Organizational Risk after Modernism

Kent D. Miller

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Leadership, Behavior, and Decision-Making Studies Management and Organizational Studies Risk Perception and Management

Abstract

This study identifies the modernist assumptions in organizational risk research, along with their historical origin and limitations. Risk research from a modernist perspective focuses primarily on individuals, treats risk preferences as exogenously given, attempts to quantify risk, assumes that risk reflects a given probability distribution, omits ethical considerations, and neglects actions by focusing on decision making. This study proposes a contrasting postmodern perspective on organizational risk. By this view, risk is a social and multilevel phenomenon; risk preferences, perceptions, and responses are learned; risk is subjectively perceived and often unquantifiable; the environment is a complex, socially constructed system; ethical considerations are integral to risk assessment and management; and organizations respond to risk through their actions, not just by making decisions. These themes motivate new directions for organizational risk research.

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References

1979Prospect Theory: An Analysis of Decision under Risk 1963The Structure of Scientific Revolutions 1991Situated Learning 1990The consequences of modernity 1990The Logic of Practice 1984The Postmodern Condition: A Report on Knowledge 1993Risk Society: Towards a New Modernity 1991Organizational Learning and Communities-of-Practice: Toward a Unified View of Working, Learning, and Innovation

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