Risk management is used primarily to identify the steps we can take to avoid the loss or lessen the impact of threats such as hurricanes, floods, tornadoes, and terrorism. But what about pandemics? What do risk leaders in business and government need to bear in mind as they respond to the current COVID-19 crisis – and prepare for a future that may very likely include additional waves of infection? To effectively evaluate risk in a pandemic, leaders need to focus on the right metrics and consider all dimensions of risk: severity, likelihood, and velocity. How quickly might the effects manifest themselves inside your organization, supply chain, and balance sheet? As we navigate through the COVID-19 crisis, there are lessons we can apply from previous pandemics, and actions we can take today to set the stage for a more resilient future Q..Based on the above abstract, discuss two basic risk classifications that would be applicable to the above. Provide practical examples where applicable.

Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
icon
Related questions
Question

Risk management is used primarily to identify the steps we can take to avoid the loss or lessen the impact of threats such as hurricanes, floods, tornadoes, and terrorism. But what about pandemics?
What do risk leaders in business and government need to bear in mind as they respond to the current COVID-19 crisis – and prepare for a future that may very likely include additional waves of
infection?
To effectively evaluate risk in a pandemic, leaders need to focus on the right metrics and consider all dimensions of risk: severity, likelihood, and velocity. How quickly might the effects manifest themselves inside your organization, supply chain, and balance sheet? As we navigate through the COVID-19 crisis, there are lessons we can apply from previous pandemics, and actions we can take today to set the stage for a more resilient future

Q..Based on the above abstract, discuss two basic risk classifications that would be
applicable to the above. Provide practical examples where applicable. 

Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Practical Management Science
Practical Management Science
Operations Management
ISBN:
9781337406659
Author:
WINSTON, Wayne L.
Publisher:
Cengage,
Operations Management
Operations Management
Operations Management
ISBN:
9781259667473
Author:
William J Stevenson
Publisher:
McGraw-Hill Education
Operations and Supply Chain Management (Mcgraw-hi…
Operations and Supply Chain Management (Mcgraw-hi…
Operations Management
ISBN:
9781259666100
Author:
F. Robert Jacobs, Richard B Chase
Publisher:
McGraw-Hill Education
Business in Action
Business in Action
Operations Management
ISBN:
9780135198100
Author:
BOVEE
Publisher:
PEARSON CO
Purchasing and Supply Chain Management
Purchasing and Supply Chain Management
Operations Management
ISBN:
9781285869681
Author:
Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson
Publisher:
Cengage Learning
Production and Operations Analysis, Seventh Editi…
Production and Operations Analysis, Seventh Editi…
Operations Management
ISBN:
9781478623069
Author:
Steven Nahmias, Tava Lennon Olsen
Publisher:
Waveland Press, Inc.