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.

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