Understanding and Managing Risk Attitude [Paperback]

David Hillson (Author), Ruth Murray-Webster (Author)

Book Description

Publication Date: March 30, 2007 | ISBN-10: 0566087987 | ISBN-13: 978-0566087981 | Edition: 2

Despite many years of development, risk management remains problematic for the majority of organizations. One common challenge is the human dimension, in other words, the way people perceive risk and risk management. Risk management processes and techniques are operated by people, each of whom is a complex individual, influenced by many different factors. And the problem is compounded by the fact that most risk management involves people working in groups. This introduces further layers of complexity through relationships and group dynamics. David Hillson's and Ruth Murray-Webster's "Understanding and Managing Risk Attitude" will help you understand the human aspects of risk management and to manage proactively the influence of human behaviour on the risk process. The authors introduce a range of models, perspectives and examples to define and detail the range of possible risk attitudes; looking both at individuals and groups. Using leading-edge thinking on self-awareness and emotional literacy, they develop a powerful approach to address the most common shortfall in current risk management: the failure to manage the human aspects of the process. All this is presented in a practical and applied framework, rather than as a theoretical or academic treatise, based on the authors' shared experiences and expertise, rather than empirical research. Anyone involved in implementing risk management will benefit from this book, including risk practitioners, senior managers and directors responsible for corporate governance, project managers and their teams. It is also essential reading for HR professionals and others interested in organizational or behavioural psychology. This second edition is updated to strengthen the understanding of individual risk attitudes and reinforce what individuals can do to manage those risk attitudes that are leading them away from their objectives. For people who want to embrace this subject, the book highlights ways forward that are proven and practical.

Editorial Reviews

Review

' Managers looking to move to higher levels of risk management maturity in their organisations will find much insight and guidance in this innovative book.' -- UKexcellence. July 2007

'As a way to approach business, the book is well worth a read by managers; whether they seek to manage change in their organization, be a leader getting more from staff, set goals or simply avoid failure. In a couple of words, the keys seem to be optimism and self-awareness.' -- Professional Security, May 2007

'It is a serious study of how people handle risk in different scenarios and provides a genuine insight into how people behave in risk situations.' -- Managing Risk, Summer 2007

From the Back Cover

Despite many years of development, risk management remains problematic for the majority of organizations. One common challenge is the human dimension, in other words, the way people perceive risk and risk management. Risk management processes and techniques are operated by people, each of whom is a complex individual, influenced by many different factors. And the problem is compounded by the fact that most risk management involves people working in groups. This introduces further layers of complexity through relationships and group dynamics.

David Hillson's and Ruth Murray-Webster's Understanding and Managing Risk Attitude will help you understand the human aspects of risk management and to manage proactively the influence of human behaviour on the risk process. The authors introduce a range of models, perspectives and examples to define and detail the range of possible risk attitudes; looking both at individuals and groups. Using leading-edge thinking on self-awareness and emotional literacy, they develop a powerful approach to address the most common shortfall in current risk management: the failure to manage the human aspects of the process.

All this is presented in a practical and applied framework, rather than as a theoretical or academic treatise, based on the authors' shared experiences and expertise, rather than empirical research.

Anyone involved in implementing risk management will benefit from this book, including risk practitioners, senior managers and directors responsible for corporate governance, project managers and their teams. It is also essential reading for HR professionals and others interested in organizational or behavioural psychology.

This second edition is updated to strengthen the understanding of individual risk attitudes and reinforce what individuals can do to manage those risk attitudes that are leading them away from their objectives. For people who want to embrace this subject, the book highlights ways forward that are proven and practical.

See all Editorial Reviews

Product Details

• Paperback: 180 pages
• Publisher: Gower Pub Co; 2 edition (March 30, 2007)
• Language: English
• ISBN-10: 0566087987
• ISBN-13: 978-0566087981
• Product Dimensions: 9.5 x 6.8 x 0.8 inches
• Shipping Weight: 12.8 ounces (View shipping rates and policies)
• Average Customer Review: 5.0 out of 5 stars  See all reviews (1 customer review)
• Amazon Best Sellers Rank: #1,232,013 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews

2 of 2 people found the following review helpful:

5.0 out of 5 stars must read in project risk management, January 10, 2008

By 

Lev Virine (Calgary, AB, Canada) - See all my reviews
(REAL NAME)   

This review is from: Understanding and Managing Risk Attitude (Paperback)

In recent years bookshelves (and readers) have groaned under the weight of multiple books on project risk management. It is no easy task to write a book, which is both better than its predecessors and genuinely novel. In both tasks David Hillson and Ruth Murray-Webster has succeeded admirably: this book deserves to become the leader in its field.

I have read many books on psychology and project management. In most cases, they are hard to read: it is difficult to grasp essentials where you overwhelmed with new terminology and research methods. David Hillson and Ruth Murray-Webster have a clear understanding of their principal audience - practicing project managers and write accordingly. Their book avoids overly complex theoretical discussions: the author always has an eye on what a project manager really needs to know.

The authors initially discuss risks and risk attitudes. Essentially risk attitude is a psychological phenomenon. Then the author focuses on two main aspects related to risk attitude. First, how people use psychological heuristics or mental shortcuts when they make choices or assess risks, then the authors discuss the emotional aspects of risk attitude. Understanding and Managing Risk Attitudes is the first book that I have encountered that has detailed discussion on emotional literacy for individuals and groups. The discussion about group risk attitudes, particularly groupthink, is especially valuable: we often do not realize that group risk attitudes can be quite different from that of individuals.

Those with project risk management experience are likely to find a good deal of new and worthwhile information in this book. If you are new to project risk management or just looking to refresh your knowledge of the latest thinking in this field, you should definitely read this book.

Lev Virine, author of Project Decisions: The Art and Science