Risk and Uncertainty Explained

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Business

A-Level Business

AQA

Last updated 12:42 PM on 6/5/24
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4 Terms

1
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What is a risk?

The possibility that events will not occur as planned/hoped- i.e., go wrong

2
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What is uncertainty?

The unpredictable and uncontrollable events that affect business decisions and actions

3
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What are the examples of risk in business?

  • Cyber-security and Fraud

  • Environmental damage

  • Supply Chain Shocks

  • Changing Regulation and Legislation

  • Economic Change

4
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Examples of uncertainty in business?

  • How will the market respond to changes in the marketing mix? E.g. Price increase

  • Will a new business achieve its break-even output?

  • Will suppliers prove reliable if used for the first time?

  • How many employees will leave this year?