Management and Organizational Studies 2275A/B Lecture Notes - Lecture 1: Variety Store, Shoplifting, Alternative Dispute Resolution

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

Document Summary

If it is likely to occur but not costly, you may not do anything about it. I. e. parking in an illegal spot for 5 minutes. If you own a variety store, you can"t avoid shoplifters. But, you don"t sell anything for over 20: the idea of transporting dynamite through downtown toronto non-specialized vehicles, will probably go horribly wrong, may avoid the risk because it will cost a lot of money. Risk shifting: shifting the risk onto someone else so i am not responsible. I. e. the risk of occurring is low, but it will cost a lot of money if it does: can shift the responsibility to someone else. Risk acceptance: risk acceptance occurs if it is unlikely the result will turn really bad. Definition: the law : a set of rules, established and enforced by the government, has to be linked to the government, this is what separates law from other rules.