Scenario Planning

Question 1

Whats a scenario plan

Answer 1

This is when the business highlights possible events that could occur in the furture and would plan stratagies if one of these were to occur

Question 2

Disadvantages of them
Advantages

Answer 2

Time consuming
Need specialist knowledge

Highlight risks
Plans
Employees understand (communication)

Question 3

What are the types risk migration

Answer 3

Acceptance = the business will accept the risk without making a plan. This occurs when the costs for making a scenario plan is more costly then if the event were to actually occur

Avoidance = avoiding the risk all together, locating not near a river to avoid flooding

Limitaion = this reduces the impact of the risk

Transference = when they transfer the risk to a third party

Question 4

Whats continuity planning

Answer 4

This is more vauge in comparison to scenario planning but basically does the same thing,.

Question 5

Whats succession planning

Answer 5

When one person takes over the role or responsibility of another person, this can occur of someone has left the organisation