability analysis, scenario planning, and decision trees in risk assessment, and examines the application of diversification, hedging, and risk transference strategies. Furthermore, the paper emphasizes the use of quantitative and qualitative risk assessment tools, and addresses the challenges of risk management in a dynamic and uncertain environment. By integrating theoretical insights with practical examples, the paper provides a comprehensive overview of risk management strategies that can enhance decision-making in the field of Decision Sciences.

 

Keywords: Risk Management; Decision Sciences; Probability Analysis; Scenario Planning; Risk Mitigation.;
Copyright: © 2023 by Harris. This is an open-access article distributed under the terms of the Creative Commons Attribution License (CC BY) (Creative Commons Attribution 4.0 International License). The use, distribution or reproduction in other forums is permitted, provided the original author(s) or licensor are credited and that the original publication in this journal is cited, in accordance with accepted academic practice. No use, distribution or reproduction is permitted which does not comply with these terms.
Cite This Paper
APA Style
Harris, J. (2023). Risk Management Strategies in Decision Sciences. Decision Sciences and Social Change, 5(1), 37. doi:10.69610/j.dssc.20230322
ACS Style
Harris, J. Risk Management Strategies in Decision Sciences. Decision Sciences and Social Change, 2023, 5, 37. doi:10.69610/j.dssc.20230322
AMA Style
Harris J. Risk Management Strategies in Decision Sciences. Decision Sciences and Social Change; 2023, 5(1):37. doi:10.69610/j.dssc.20230322
Chicago/Turabian Style
Harris, James 2023. "Risk Management Strategies in Decision Sciences" Decision Sciences and Social Change 5, no.1:37. doi:10.69610/j.dssc.20230322

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ACS Style
Harris, J. Risk Management Strategies in Decision Sciences. Decision Sciences and Social Change, 2023, 5, 37. doi:10.69610/j.dssc.20230322
AMA Style
Harris J. Risk Management Strategies in Decision Sciences. Decision Sciences and Social Change; 2023, 5(1):37. doi:10.69610/j.dssc.20230322
Chicago/Turabian Style
Harris, James 2023. "Risk Management Strategies in Decision Sciences" Decision Sciences and Social Change 5, no.1:37. doi:10.69610/j.dssc.20230322
APA style
Harris, J. (2023). Risk Management Strategies in Decision Sciences. Decision Sciences and Social Change, 5(1), 37. doi:10.69610/j.dssc.20230322

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