Implementing adequate contingency plans

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Reference no: EM133496425

Question: Discuss and explain this statement:Risk Management

The operation of a business exposes its owners and operators to various dangers, including the fluctuation of markets, the interruption of supply chains, and the modification of regulations. Bottas needs to identify potential hazards and develop methods to address them. This may involve developing solid partnerships with alternative suppliers, expanding the product line, and implementing adequate contingency plans. Routine monitoring and risk assessment are necessary to ensure the continued success of Bottas Bikes over the long run (Falkner & Hiebl, 2015).

Reference no: EM133496425

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