Nerija Banaitiene

Associate ProfessorVilnius Gediminas Technical UniversityLithuania

Dr. Nerija Banaitiene is an Associate Professor at the Department of Property Management and Construction Economics of the Vilnius Gediminas Technical University, Lithuania. She has worked in several national and international research projects on retrofit of public buildings and innovation in construction sector SMEs. She has published more than 20 articles in journals such as European Journal of Operational Research, Omega, International Journal of Environment and Pollution, International Journal of Strategic Property Management, and Technological and Economic Development of Economy. Her current research interests focus on the areas of project management, risk management in construction projects, multiple criteria analysis and its applications in building life cycle assessment for decision making.

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Every business and decision involves a certain amount of risk. Risk might cause a loss to a company. This does not mean, however, that businesses cannot take risks. As disengagement and risk aversion may result in missed business opportunities, which will lead to slower growth and reduced prosperity of a company. In today's increasingly complex and diverse environment, it is crucial to find the right balance between risk aversion and risk taking. To do this it is essential to understand the complex, out of the whole range of economic, technical, operational, environmental and social risks associated with the company's activities. However, risk management is about much more than merely avoiding or successfully deriving benefit from opportunities. Risk management is the identification, assessment, and prioritization of risks. Lastly, risk management helps a company to handle the risks associated with a rapidly changing business environment.

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