This paper by Kent D. Miller from Purdue University addresses the lack of a comprehensive framework for managing risks in international business. The author critiques the current literature, which often focuses on specific uncertainties like political or foreign exchange risks, while neglecting other interrelated uncertainties. Miller proposes a multidimensional framework to categorize the uncertainties faced by firms operating internationally and outlines both financial and strategic responses to these risks. He emphasizes that "risk" should be understood as the unpredictability in corporate outcomes, and "uncertainty" refers to the unpredictability of environmental or organizational variables that impact performance. The paper argues for a more integrated approach to managing risk, recognizing the interconnectedness of various uncertainties, rather than treating them in isolation.This paper by Kent D. Miller from Purdue University addresses the lack of a comprehensive framework for managing risks in international business. The author critiques the current literature, which often focuses on specific uncertainties like political or foreign exchange risks, while neglecting other interrelated uncertainties. Miller proposes a multidimensional framework to categorize the uncertainties faced by firms operating internationally and outlines both financial and strategic responses to these risks. He emphasizes that "risk" should be understood as the unpredictability in corporate outcomes, and "uncertainty" refers to the unpredictability of environmental or organizational variables that impact performance. The paper argues for a more integrated approach to managing risk, recognizing the interconnectedness of various uncertainties, rather than treating them in isolation.