[Management and Organizational Studies 2275A/B] - Final Exam Guide - Ultimate 23 pages long Study Guide!

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2275A/B
• Professor: Philip King

Document Summary

Legal risk management: risk avoidance - don"t do what your doing (ex. Bungee jumping business: risk reduction - take steps to minimize risk (ex. Hire experts, get advice to do it properly, buy good ropes: risk shifting - buy insurance (put risk on someone else), pay money to shift risk to someone else, risk acceptance - accept the risk, self insurance . Probability of there being harm on one side(high-low) then the magnitude of the harm. *if its low no need to spend any managing time on risk. *if its low amount of harm with high probability or low likely of harm but high magnitude is likely to look at risk. *if high in both then definitely should be looking at a different business. Business law a set of established rules governing commercial relationships, including the enforcement of rights. Protects business ideas and more tangible forms of property. Provides mechanisms that permit business people to select their desired -