AS 91381 (3.3) Apply business knowledge to address a complex problem in a given global business context. INTRODUCTION. Complex problems facing businesses. CRISES A crisis is usually an unforseen event that threatens the business in some way. Crises a business might face include:
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AS 91381 (3.3)Apply business knowledge to address a complex problem in a given global business context
A crisis is usually an unforseen event that threatens the business in some way. Crises a business might face include:
A quantifiable risk is definite and able to be measured financially. It is an insurable risk, such as fire or earthquake damage.
An unquantifiable risk is a threat that is impossible or extremely expensive to insure against. An example would be the ‘hit’ the company feels from a public relations disaster.
A contingency is an uncontrollable event that is not anticipated for in the business plan.
Contingency planning involves establishing the immediate steps to be taken by the business in the event of a crisis or emergency.
Benefits of contingency planning
Limitations of contingency planning