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Of course, the manager should take into account
The percentage of the expected risk of administrative decisions
And the important thing is to reduce the risk to a minimum ratio
Experiences & Sٍense of Leadership are playing a big role in this aspect. For instance, a manager who has lack of experience and has not involved in so many business risks, should not be a decision maker in such matters that required risks. he should be cautious, and consults reliable people that are having experience.
In other cases, Managers should take their risky decisions Wisely, according to their Sense of Leadership and their Experiences.
safe as a60 % And Risk as40 %
risk is required in the live
Manager should act both; sometime as a Manager (who is also a leader) you should take risk which pays him you off. On the other hand Manager should also play a safe game so that both business and his credibility should not get affected.
If they're going to be a risk, we gotta select the action that involves the least risk. That way, we "play it safe".
As per the situation manager's duties is the recognition that risk directly impacts the likelihood of success and that this risk must be both formally and informally measured throughout the lifetime of the project.
Risks arise from uncertainty, and the successful project manager is the one who focuses on this as the main concern. Most of the issues that impact a project arise in one-way or another from risk. A good project manager can lessen risk significantly, often by adhering to a policy of open communication, ensuring every significant participant has an opportunity to express opinions and concerns.
Manager is not to be a gambler. Instead has to apply skills to manage and use the resources available for the best possible outcome. In unsure situation, manager ought to initiate participation by team members to voice their ideas for the best possible evaluated solution to take a realistic and scientific approach.
It's part of a manager's job to be willing to take risks. If someday all he needs is to jump and take that risk, he/she should't be afraid to do so. otherwise, they may never find out what awaits them on the other side.
It depends. The level of risk that is acceptable will vary with each project, company, set of stakeholders. Even within a single project there may be variation for example in a regulated project/environment any risk that may directly impact quality will probably have a low tolerance, other areas within the project may be higher. The other major factor is the risk appetite of the Manager. The project related factors should be the main driver but if you are a naturally risk averse person then you should at least be aware of how that will impact your decisions and behaviour.
They should take risks safely. Depending on the nature of the risks there's always a safety net somewhere a contingency which is there to fall back on if things didn't work out. Part of obtaining the management position comes with a requirement of being bold and brave confident in going that extra mile and taking actions responsibly.
