Risk management for sustainable development

Sustainable development refers to the fulfillment of human needs through simultaneous socioeconomic and technological progress and conservation of the earth's natural systems. Sustainable world progress is dependent upon continued economic, social, cultural, and technological progress. To achieve this, careful attention must also be paid to preservation of the earth's natural resources. Sustainable development is a term generally associated with the achievement of increased technoeconomic growth coupled with preservation of environmental and natural resources. It requires the development of enlightened institutions and infrastructure and appropriate management of risks, uncertainties, and information and knowledge imperfections to assure intergenerational equity, intragenerational equity, and conservation of the ability of earth's natural systems to serve humankind. This paper discusses management strategies for sustainability and the development of appropriate lifecycles for processes that assist in the attainment of sustainable development that take into consideration risks, uncertainties, and information and knowledge imperfections.