lecture 1b.docx

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Department
Business Administration
Course
BUSI 3623
Professor
Randall Balcome
Semester
Fall

Description
The three steps in risk management are o identification evaluation and responseAlpha Corp has discovered that one of its products is potentially dangerous It therefore has purchased liability insurance It has employed a form of risk management known as o risk shiftingBetta Inc has discovered that one of its products is potentially dangerous It therefore pulled that product from the store shelves before any were sold It has employed a form of risk management known as o risk avoidanceGamma Co has discovered that one of its products is potentially dangerous That danger however is not great There is only a small chance that someone will be hurt and even if someone is hurt the injury will not be lifethreatening Gamma Co therefore has decided to do nothing about the danger It has employed a form of risk management known as o none of the aboveIn an effort to increase sales Delta Ltd hired Chandra a marketing expert Because Delta was concerned about being held responsible for any torts that Chandra might commit it arranged to hire her as an independent contractor rather than an employee It has employed a form of risk management known as o risk shiftingEpsilon Inc has recently retained the services of No
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