Risk Management in Business
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Questions and Answers

What is the most important lesson for managers to learn?

  • To know the business (correct)
  • To manage risk
  • To communicate efficiently
  • To delegate tasks effectively

    • Who is responsible for knowing the business?

  • Only the board of directors
  • Everyone involved in the business (correct)
  • Only the department heads
  • Only the CEO

    • What is knowing the business an integral component of?

  • Marketing strategy
  • Financial management
  • Human resources management
  • Risk management (correct)

    • What level of management is responsible for knowing the business?

    <p>All levels of management, including front-line supervisors</p> Signup and view all the answers

    Why is it important for everyone involved in the business to know the business?

    <p>To manage risk effectively</p> Signup and view all the answers

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