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27 July, 13:11

A small manufacturer has won a major contract with the US Army to develop a new generation of satellite phone for battlefield applications. Because of the significant technological challenges involved in this project and the company's own size limitations and lack of experience in dealing with the Army on these kinds of contracts, the company decided to partner with another firm in order to collaborate. This decision would be an example of what kind of response to risk

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  1. 27 July, 13:19
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    Share.

    Explanation:

    Risk can be defined as the possibility of a bad occurrence which could be as a result of external factors. It could also be referred to as an uncertainty that is when things do not likely work out as initially planned.

    Risk is an unplanned eventuality which could have a positive or negative impact on a business. Ability to manage risk is a very vital part for the growth of the company.

    Share risk response approach is used when a situation arises and the organisation cannot tackle it on their own, this forces them to employ the services of another company so that they can both share resources and work together for the completion of the project. In this type of strategy the profit realized is shared equally between both parties.
  2. 27 July, 13:21
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    Share.

    Explanation:

    There are four basic risk response strategies (positive):

    1. Exploit. This is taking maximum advantage (of the opportunity given by eliminating uncertainty by hiring the best workers.

    2. Enhance. This is increasing the probability of success of an opportunity. This can be done by adding more resources to the project.

    3. Share. This involves delegation of some of the opportunity to another party. This may involve the use of teams.

    4. Accept. This involves taking advantage of an opportunity if it ever arises but not directly pursuing the opportunity
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