Risk as a factor in strategic management

Over the last two decades, management has transitioned from emphasis on goods production to a post-industrial era where the operating environment has changed drastically. High technology applications have decreased the product life cycle by fostering greater engineering efficiency and new processes resulted in greatly reduced development times. Coupled with the ever increasing uncertainty of governmental regulations and removal of national boundaries to provide increased access to a global marketplace, corporations have recognized the increased risk and are including marketing managers, engineers, and administrators in the strategic planning process. These factors, in combination with greater consumer awareness, have dictated a greater cross disciplinary orientation in management. This paper is a preliminary investigation of available literature and is broad in scope. The assumption is that strategic management, in addition to the customary finance based techniques, must encompass a marketing orientation, ecological issues, technological potential, and socio-political factors in order to be successful