BUISENESS MANAGEMENT
RISK MANAGEMENT
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
True
|
|
|
False
|
|
|
Either A or B
|
|
|
None of the above
|
Detailed explanation-1: -Strategic risk management is the process of identifying, quantifying, and mitigating any risk that affects or is inherent in a company’s business strategy, strategic objectives, and strategy execution. These risks may include: Shifts in consumer demand and preferences.
Detailed explanation-2: -Your strategic plan should include a section on risk management. Risk management is about identifying anything that might go wrong with your project and what its potential impact would be. An awareness of risks helps you to prepare for them, so that you’re not blindsided or ‘putting out fires’ as problems arise.
Detailed explanation-3: -There are five basic steps that are taken to manage risk; these steps are referred to as the risk management process. It begins with identifying risks, goes on to analyze risks, then the risk is prioritized, a solution is implemented, and finally, the risk is monitored.