WorksheetsInnovation, Risk and Uncertainty!!
Total questions: 26
Worksheet time: 18mins
Type of risk associated with the environment
Human
Economic
Financial
Natural
Type of risk caused by changes in business conditions
Human
Economic
Financial
Natural
Type of risk involving the financial state of a business
Human
Economic
Financial
Natural
Risk category that occurs when there is a possible loss, but no change to gain from the risk
Pure
Speculative
Controllable
Uncontrollable
What is risk?
Danger with negative impact
Opportunity with positive impact
Issue/ problems
Effect of uncertainty on your objective
How do risk affects you?
Both personal and work life
Only when it comes to work
Only when it comes to personal life
Which of the following is a risk?
Natural disaster
Falling sick
Car breakdown
Political instability in a country
Fluctuation of currency exchange
What is NOT risk management?
Avoid taking risk
Identify potential problems before it occurs
Analyse the uncertainty and respond to it
Being proactive rather than reactive
Scenario: Assuming if you need to cross a river in order for you to reach a very important meeting. The meeting is starting in 30 mins time. Missing the meeting may cause your company to loss a big business opportunity and thus affecting your promotion. Which option will you take?
Swim across the river (shortest route) but there may be crocodile
Bribe a boatman to ferry you across (bribery is an offence)
Use the bridge at the end of the river (longest route
Who is responsible for risk management in a company?
Board of Directors
Senior Management
Risk Management Committee
Only those in business units
Everyone
Which of the following are NOT controllable risk?
Cost overrun
Political instability
Loss of brand loyalty
Wrong marketing strategy
What do we consider in assessing a risk?
Causes of the risk
Impact of the risk
Likelihood of the risk occuring
Controls in place to address the risk
All the above
The main purpose of innovation management is to convert uncertainty into a calculated risk.
True
False
How can an entrepreneur anticipate risk/uncertainty?
Product orientated
Market Research
Market segmentation
Differentiated Marketing
Which of these is a major uncertainty when starting up a new business?
Customer complaints
How profits will be spent
Whether there will be a demand for the product
Raising too much cash for the business
Who is the guy in the picture at the top?
Mr S Jobs
Mr D Munro
Mr J Bezos
Mr M Blewitt
