Uncertainty, the critical basis of risk management

Purpose – The objective of this paper is to scan the extent of uncertainty and hesitation in the development of plans and strategy. Design/methodology/approach – The author evokes concrete cases of risk aversion, when the action either goes ahead or is stymied by lack of certitude. The incidents cited are of practical – rather than of theoretical – connotation. Findings – This essay shows that the willful overcoming of missing assuredness may sometimes incur, in its turn, hazardous risk. Originality/value – The paper illustrates the roles of intelligence, the measurement of precaution, and the willingness or failure to gamble on the (sometimes) long shot.