abt02206 BSBOPS 302 Yosep Knowledge

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The University of Adelaide *

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BSBOPS302

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Business

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Apr 3, 2024

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docx

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4

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Assignment Name: BSBOPS 302 Knowledge Course Name: Certificate III business Student Name: Yosep Monier Nababan Student ID: BPU2AK3YCH Assessor Name: Ann Grenci Date Submitted: 03/07/2023 Student Declaration I agree to undertake assessment in the knowledge that information gathered will only be used for assessment purpose and can only be accessed by the AIBT I declare that: The material I have submitted is my own work. I have kept a copy of all relevant notes and reference material that I used in the production of my work. I have given references for all sources of information that are not my own, including the words, ideas, and images of others. Student Signature: Yosep Date: 03/07/2023
1. Explain the risk management process. You may answer by writing one or two sentences or by drawing a diagram. The risk management process involves establishing potential risks, where people identify and analyze threats that could impact their objectives, and then planning mitigation strategies to minimize the potential impact of these risks. In response to the identified risks, they implement the risk management plan, which includes monitoring and adjusting the strategies as needed, to effectively control the potential outcomes. 2. List the three source categories of risk in business. a. Operational Risks: Risks from day-to-day work. This could be problems with making products, delivering services, dealing with workers, or using technology. b. Financial Risks: Risks about money. This can include changes in money value, borrowing costs, debt, cash flow, and managing capital. c. Strategic Risks: Risks about long-term plans. This can include problems with competition, customer needs, company reputation, buying other businesses, and changes in politics or the economy. 3. Describe the difference between internal sources of risk and external sources of risk. Internal sources of risk originate from within the business itself. These are elements that the business can often control or manage, such as personnel issues or operational processes. In contrast, external sources of risk are factors outside the business's control. These can include market fluctuations, regulatory changes, or natural disasters. 4. Provide one example of an internal risk. An example of an internal risk in cleaning service work could be a lack of trained staff, which can affect the quality and efficiency of cleaning jobs. This is an internal risk because it's something the business can control, like hiring more staff or providing additional training. 5. Provide one example of external risk. An example of an external risk might be a new regulation requiring certain environmentally friendly cleaning products that the business isn't currently using. This is an external risk because it's an external change that the business has no control over but needs to adapt to. 6. For each example in the table, select the source of the risk (circle the correct answer). The first example has been completed for you. Example Source category Pandemic results in extended business closure natural human economic Minimum wage is increased natural human economic Incorrect number of parts are ordered natural human economic Cyclone disrupts a flight schedule natural human economic Incorrect product price is displayed on the business website natural human economic Market value of properties owned (e.g. houses) decreases natural human economic
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