Foundations of Business (Standalone Book) (MindTap Course List)
5th Edition
ISBN: 9781305511064
Author: William M. Pride, Robert J. Hughes, Jack R. Kapoor
Publisher: Cengage Learning
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Chapter 15.1D, Problem 1CC
Summary Introduction
To determine: The ways information decreases risk when a personal or work-related decision is made.
Introduction: Decision making process is consistent and basic part of dealing with any association or business exercises. Decisions are made to maintain the actions of all business activities and hierarchical working.
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You are a security professional that does consulting work for small-sized and medium-sized businesses. You have been approached by a family-owned ice cream shop and asked to perform a risk assessment on its business. The company makes several flavors of homemade ice cream using secret recipes. The recipes are kept on the owner’s laptop. A new ice cream shop is opening down the street, and the company’s owner is concerned about losing business to the new shop.
As a consultant, how can you identify the assets, threats, and vulnerabilities for this business?
1) All of these are risk management approaches except
a) Risk avoidance
b) Risk acceptance
c) Risk conformance
d) Risk transference
Why is recognizing and describing a business risk important?
Chapter 15 Solutions
Foundations of Business (Standalone Book) (MindTap Course List)
Ch. 15.1D - Prob. 1CCCh. 15.1D - Prob. 2CCCh. 15.1D - Prob. 3CCCh. 15.1D - Prob. 4CCCh. 15.2B - Prob. 1CCCh. 15.2B - Prob. 2CCCh. 15.2B - Prob. 3CCCh. 15.3E - Prob. 1CCCh. 15.3E - Prob. 2CCCh. 15.3E - Prob. 3CC
Ch. 15.4C - Prob. 1CCCh. 15.4C - Prob. 2CCCh. 15.4C - Prob. 3CCCh. 15.5D - Prob. 1CCCh. 15.5D - Prob. 2CCCh. 15.5D - Prob. 3CCCh. 15.5D - Prob. 4CCCh. 15.6D - Prob. 1CCCh. 15.6D - Prob. 2CCCh. 15.6D - Prob. 3CCCh. 15.7 - Prob. 1CCCh. 15.7 - Prob. 2CCCh. 15.8 - Prob. 1CCCh. 15.8 - Prob. 2CCCh. 15 - Prob. 1DQCh. 15 - Prob. 2DQCh. 15 - Prob. 3DQCh. 15 - Prob. 4DQCh. 15 - Prob. 5DQCh. 15 - Prob. 6DQ
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, marketing and related others by exploring similar questions and additional content below.Similar questions
- In what way does Information System Risk Management differ from other risk management techniques?arrow_forwardNo written by hand solutionarrow_forwardWhy do managers' abilities to access information quickly utilizing a Management Information System differ from the skills offered by a Decision Support System?arrow_forward
- Discuss the concept of risk management and its importance in protecting an organization's assets and reputationarrow_forwardYour manager has asked for your thoughts on how to increase the likelihood of a new information system being successfully implemented by members of the company's finance department, and he or she has asked for your feedback. Explain any five suggestions you have for him.arrow_forwardi need the answer quicklyarrow_forward
- In 5 to 8 sentences, answer the question: Am I a risk taker or am I risk averse? Since risk is inherent, what actions do you do to minimize the impact of risk in your daily activities? Provide a concrete example or situation and discuss how you minimize the risks present. Definition of Terms:• Risk• Risk Management• Uncertainty• Risk averse• Risk tolerance• Mitigated Risk• Risk analysis• Risk avoidance• Probability• Consequencearrow_forwardAssume you are a system analyst in charge of a new Banking Information System that is being developed specifically for the organization you work for. Discuss any 5 key steps you will take to ensure the project succeeds. The project is currently at the time at which the problem is being identified.arrow_forwardIt is crucial to address key areas of concern while managing risks. How does risk management factor into the decision-making process of a business?arrow_forward
- NIVERSITY E You are conducting a qualitative risk assessment for your organization. The two important risk elements that should weigh most heavily in your analysis of risk are probability and cost B impact C availability D likelihoodarrow_forwardWhen it comes to information asset risk management, who usually takes the lead?arrow_forwardWhat the difference between risk management and uncertaintyarrow_forward
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