Planning is a multifaceted process that goes beyond the mere anticipation of future events; it involves the careful consideration of resources, timelines, and potential obstacles. One key aspect of planning is risk management, which is the identification, assessment, and prioritization of risks that could impact the success of a plan. By proactively addressing potential challenges, planners can develop risk mitigation strategies to minimize the impact of unforeseen events. This approach not only safeguards against negative outcomes but also enhances the overall resilience of the plan. Moreover, risk management in planning fosters a culture of preparedness, encouraging planners to think critically about uncertainties and develop contingency plans. It also promotes a realistic understanding of potential setbacks, allowing for a more balanced and comprehensive approach to achieving objectives.
Question: How does integrating risk management into the planning process contribute to the overall resilience and success of a plan?
to generate a solution
a solution
- Read Chapter 6, Strategic Risk Management at the LEGO Group, starting on page 93. Review the corporate culture and solutions and history of LEGO Group again. Then answer the questions below and submit your answered document to this dropbox. What are the advantages of integrating ERM with strategy and strategy execution as described in this case? How does scenario analysis as described in this case help an organization to prepare for uncertainties? What are the advantages of using the PAPA model to categorize risks? How would you describe the “Strategic Risk Management Return on Investment” at LEGO?arrow_forwardSeveral organizations across the country have used the concepts of disclosure and transparency to invigorate the traditional risk management model and to encourage a culture of learning. Identify two of the organizations featured in this chapter and describe specifically the guiding principles and practices which form the core of their programs.arrow_forwardIdentify and discuss the most important risk management concerns. When formulating a company's long-term goals, how critical is risk management to the process?arrow_forward
- Why is risk management important in the hospitality and tourism industry? Only typing answer Please explain step by steparrow_forwardQuestionImagine that you have been engaged by this organization after they fell victim to this major cyber attack. Provide the CEO and board of Easyjet with a critical consideration of the key concepts and principles of risk management, so that they are less likely to face this crisis again. Please also include journal academic jornal, online articles and referneces to the solution.arrow_forwardWhat exactly is the meaning of the term "risk management"? Discussing the process of risk management using the graphic is highly recommended.arrow_forward
- In order to implement an effective risk management strategy, what fundamental principles must be adhered to?arrow_forwardAll the answers below are reasons for performing risk management EXCEPT. a. Ensure the occurrence of opportunities b. Planning for known and unknown events c. Elimination of issues d. Reduce the impact of threatsarrow_forwardPlan for the worst-case scenario. Depending on the nature of the issue, a thorough plan for limiting the effect of the risk might take numerous forms?arrow_forward
- You are a risk manager of a school bus company in Hong Kong, your boss owns over 1,000 school buses. During COVID 19, almost all the school buses parked in no covered car park every day because students no need to be back to school. Your boss is considering a partial retention program for physical losses to the school buses. a) Identify the factors that your company should consider before it adopts a retention program for physical damage losses to school buses. b) If a retention program is adopted, what are the various methods you can use to pay for physical damage losses to school buses? c) Identify two risk-control measures that could be used in your company’s retention program for physical damage lossesarrow_forwardAfter identifying and assessing the danger, the next phase is to determine how the risk can be addressed.Describe risk management and discern distinctly between three potential approaches to corporate risks?arrow_forward
- Understanding BusinessManagementISBN:9781259929434Author:William NickelsPublisher:McGraw-Hill EducationManagement (14th Edition)ManagementISBN:9780134527604Author:Stephen P. Robbins, Mary A. CoulterPublisher:PEARSONSpreadsheet Modeling & Decision Analysis: A Pract...ManagementISBN:9781305947412Author:Cliff RagsdalePublisher:Cengage Learning
- Management Information Systems: Managing The Digi...ManagementISBN:9780135191798Author:Kenneth C. Laudon, Jane P. LaudonPublisher:PEARSONBusiness Essentials (12th Edition) (What's New in...ManagementISBN:9780134728391Author:Ronald J. Ebert, Ricky W. GriffinPublisher:PEARSONFundamentals of Management (10th Edition)ManagementISBN:9780134237473Author:Stephen P. Robbins, Mary A. Coulter, David A. De CenzoPublisher:PEARSON