Risk management is a term every business owner is familiar with. Individuals who lack experience in business usually think about it as some concept applied here and there. But this cannot be farther from the truth.
In reality, risk management is something the managerial staff constantly goes through in evaluating their organization’s capabilities for investing in an array of fields, from employment to purchasing stocks.
At the same time, we can see this term is often used in video games and online gambling. In both cases, the core of the principle remains the same.
Invest only what you can spare and try to reap the profits. Within the gambling industry, this term has become quite well-known.
But now we want to focus on video games and see whether they can teach us about risk management better than our daily business activities, and in the end, our boss, and how.
Resource Management
The first, and probably the most important, thing you can learn from video games is resource management. That’s not to say all the titles out there can provide a practice of this sort.
We are mainly talking about genres like:
- RPG – Role-Play Games
- MMORPG – Massively Multiplayer Online Role-Playing Game
- FPS – First-Person Shooter
- RTS – Real-Time Strategy
Those with a hundred hours of experience under their belt know exactly how it works in titles of this genre. The player invests, or preserves resources, to beat opponents.
Surely, there are countless ways this can be done. It depends on the title itself and what kind of in-game mechanics the title utilizes. Nevertheless, the principle remains the same as in the business world. But there is one major aspect we need to point out.
Human interactions are much more complicated than in-game relationships, which are pretty straightforward.
While video game titles are quite useful for learning the core of resource management, by outlining the major principles and getting familiar with them in practice, they are much simpler than the ones found in the real world. Numerous studies have shown that gamers have a much better idea about resource management than individuals who lack that sort of experience, as they are more ready to adapt to different circumstances.
Not to mention that resource management is also important when indulging in games on online casinos, like Spincasino. The players must be mindful of their budgets and know how to allocate their funds wisely across different games.
This includes understanding the odds, knowing when to bet more aggressively, and when to conserve resources. And to translate it to resource management jargon, they focus on making the most efficient use of their resources by eliminating waste for more profits and a high return on investment.
The Cruciality of Data
Not being aware of certain information is not a big problem. It is not realistic to expect someone to know all about a field they lack interest in, right?
But in business, the lack of knowledge is something that can come with numerous consequences, especially if an individual is extremely unlucky to avoid them. The same goes for gambling. It is something we can also say about video games.
Numerous video game titles emphasize the importance of data. They do not rely only on, let us say, mechanical skills to overcome a level or an opponent.
Players need to follow the story carefully and to know exactly what they should do at a particular moment. Sometimes, even the timing is of the utmost importance. But again, knowing exactly what to do and how to do it is way more important.
It is a powerful lesson for business owners and their employees. There are many situations where taking action and knowing precisely what needs to be done will make all the difference.
Also, knowing all the things needed to understand the complexity of the situation plays a major role. You will certainly agree this is a powerful lesson video games can teach us and we can implement in our business strategies.
Communication
While it may not seem like that at first, communication plays an important role in risk management.
The reason why this is so important is that when you are a part of the team, you are bound to share responsibilities with your fellow team members.
Knowing exactly the right way to say something and knowing the timing can lead to success. The lack of communication often leads to a pitfall, unless you’re really lucky.
The same goes for risk management. If you share proper information with your teammates about a certain situation, the chances of your efforts being more successful will rise significantly.
Not to mention that poor communication can cost the company a lot of money, and potentially, it can cost you your job. Nobody likes it when that happens, right? Multiplayer video games show us exactly how important communication is.
Adequate Preparation
The final thing we want to address is adequate preparation. Sure, this sounds like a no-brainer, but if you scratch the surface a little bit, you will see just how extremely common inadequate preparation is. When we say extremely common, we really mean extremely, like an everyday thing.
Sadly, people take information for granted and they many times do not affect what they will say or do in the long run. That is a big problem.
RPG titles are especially important for learning how to prepare adequately. Big titles like “The Elder Scrolls: Skyrim” or “Baldur’s Gate 3” teach us the importance of preparing before players go on a quest or multiple quests at once.
It doesn’t matter if we are talking about purchasing adequate weapons or filling the inventory with healing or mana potions, getting prepared makes the difference between success and failure.
The same logic can be applied in risk management. How? Well, you cannot invest or hire new employees if you lack the resources to support your decision.
In fact, doing so without having proper preparation can cause a massive problem that can affect the whole organization, not just one department. A small mistake like this can shake the company’s foundation.
In RPG titles, inadequate preparation means failure and respawning. In business risk management, making a mistake of this sort can lead to way more severe consequences.
That is why adequate preparation is so important.
Final Thoughts
We can learn many things from gaming. For a while, this was just a theory, but we now have studies that show this to be the fact.
Not to mention the practical side of things also confirms this.
