What is Risk Management?
In the last video, I explained the four main functions of management according to popular management theory, which are: planning, organizing, leading, and controlling. For clarity, I used the example of a CEO aiming to grow sales by 20%.
In this video, I will answer the questions: What is risk? Why should risk be managed in business? And what is risk management?
For the answer to the final question, I will reference Business Studies notes presented by the Limpopo Department of Education.
In the next video, I will elaborate on the points shared here, using a real-life example of a risk that is familiar to South Africans.
The information provided is aligned with the South African NSC, CAPS curriculum for FET Phase, Grade 10-12 Business Studies, Business Operations.
Practical Application – 2024 Snowstorm
The following video dives deeper into the five aspects of risk management mentioned above, applying them to the recent snowstorm that hit parts of KZN, Free State, and Gauteng in South Africa. This event disrupted economic activities and left the country in shock.
For business learners, this provides a real-world example of how risk management principles are applied in practice, which you can also use to earn originality marks in the essay section of your Business Studies exams.
Other Related Posts
What Are the Four Management Tasks?
What Are The 8 Business Functions? A Simple Explanation
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