Principles of Management
OER 2019 Edition
ISBN: 9780998625768
Author: OpenStax
Publisher: OpenStax College
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Textbook Question
Chapter 4.2, Problem 2CC
Why do change and shifts and technological developments create both challenges and new opportunities for business?
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Chapter 4 Solutions
Principles of Management
Ch. 4.1 - Define the components of the internal and the...Ch. 4.1 - What factors within the economic environment...Ch. 4.1 - Why do demographic shifts and technological...Ch. 4.2 - What factors within the economic environment...Ch. 4.2 - Why do change and shifts and technological...Ch. 4.3 - Why does the matrix structure have a dual chain of...Ch. 4.3 - How does a matrix structure increase power...Ch. 4.3 - What are advantages of a formal committee...Ch. 4.4 - Identify the six major organizational structures.Ch. 4.4 - Explain the McKinsey 7-S model.
Ch. 4.5 - How can employee diversity give a company a...Ch. 4.5 - Explain the concept of hiring for fit as it...Ch. 4.5 - What are some organizational issues that must be...Ch. 4 - Explain how several current environmental forces...Ch. 4 - What are ways to classify and describe how...Ch. 4 - What are a few industries and/or organizations...Ch. 4 - What are some major differences between organic...Ch. 4 - Which organization would you work best in, an...Ch. 4 - What are some advantages and disadvantages of...Ch. 4 - Do you think its true that every organization has...Ch. 4 - Why have functional structures been criticized for...Ch. 4 - What are some advantages and disadvantages of...Ch. 4 - How is a product structure one type of a...Ch. 4 - What are some disadvantages in working in a matrix...Ch. 4 - What advantages do matrix structures have compared...Ch. 4 - What advantages do geographic structures have...Ch. 4 - What are issues that working in a networked team...Ch. 4 - In what ways is a virtual organization and...Ch. 4 - What major trends discussed at the end of this...Ch. 4 - What purposes does an organizations culture serve...Ch. 4 - How does Exhibit 4.16 facilitate an understanding...Ch. 4 - What happened at Wells Fargo with regard to past...Ch. 4 - What internal dimensions of the company were part...Ch. 4 - How might the organizational structure of the...Ch. 4 - Identify and use relevant concepts from this...Ch. 4 - Suggest some solution paths the company might...
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- 6 strategies to encourage a risk aware culture in the workplacearrow_forward3. Critically examine the importance of organisational culture in embedding risk management principles in a business. Suggest strategies to strengthen a risk-aware culture. (20 marks)arrow_forward1. Discuss how the application of PESTEL analysis can assist small businesses in identifying and managing external risks. Provide examples from at least three PESTEL categories. (20 marks)arrow_forward
- . Mention four early warning indicators that a business may be at risk.arrow_forward5. A risk that has both a high impact and high probability is referred to as A. Negligible B. Moderate C. Low D. Extreme 6. A business continuity plan is mainly used to_ A. Increase profits B. Handle daily tasks C. Prepare for disruptions D. Advertise services 7. What is the role of a risk owner? A. To finance the risk B. To monitor and manage a specific risk C. To create risks D. To avoid planning 8. Early warning indicators help businesses to A. Avoid legal actions B. Grow rapidly C. Detect potential risks D. Hire employees 9. A hazard-based risk includes A. Political instability B. Ergonomic issues C. Market demand D. Taxation changesarrow_forward1. What is the primary purpose of risk management in small businesses? A. To eliminate all risks B. To predict profits C. To reduce and control risks D. To create new risks 2. Which of the following is a type of operational risk? A. Interest rate change B. Natural disaster C. Supplier failure D. Tax policy change 3. SWOT analysis identifies all EXCEPT A. Strengths B. Weaknesses C. Tactics D. Opportunities 4. Which strategy involves taking no action against a risk? A. Mitigation B. Avoidance C. Acceptance D. Transferarrow_forward
- 5. A risk that has both a high impact and high probability is referred to as A. Negligible B. Moderate C. Low D. Extreme 6. A business continuity plan is mainly used to_ A. Increase profits B. Handle daily tasks C. Prepare for disruptions D. Advertise services 7. What is the role of a risk owner? A. To finance the risk B. To monitor and manage a specific risk C. To create risks D. To avoid planning 8. Early warning indicators help businesses to A. Avoid legal actions B. Grow rapidly C. Detect potential risks D. Hire employees 9. A hazard-based risk includes A. Political instability B. Ergonomic issues C. Market demand D. Taxation changesarrow_forward1. What is the primary purpose of risk management in small businesses? A. To eliminate all risks B. To predict profits C. To reduce and control risks D. To create new risks 2. Which of the following is a type of operational risk? A. Interest rate change B. Natural disaster C. Supplier failure D. Tax policy change 3. SWOT analysis identifies all EXCEPT A. Strengths B. Weaknesses C. Tactics D. Opportunities 4. Which strategy involves taking no action against a risk? A. Mitigation B. Avoidance C. Acceptance D. Transferarrow_forwardList and briefly describe four risk response strategies.arrow_forward
- Explain the purpose of a risk register.arrow_forwardAssume that your business is going to apply for a bank loan. Step into the shoes of a banking official who has the power to say yes or no to your loan application. From the bank’s vantage point, what are the strengths and weaknesses of your business plan? Does your plan seem realistic, given the financial assumptions and the business environment? What questions would you, as a bank officer, ask about your business plan? As the entrepreneur behind the business plan, how would you answer these questions and persuade the bank to approve your loan? Write up your questions and answers in one paragraph. Then use what you’ve learned to further strengthen your plan.arrow_forwardAssume that your business is going to apply for a bank loan. Step into the shoes of a banking official who has the power to say yes or no to your loan application. From the bank’s vantage point, what are the strengths and weaknesses of your business plan? Does your plan seem realistic, given the financial assumptions and the business environment? What questions would you, as a bank officer, ask about your business plan? As the entrepreneur behind the business plan, how would you answer these questions and persuade the bank to approve your loan? Write up your questions and answers in one paragraph. Then use what you’ve learned to further strengthen your plan.arrow_forward
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