Risk and risk management strategies

¶ … Andreas Cebulla addresses individualism and how the theory of risk is affected by it in society. The claim has been made, however, that individualism stops people from retaining meaning and position as to their social class. The risk and risk perceptions are not explored in the modern world as much as they used to be and therefore more research into the issue is needed, which is why the author chose to write the article. The methodology for this particular article was an empirical test and regression analysis that used survey data collected from England. This data was then subjected to tests that looked for risks in the categories of accident or illness, bad customer service, and income loss.

The perception of class affected the income loss risk, but it did not affect the other areas of risk. Value and welfare orientations were more important when it came to what shaped most of the risks. There were, however, some significant variations in the specific risk perceptions and the indicators that dealt with individualism failed to show how these could be explained. One correlation that worked well, however, showed that those that were perceptive of risks and careful to try to avoid those risks largely based that understanding on the amount of risk that they had taken in the future and how well those risks had worked out.