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Business Planning and Entrepreneurship by Michael Kraten

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Chapter 18

Risk Assessment

About This Chapter

Chapter 18 continues our review of the risk management section by focusing on its second activity—in other words, the activity of risk assessment. Because few organizations possess the resources to address all of the scenarios on their event identification lists, it is necessary to assess each one and then to expend appropriate levels of resources on the highest priority potential crises.

Thus, in this chapter, we describe how event probabilities can be utilized to prioritize among scenarios. We also discuss how expected-value calculations can be utilized to achieve this goal, calculations that encompass both (a) the probability that each event might occur and (b) the resulting impact on the performance ...

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