Strategic thinking demands weighing risks from "summary" of How to Think Strategically by Greg Githens
Strategic thinking involves considering potential risks and uncertainties that could impact the success of a strategy. When making strategic decisions, it is essential to not only focus on the potential rewards but also to carefully weigh the potential risks involved. Risk assessment is a critical aspect of strategic thinking because it allows you to anticipate potential challenges and develop contingency plans to address them. By evaluating risks, you can make more informed decisions and increase the likelihood of achieving your strategic objectives. To effectively weigh risks, you must consider the probability and potential impact of various risks on your strategy. This involves conducting a thorough analysis of both internal and external factors that could influence the success of your strategy. By identifying and assessing potential risks, you can proactively mitigate them and minimize their impact on your strategic outcomes. It is also important to recognize that not all risks are equal. Some risks may have a higher likelihood of occurring but a lower i...
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