Investing in Projects Using Enterprise Risk Management
When practitioners discuss enterprise risk management (ERM) in an investment setting they often focus on evaluating the negative aspects associated with risk: How much can a portfolio lose over a given amount of time (value at risk)? What is the probability that a project will fail? However, while the downsides associated with risks are unquestionably important, the upsides or benefits of risk are equally significant. The act of taking risks is what produces successful businesses and entrepreneurs; without risk, as the adage goes, there is no reward. By quantitatively analyzing the risk/reward tradeoff of investments, firms can gain better understanding of the consequences associated with risky events and also the benefits presented by them. Furthermore, by analyzing the riskiness of projects with respect to given macroeconomic, industry, and firm-specific factors, firms can help minimize the chance of overexposure to risks.
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