BUSINESS ADMINISTRATION I: RISK MANAGEMENT

129 Pages·2013·0.52 MB·English

BUSINESS ADMINISTRATION I:
RISK MANAGEMENT

READ THIS BEFORE YOU DO ANYTHING ELSE!
1.
TUTORIAL INTRODUCTION

We trust that you will find your studies towards this qualification rewarding.

It is very important that you work through the study material in each guide and in the
prescribed text books, as this will prepare you for the assignments at the end of each Module. In
order to complete the Qualification you need to be found competent against all the Assessment
Criteria of the Topics in this Module.

2.
HOW DOES THIS MODULE WORK?

Chapters start with a title followed by the lessons for that chapter. At the beginning of
every chapter is a list of the outcomes for the particular chapter.

YOU ARE NOT REQUIRED TO ANSWER THESE STATEMENTS. We are only
informing you of WHAT you will learn and be assessed on in this module.

The study guide fulfils the purpose of a tutor, and will effortlessly guide you through the
training material. Each lesson teaches you about a specific topic.
Make sure you understand the topic of the lesson before you proceed to the next lesson.

If at any time you require assistance, please contact one of the study advisors at BMT
College who will promptly assist you with any queries.

REMEMBER: IT IS IMPORTANT TO STUDY AND WORK THROUGH
ALL THE LESSONS IN THIS GUIDE BEFORE ATTEMPTING THE
ASSIGNMENT. IF YOU UNDERSTAND THE WORK IN THIS GUIDE,
THE ASSIGNMENT WILL BE EASY.
STUDY INSTRUCTIONS

3. ICONS USED IN THIS MANUAL

LESSON 1
Indicates the start of a new lesson

Indicates the start of a Chapter (also top left of STUDY chapters) Usually an explanation
or definition of a specific word or concept Examples of a specific topic or concept

Important information.

Take a break from your studies!

Making notes while you study is very important. Spaces have
been allocated throughout this manual for this purpose

Indicates self assessment and self assessment answer section
THESE SHOULD NOT BE SUBMITTED FOR ASSESSMENT

Outcomes for this Module (What you will learn)

Steps to be followed in order to complete/execute/do a specific action or task.
Prescribed textbook

No textbook required for this module.
READ THIS BEFORE YOU DO ANYTHING ELSE!

HOW TO COMPLETE YOUR ASSIGNMENT

4.
COMPLETING THE QUESTIONS:

Answers to review questions must preferably be typed as this eliminates the possibility
of an assessor marking the answers incorrect due to the illegibility (unclearness) of the
handwriting.

You need to complete ALL the formative questions. Unless the Col ege granted you
RPL exemption from that topic or subject, you need to do all the questions. If you do not
understand a question, phone or e-mail your assessor to get assistance. ALL
questions need to be completed in order to be found competent.

Each question must be marked clearly. The question numbers must not be placed in the
left margin but at the top of the answer.

Question 1.1

An example of a breakfast cereal is Kellogg’s.

Only attempt the summative assignment after you successfully worked through the
module and completed all the formative questions for the particular module/s.

Diploma learners are required to complete a Summative assignment on completion of a
subject (provided in the yellow assignment covers).

Use single sheets, front side only. (Double pages must be cut loose on the sides)

Learners who received exemption from certain topics or subjects through RPL
(recognition of prior learning) must attach the official letter from the College stating the
exempted topics or subjects.

5. SUBMITTING YOUR FORMATIVE AND SUMMATIVE ASSIGNMENTS:

Make sure your name, surname and student number is on every page.

Place the answers to your formative assessment inside the BLUE Formative Assignment
cover provided.

Place the answers to your summative assignment inside the YELLOW
Summative Assignment cover provided.

Use a file binder and bind the cover around your answer sheet.


Always keep a copy of your assignment (should your assignment be lost in the post) as
the BMTC can take no responsibility for assignments lost in the post.


STUDY INSTRUCTIONS




PLEASE NOTE: You can only submit the Formative Assignment once! That
means, you only have one attempt for the formative assessment. If you fail
the formative you need to make up the marks in the summative. You have
three attempts to pass the summative assignment successfully.

