Management and Organizational Studies 2275A/B Study Guide - Midterm Guide: Sunday Shopping, Risk Management, Liquidated Damages

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

Document Summary

Risk management: everytime we talk about legal issues we talk about this. We always wanna know what the risk is and whats the potential return. Identify risk, then you quantify it- how big is it and how likely is it. Risk reduction- saying its a lot of money, so you want to mitigate the risk and take steps to do this. Risk shifting- transferring the risk to someone else. In business we buy insurance, so if risk does occur and harm is significant that"s okay because we shifted it to a 3rd party. Risk acceptance- just accept it, don"t bother to take real strategy to deal with because they aren"t important enough to deal with. Rules that we have to abide by- not just house rules you have to comply. A set of rules, established by the government, and enforced by the government .