Briefly outline a strategy that a firm could adopt in order to manage risk.
What will be an ideal response?
Though risk cannot be completely avoided, there are strategies that can be used to minimize the likelihood and magnitude of losses. The best strategy is to develop a business environment that minimizes the probability of the event occurring and the amount of loss that can be experienced if the event does occur. This is done by using the following methods:
(1) Making specific plans for and arrangements to deal with foreseeable events.
(2) Creating and enforcing an appropriate code of conduct for yourself and all employees.
(3) Ensuring that valuable assets are physically secure.
(4) Actively working to get rid of any physical hazards in your workplace.
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List and describe the hierarchy of management levels.
What will be an ideal response?
Identify the following group of words: What an outstanding proposal Landon created
A) command B) statement C) question D) exclamation
A foundry produces circular utility access hatches (manhole covers). If 120 covers are produced in a 10-hour shift, the productivity of the line is:
A) 1.2 covers/hr. B) 2 covers/hr. C) 12 covers/hr. D) 1200 covers/hr. E) 120 covers/hr.
Negotiation is noncritical means to convey the buyer's specific sourcing requirements and specifications to its supply base
a. True b. False Indicate whether the statement is true or false