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Managing Risk

1. Why risk management is an important component of business operation? Explain Trong file: Risk management - Business Challenges.pdf (http://samples.jbpub.com/9780763791872/91872_CH01_p001_028.pdf ) Từ trang 13 đến 18

2. Is every business risky? Discuss by giving examples.
Risk Management for small business owners.pdf (https://secure.cmax.americanexpress.com/Internet/Acquisition/US_en/AppContent/ContentConfiguration/OPEN/ngaosbn/sbsapply/web/dynamicapp/resources/BOLT_RiskManagement_WhitePaper.pdf ) (trang 5)

http://smallbiztrends.com/2011/11/is-small-business-risky.html http://www.socialmediaexplorer.com/digital-marketing/is-business-as-usual-risky-business/ 3. What is contingency plan (ke hoach ngau nhien)? Briefly discuss the importance of contingency plan.

Managing Risk - Contingency Planning
A contingency plan is an outline of procedures to follow in case of a major event, such as a server crash or building fire. A contingency plan is a written way of saying, that should a problem arise, you have thought of ways to prevent the loss of vital information or reduce the impact to your business. Many quality driven organizations and companies have contingency plans not only for individual systems, but for whole departments.

Businesses prepare contingency plans because things do go wrong from time to time.  Contingency planning involves: • Preparing for predictable and quantifiable crises
• Preparing for unexpected and unwelcome events
The aim of contingency planning is to minimise the impact of a foreseeable event and to plan for how the business will resume normal operations after the event. The key stages in contingency planning are:

• Recognise the need for contingency planning
• Identify possible contingencies (all the possible adverse and crisis scenarios) • Specify the likely consequences
• Assess of the degree of risk to each eventuality
• Determine risk...
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