Daniil E. Panik

In his 1962 work The Structure of Scientific Revolutions, Thomas Kuhn defined a paradigm as a set of concepts that form the foundations of a scientific field. He presents revolutions as shifts in existing paradigms, and the phrase "paradigm shift" has since entered the language of science and business. Risk is a concern in both science and business, and this chapter examines paradigms of risk and whether a shift is needed. Despite our avoidance of negative experiences that are often interpreted as the result of hazards, there is no general methodology for managing risk. This statement may seem...