Risk tolerance is willingness of person

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Risk is the distribution of possible outcome in terms of time, cost, and performance of an endeavor, and risk tolerance is the willingness of a person or the organization to accept or avoid such risk (Nayab, N., 2011). To answer the question, I think successful project managers are more risk tolerant because successful leaders possess creative and innovative qualities and characteristics that permits them to take such brave risk. Risk is an essential part of success, it is in the process of risk taking that we learn, grow and progress. Those who are willing to take on such risk are those that are experience enough to trust their expertise and knowledge. Due to the unpredictability and uncertainty that comes with most decision making as well as the aspect of accountability, leaders need not to fear and they have to assume some level of risk in their decision making.

Reference no: EM131721341

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