This assignment is designed to encourage you to think about the application of concepts learned in this unit in a real world scenario. This assignment, indeed, is interesting as it explains how the application of “precautionary principle” could lead to dramatic changes in decision making process.
Economics For Managers
The Economics For Managers assignment gives us the strong opportunity to understand the managerial economics.This is also known as Business Economics.In recent times we have seen that there has been an increase in the popularity of the “Precautionary principle”, but we are yet to see its effect come in use. The Precautionary principle can be put to use in many fields like the nuclear power, climate change, new drugs, war and many other things. Thus in this article we talk about the use of this principle whenever there is any increase in the risk of any kind of damage being done to any individual’s health or the environment. The way this principle is to be applied is still to be discovered, and learned by all the parties which are prospectively influenced by it. In the principle all the available alternatives and their results should be considered. In order to ensure that the strategy is full proof and can take care of all the risks, there is a need of implementation of the strategy and look out for the risks involved. Thus we cannot avoid going through a risk–risk examination. Thus, no matter how much the risk research varies from, or is incompatible with, the preventive norm, the final logically closes up with risk judgment (Baranchuk et al, 2011).
The chief objective of the editorial is to make us understand that the primary task of hazard inspection in reference to the protective norm is to create as much as strategies and guides possible in order to tackle with the troubles that arise from situations of uncertainty, complication and indistinctness. Thus the only purpose of this principle is to get rid of the commotion created by the risk in a manner that is economical and suited to the community. In certain severe cases if the advantages are irresistible then it is ok to take a risk. In these kinds of circumstances, as per the requirement the threats are assigned to protective methods for the better and controlled valuation and to bring in more attentiveness. In either situation, the level of anticipation will be more.