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MGT 498 Week 3 DQ2

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Week 3 DQ2
Define risk and how it affects the strategy planning process. In relation to innovation,
sustainability, and the global market, how would you decide whether a risk is worth taking the
chance on when to create a strategic plan? How do you identify risk? What measures should you
use?
Risk is the potential that a chosen activity will lead to a loss. Some companies view risk as an
opportunity. Uncertainties should be closely studied. Businesses should actively manage risks.
Demand flucations, new product launches, brand valuations, asset prices, residual assets and
liabilities, patent risks, and political and weather risks should be studied closely. Ultimately it
comes down to an educated opinion; companies can hire risk consultants.
Companies should use source analysis and problem analysis to identify risk. Source analysis can
be internal or external to the company. Problem analysis are risks that have been identified.
Companies should incorporate risk control and containment measures into business processes.
Companies should reassess risks periodically. Companies may be able to transfer risks to an
external agency. Companies can also avoid risks altogether.

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Week 3 DQ2 Define risk and how it affects the strategy planning process. In relation to innovation, sustainability, and the global market, how would you decide whether a risk is worth taking the chance on when to create a strategic plan? How do you identify risk?? What measures should you use? Risk ...
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Very useful material for studying!

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