GK
BUSINESS MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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consists of minimizing the effects of risks, improving existing business systems and investing in new resources
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employment laws, restrictions on trade, tax policies
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involves estimating the cost of the risk to the business if it occurs
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government regulations, foreign influences
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technical failures, not keeping up-to-date with technology
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Detailed explanation-1: -Mitigate the Risk This strategy aims to reduce the likelihood that the threat will occur or minimize the impact in the chance it does happen.
Detailed explanation-2: -Risk management is the process of identifying, assessing and controlling threats to an organization’s capital and earnings. These risks stem from a variety of sources, including financial uncertainties, legal liabilities, technology issues, strategic management errors, accidents and natural disasters.
Detailed explanation-3: -SWOT analysis is a risk management technique to measure the strengths, weaknesses, opportunities, and threats of a project to help identify all the potential risks. You can start the SWOT analysis by determining the strengths of your project or business to identify any positive risks.
Detailed explanation-4: -Prioritize. Buy Insurance. Limit Liability. Implement a Quality Assurance Program. Limit High-Risk Customers. Control Growth. Appoint a Risk Management Team.