3.6.3 - key factors in change
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10 Terms
factors of change
size of organisation, corporate culture, resistance to change, time/speed of change
internal risk
a factor within the business that could negatively affect it and has more control over
external risk
a factor outside the business that it cannot control that could negatively affect the business
mitigation
reducing existing risks and getting rid of risks before they happen
what can risks harm
a business’ operational or financial security
inflation
reduce costs within the making of the product to reduce product price
risk assessment
formal document that businesses use to identify risk and meaure impact/likelyhood
contigency plan
a strategy that allows businesses to react to unexpected events
contigency plans are
public liability, insurance, security, crisis management, r+d, succession planning
what can’t a business do
plan for everything - but insurance helps