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Business Management Warm-Up 9/28-29/23

Quiz by Nekeisha King-Price

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5 questions
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  • Q1
    What is the purpose of risk management in business?
    To delegate risks to external parties
    To increase profitability by taking more risks
    To eliminate all risks to ensure smooth operations
    To identify and minimize potential threats that may hinder the achievement of business objectives
    To ignore risks and focus solely on opportunities
  • Q2
    What is a common technique used in business risk management?
    Risk indulgence
    Risk assessment
    Risk avoidance
    Risk negligence
  • Q3
    Which of the following is a key component of effective risk management?
    Risk neglect
    Risk amplification
    Risk ignorance
    Risk mitigation
  • Q4
    What is the difference between risk mitigation and risk avoidance?
    Risk mitigation attempts to amplify the impact of a risk, while risk avoidance aims to minimize its impact.
    Risk mitigation involves ignoring and neglecting risks, while risk avoidance involves actively managing and addressing risks.
    Risk mitigation and risk avoidance are the same thing.
    Risk mitigation aims to minimize the impact or likelihood of a risk, while risk avoidance seeks to completely eliminate exposure to the risk.
  • Q5
    What is the purpose of a contingency plan in risk management?
    To eliminate all risks to ensure smooth operations
    To delegate risk management to external consultants
    To celebrate and embrace potential risks
    To provide a predefined course of action in case of an identified risk event
    To ignore and disregard potential risks

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