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Risk Management Flashcards | StudBud

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Risk Management

5 terms·StudBud Administration·12 plays

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Questions 5

Answers

1
What could happen if you don't manage risk?
Failure to manage risk results in increased vulnerability to threats
Not managing risk may cause project delays and cost overruns
Possible lawsuits and loss of customer trust
It could result in missed opportunities and damaged reputation
2
Why is it important?
It guarantees that nothing could go wrong for the business
Can prevent potential lawsuits and maintain trust with customers
It helps businesses make more money by ignoring potential threats
It allows companies to avoid taking any risks altogether
3
How can you avoid risk?
A company can avoid risk by relying on luck and hoping for the best
A company can avoid risk by ensuring nothing changes in their operations
By posting signage of warning of possible injury or death
A company can avoid risk by never making any decisions or investments
4
Which is an example of preventing risk?
A manufacturer skips safety checks to focus solely on production speed
Disney posting signage of the dangers of each ride in the que lines
A retail chain opens stores in high-risk areas without a recovery plan
A company avoids cybersecurity because they don't think they'll be hacked
5
What is Risk Management?
Buying insurance to cover all potential losses
Strategically creating beneficial risk
Predicting future outcomes of every possible choice in a business
The process of reducing and minimizing risk