Assume that you have the following decision-making options: (1) make the decision on your own with available information, (2) consult others before making a decision, and (3) call a meeting and reach a consensus, seeking to arrive at a final decision everyone can agree on. Which approach would you use to make each of the following decisions and why?
You are the project leader for Casino Night on campus, a charitable event organized by your group to raise money for the homeless. The event was a big success, garnering a net profit of $3,500. Before the event your team researched nearby organizations that support the homeless and to whom the money could be given. You narrowed the choices to the “Chunk of Coal House” and “St. Mary’s Soup Kitchen.” Eventually your group decided that the funds be given to Chunk of Coal. You are about to write a check to its director when you read in the local newspaper that the Chunk of Coal House has terminated operations. What should you do with the money?
You are the leader of a new product development project. Your team has worked hard on developing a third-generation product that incorporates new technology and meets customer demands. The project is roughly 50 percent complete. You have just received a report from the marketing department detailing a similar product that is about to be released by a competitor. The product appears to utilize radical new design principles that expand the functionality of the product. This poses a serious threat to the success of your project. Top management is considering canceling your project and starting over again. They want you to make a recommendation.
Note: Your post should be at least 450+ words and in APA format (including Times New Roman with font size 12 and double spaced. Also please refer to attached chapter 11 & chapter 12 ppt files.
- Question 02
Small to medium businesses are exposed to risks on a daily basis. The impact of these risks could cause a decrease in revenue and/or an increase in expenses. As we all know, every business is subject to risks at any time. The potential losses as a result of unmanaged risks could be catastrophic. Insurance policies can be purchased that can help protect businesses from risks caused by certain events and from risks to their employees’ personal security.You have been given the task of persuading your business’s board of directors to purchase insurance policies that will help manage the risks mentioned above. The insurance policies have already been chosen, but now you must explain the details of the insurance policies, including the contracts involved in the policies, to the board and convince the board that these policies really will protect the business from risks. In addition, you must describe what the terms in the insurance contracts mean and how they can be applicable to each business area.In order to this, you will need to create a portfolio document with the following sections::
- Define insurance and an insurance policy.
- Identify the two basic types of insurance.
Describe how insurance policies can be used to protect the business from risks caused by certain events and from risks to their employees’ personal security while on the job.
- Define the four essential elements of a valid insurance contract: offer and acceptance, consideration, legal capacity, and purpose.
- Identify the common terms found in insurance contracts that specify exactly what risks an insurer will cover.
Define catastrophe theory and how it differs from risk management principles.
- Discuss how catastrophe theory can be utilized by your organizations to manage and recover from risks.