The Edmondson Blog

Risks and Gambles

During the Second world War, the German general Erwin Rommel, once made a distinction between a risk and a gamble. Both involve an action with only a chance of success, a chance that is heightened by acting with boldness. The difference is that with a risk, if you lose, you can recover, your reputation will suffer no long term damage, your resources will not be unduly depleted and you can return to your original position with acceptable losses. With a gamble there is no going back and the road may well lead onto disaster.

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