Preview

Tuan Anh

Satisfactory Essays
Open Document
Open Document
612 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Tuan Anh
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

You May Also Find These Documents Helpful

  • Satisfactory Essays

    Disaster recovery and business continuity planning are processes that help organizations prepare for disruptive events. Management's involvement in this process can range from overseeing the plan, to providing input and support, to putting the plan into action during an emergency.…

    • 494 Words
    • 2 Pages
    Satisfactory Essays
  • Satisfactory Essays

    Project Part 2 Task 2

    • 461 Words
    • 2 Pages

    The Business Continuity Plan is designed to prepare an organization to continue doing business when a disaster strikes. The BCP differs from the traditional disaster recovery plan in the fact that a BCP covers all aspects of the business and incorporates the DRP as part of it. The DRP focuses on restoring data and on information technology only.…

    • 461 Words
    • 2 Pages
    Satisfactory Essays
  • Satisfactory Essays

    robbins_coulter_p324

    • 382 Words
    • 2 Pages

    * How might managers use scenario planning in preparing for such disasters? (Scenario planning is discussed in the Planning and Control Techniques module.)…

    • 382 Words
    • 2 Pages
    Satisfactory Essays
  • Powerful Essays

    nt2580 lab 6

    • 1092 Words
    • 5 Pages

    2. What is the difference between a Disaster Recovery Plan and a Business Continuity Plan?…

    • 1092 Words
    • 5 Pages
    Powerful Essays
  • Powerful Essays

    From a planning and implementation perspective people are a major factor in business continuity efforts. When a natural disaster strikes, some or all of your employees will be impacted. Loss of life or serious injury is a real possibility. As you evaluate business functions and processes, you will also need to identify key positions, knowledge, and skills needed for business continuity. "The BC/DR plan needs to look at key positions within the company and understand the role of each in the business continuity realm." (Business Impact…

    • 1932 Words
    • 8 Pages
    Powerful Essays
  • Powerful Essays

    Nt2580 Notes

    • 1034 Words
    • 5 Pages

    A plan designed to help an organization continue to operate during and after a disruption…

    • 1034 Words
    • 5 Pages
    Powerful Essays
  • Satisfactory Essays

    Lab 6

    • 817 Words
    • 4 Pages

    4. Why is it important to have detailed backup and recovery steps within your disaster recovery plan (DRP)?…

    • 817 Words
    • 4 Pages
    Satisfactory Essays
  • Better Essays

    Business Continuity and Disaster Recovery Planning Definition Disaster: is a natural or man-caused event that damages property and assets, injures or kills people, and impairs the ability for organizations to continue operating. Business Continuity Planning: is the set of activities required to ensure the continuation of critical business processes when a disaster occurs. Disaster Recovery Planning: is the set of activities concerned with the assessment, salvage, repair, and restoration of damaged facilities and assets that support critical business processes.…

    • 1114 Words
    • 10 Pages
    Better Essays
  • Good Essays

    A crisis management plan consists of six steps; Predict, Position, Prevent, Plan, Persevere and evaluate (Miller, 2005-2011). Predict means to plan for the worst. Anticipate what types of issue’s could occur and identify them. Step two, Position, decide what position the company will take on each issue. Step three, Prevent, take steps to prevent these issues from ever occurring, whether that be new equipment, safety training and safety policies. Step four, plan, in case the preventative measure’s do not work create a plan of action of how the company will handle the crisis. Persevere, follow your plan and stick to it. Remain calm and professional when dealing with the crisis. Finally Evaluate, if a crisis does occur reflect back on the results and…

    • 692 Words
    • 3 Pages
    Good Essays
  • Good Essays

    Client Request Ii

    • 480 Words
    • 2 Pages

    According to Schroeder, Clark, & Cathey (2011), a contingency is a possible future event that will have some impact on the firm (p. 369). The most frequently encountered contingencies are pending lawsuits, income tax disputes, notes receivable discounted, and accommodation endorsements.…

    • 480 Words
    • 2 Pages
    Good Essays
  • Satisfactory Essays

    MGT330 Week 1 Quiz

    • 514 Words
    • 6 Pages

    When a manager must react to crises and emergencies on the basis of preset plans.…

    • 514 Words
    • 6 Pages
    Satisfactory Essays
  • Powerful Essays

    Describe how to carry out a risk assessment for an activity at the selected event…

    • 2836 Words
    • 11 Pages
    Powerful Essays
  • Better Essays

    The development of contingency planning is essential to implementing and developing an emergency preparedness program that is comprehensive. According to NIST, there are five main components of contingency…

    • 805 Words
    • 4 Pages
    Better Essays
  • Powerful Essays

    In the event of an emergency, an emergency plan establishes authority. It lays out who should be doing what and who needs to take charge of the whole situation. Everybody knows exactly what to do, where to be and there is no confusion. The plan includes emergency evacuation routes. This is crucial in health and safety as it ensures that all involved are able to find the quickest and safest way of leaving the building. This can help to reduce injury and save lives. An emergency plan enables training opportunities. It can identify who is trained, who needs training and any additional training that may be needed to handle such emergencies. An emergency plan also enables co-ordination with other agencies. It enables the company and outside agencies to work together to ensure that training is all up-to-date and should there be an unforeseen circumstance, all persons involved know what to do. It ensures that the Company…

    • 4649 Words
    • 19 Pages
    Powerful Essays
  • Good Essays

    Chapter14 Prep 2

    • 1158 Words
    • 5 Pages

    The challenge in planning is that planning is essentially forecasting future actions and events. Most actions or events are dependent upon contingencies that must occur in order for the plan to be successful. The highly competitive nature of today's marketplace requires planning that can accommodate changes so management plans continue to stay on target.…

    • 1158 Words
    • 5 Pages
    Good Essays

Related Topics