6.
RESULTS OF YOUR FORMATIVE AND SUMMATIVE ASSIGNMENT:

Your formative and summative assignment results will be outlined in a results letter at the
end of each module.

Your formative assessment will count 25% toward your final result for the module and
your summative assessment will count 75% of your final result for the module.

To pass and to be advanced to the next module, you need a final result of 50%.

If you do not obtain a pass mark of 50%, you will be required to re-do sections of the
summative assignment where you did not obtain a success
Assignment (tests) structure for the 1st year of the Diploma qualification Study
Formative
Summative
Next Action from the college?
Process
STUDY COMPONENT 1
Management Principles (a)
College will mark module 1
NO SUMMATIVE DUE
Step 1
Complete and submit
formative assignment and posts
after module 1
Module 1 questions
module 2.
Management Principles (b)
College will mark module 2
NO SUMMATIVE DUE
Step 2
Complete and submit
formative assignment and posts
after module 2
Module 2 questions
module 3.
College will mark module 3
Management Principles (c)
Complete and submit the
formative and summative of
Complete and submit
Step 3
summative assignment on
component 1. Learner receives
Module 3
Module 1, 2 and 3.
results of component 1. The College
formative questions
posts module 4.
STUDY COMPONENT 2
Business Admin (a)
College will mark module 4
NO SUMMATIVE DUE
Step 4
Complete and submit
formative assignment and posts
after module 4
Module 4 questions
module 5.
Business Admin (b)
College will mark module 5
NO SUMMATIVE DUE
Step 5
Complete and submit
formative assignment and posts
after module 5
Module 5 questions
module 6.
College will mark module 6
Business Admin (c)
Complete and submit the
formative and summative of
Complete and submit
Step 6
summative assignment on
component 2. Learner receives
Module 6
Module 4, 5 and 6.
results of component 2. The College
formative questions
posts module 7.
STUDY COMPONENT 3
Entrepreneurship (a)
College will mark module 7
NO SUMMATIVE DUE
Step 7
Complete and submit
formative assignment and post
after module 7
Module 7 questions
module 8.
Entrepreneurship (b)
College will assess module 8
Complete and submit the
Complete and submit
formative and summative of
Step 8
summative assignment on
Module 8
component 3. Learner receives
Module 7 and 8
formative questions
results of component 3.
END OF 1ST YEAR
STUDY PLANNER
Expected
Suggested
time of
Type
REF
Heading/Description
Duration
completion
(in hours)
(learner to
complete)
1. RISK MANAGEMENT
Lesson
1.1
Introduction to risk management

4

Lesson
1.2
Types of Risk
2
Lesson
1.3
Risk Assessment and Evaluation
3
Lesson
1.4
Risk Mitigation and Response
2
Lesson
1.5
Impact of Legislation on Risk Management
3
Formative
1
Complete formative answer sheet (Blue Cover)
3
CHAPTER 1

RISK MANAGEMENT

IN THIS CHAPTER:


LESSON 1.1 : INTRODUCTION TO RISK MANAGEMENT

LESSON 1.2 : TYPES OF RISK

LESSON 1.3 : RISK ASSESSMENT AND EVALUATION

LESSON 1.4 : RISK MITIGATION AND RESPONSE

LESSON 1.5 : IMPACT OF LEGISLATION ON RISK MANAGEMENT
AT THE END OF THIS CHAPTER YOU WILL BE ABLE TO:

1. Understand
business
risks;
2. Identify the broad factors driving risk;
3. Understand the interrelationship between elements responsible for success and the risk
of failure;
4. Advise on preventative measures and contingency planning; 5. Explain risk
management.

LESSON

1.1
LESSON 1.1
INTRODUCTION TO RISK MANAGEMENT

In this Lesson:

Management expert Peter Drucker argues that risk management – the ability to manage
the unexpected – is as important as entrepreneurship and business skills in propelling economic
growth.

A society that is able to control and cushion against disaster is better able to deploy its
resources towards economic and social advancement.

One of the duties of the directors of a company is to take risk for reward, which is the
essence of business. Risk governance is the responsibility of the board, but the implementation of
processes relating to risk is a management function.