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Summary Grade 11 Business studies notes on risk management
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excellent detailed business notes/ summary on risk management based off of both textbooks as well as extra notes taken in classes
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Risk managementAnalyzing the probability of an event taking place and
proactively planning to minimize negative effect.
Introduction
World of business has no guarantees to outcomes achieved as high
degree of uncertainty linked to:
Economy of country: growth or recession
Economy on global level
Political developments: like corrupt government officials
Technological advancements
Changes in legislation
Changes in consumer demands
Risk can be an uncertainty, threat, or opportunity
Risk and strategic management
Risk management need to ensure a balance between opportunities
and threats
Risk management should therefore be integrated into strategic
planning
Stratagy: vision, mission, value
statment, organisational struture,
goald and objectives
Risk managment: the alignment
between the business stratagy and
business opperation
Business opperations: implimanting
polocies, managing processes and
monotoring and contoling daily
activities
Risk management in practice
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