13473750
Description
Mind Map by AyItsLily I, updated more than 1 year ago
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Created by AyItsLily I
over 6 years ago
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Risk and uncertainty
- Risk...
- Risk: Chance that something positive may occur (AO1)
- + investing £1 million into a new business (AO2)
- + investing £1 million into a new business (AO2)
- - Reward outlines the possible return from taking a risk (AO1)
- 1) Quantifiable risk: Type of risk that we can put a value
on and also has an element of predictability (AO1)
- + Theft of key equipment (AO2)
- + Theft of key equipment (AO2)
- 2) Un-quantifiable risk: Unexpected events that we
cannot put a value on and is unpredictable (AO1)
- + Change in trend (AO2)
- + Change in trend (AO2)
- Reducing the level of risk...
- - Diversify the customer base (AO1)
- - Good planning (AO1)
- - Good relationships with suppliers (AO1)
- - Don't over pay on assets (AO1)
- - Diversify the customer base (AO1)
- Risk: Chance that something positive may occur (AO1)
- Uncertainty...
- Uncertainty: The inability to calculate the pros or cons of a decision (AO1)
- + Investing £1 million into a new business without being able to calculate potential profits (AO2)
- Internal...
- 1) Technical uncertainty (AO1)
- 2) Stakeholder uncertainty (AO1)
- 3) Organisational uncertainty (AO1)
- 1) Technical uncertainty (AO1)
- External...
- 1) Economic uncertainty (AO1)
- 2) Political uncertainty (AO1)
- 3) Competitive uncertainty (AO1)
- 1) Economic uncertainty (AO1)
- Uncertainty: The inability to calculate the pros or cons of a decision (AO1)
- - The business can plan for future problems (AO3)
- - More likely to be financially better off in harder times (AO3)
- - More money to advertise (AO3)
- - Make decision making quicker (AO4)
- - How well they can forecast future problems (AO4)
- - Whether they can meet their objectives (AO4)
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