Foundations of Business (MindTap Course List)
6th Edition
ISBN: 9781337386920
Author: William M. Pride, Robert J. Hughes, Jack R. Kapoor
Publisher: Cengage Learning
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Chapter 15.1D, Problem 1CC
Summary Introduction
To determine: The ways information decreases risk when a personal or work-related decision is made.
Introduction: Decision making process is consistent and basic part of dealing with any association or business exercises. Decisions are made to maintain the actions of all business activities and hierarchical working.
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How can information itself provide a risk to an organization or government? Give an example and describe its associated risks.
You are a security professional that does consulting work for small-sized and medium-sized businesses. You have been approached by a family-owned ice cream shop and asked to perform a risk assessment on its business. The company makes several flavors of homemade ice cream using secret recipes. The recipes are kept on the owner’s laptop. A new ice cream shop is opening down the street, and the company’s owner is concerned about losing business to the new shop.
As a consultant, how can you identify the assets, threats, and vulnerabilities for this business?
What is the biggest risk if companies will not give importance to Information Security and Management?
Chapter 15 Solutions
Foundations of Business (MindTap Course List)
Ch. 15.1D - Prob. 1CCCh. 15.1D - Prob. 2CCCh. 15.1D - Prob. 3CCCh. 15.1D - Prob. 4CCCh. 15.2B - Prob. 1CCCh. 15.2B - Prob. 2CCCh. 15.2B - Prob. 3CCCh. 15.3E - Prob. 1CCCh. 15.3E - Prob. 2CCCh. 15.3E - Prob. 3CC
Ch. 15.4D - Prob. 1CCCh. 15.4D - Prob. 2CCCh. 15.4D - Prob. 3CCCh. 15.5D - Prob. 1CCCh. 15.5D - Prob. 2CCCh. 15.5D - Prob. 3CCCh. 15.5D - Prob. 4CCCh. 15.6C - Prob. 1CCCh. 15.6C - Prob. 2CCCh. 15.6C - Prob. 3CCCh. 15.7 - Prob. 1CCCh. 15.7 - Prob. 2CCCh. 15.8B - Prob. 1CCCh. 15.8B - Prob. 2CCCh. 15 - Prob. 1DQCh. 15 - Prob. 2DQCh. 15 - Prob. 3DQCh. 15 - Prob. 4DQCh. 15 - Prob. 5DQCh. 15 - Prob. 6DQ
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- The primary risk facing companies can be grouped into four categories, namely; Hazard Risk Strategic Risk Financial Risk Operational Risk In a tabular form, how would you categorize the risk factors below based on the above risks? Economic Distress Mismanagement Technological Causes Working Capital Problems Fraudulent Management Lack of board effectiveness Boards' risk blindness Poor leadership on ethos and culture Defective communication Excessive complexity Inappropriate incentives Information "glass ceiling" Managerial inefficiency and ineffectiveness Over expansion Ineffective sales force High production costs Poor financial management Risk assessment strategy Inappropriate commercial policy Absence of manpower training and development policy Capital inadequacy Socio cultural factors Income instability Public policyarrow_forward1) All of these are risk management approaches except a) Risk avoidance b) Risk acceptance c) Risk conformance d) Risk transferencearrow_forwardWhy is it important to know the different types of risk when operating or running a business?arrow_forward
- Why is recognizing and describing a business risk important?arrow_forwardWhat do you think is the biggest risk if companies will not give importance to Information Security and Management?arrow_forwardYou are the current owner of an E-Commerce business called ‘Poison Berry’. You acquired this business from a previous owner. You purchased the business for $250,000, no money down and $5,000 a month over the next several years until the loan is paid off. The business sells home fragrances, candles, incense, and sprays for the home. You have been successful within your online community and are starting to receive emails from customers across the world inquiring about your products. They are curious as to products you may start to offer for offices. please be descriptive and detailed with the in the answers below and if possible use Management terms. 1.Please explain in full detail your business strategy for expansion. 2.What would you need to create, examine, and define before expanding including barriers, concepts, and a plan? 3. examine the process, and INNOVATION of your products and location.arrow_forward
- You are the current owner of an E-Commerce business called ‘Poison Berry’. You acquired this business from a previous owner. You purchased the business for $250,000, no money down and $5,000 a month over the next several years until the loan is paid off. The business sells home fragrances, candles, incense, and sprays for the home. You have been successful within your online community and are starting to receive emails from customers across the world inquiring about your products. They are curious as to products you may start to offer for offices. 1.Please explain in full detail your business strategy for expansion. 2.What would you need to create, examine, and define before expanding including barriers, concepts, and a plan? 3.Remember to clearly examine the process, and INNOVATION of your products and location.arrow_forwardYou are the current owner of an E-Commerce business called ‘Poison Berry’. You acquired this business from a previous owner. You purchased the business for $250,000, no money down and $5,000 a month over the next several years until the loan is paid off. The business sells home fragrances, candles, incense, and sprays for the home. You have been successful within your online community and are starting to receive emails from customers across the world inquiring about your products. They are curious as to products you may start to offer for offices. please be descriptive and detailed with the in the answers below and if possible use Management terms. 1.Please explain in full detail your business strategy for expansion. 2.What would you need to create, examine, and define before expanding including barriers, concepts, and a plan? 3.Remember to clearly examine the process, and INNOVATION of your products and location.arrow_forwardThe primary risk facing companies can be grouped into four categories, namely; Hazard Risk Strategic Risk Financial Risk Operational Risk How would you categorize the risk factors below based on the above risks? Economic Distress Mismanagement Technological Causes Working Capital Problems Fraudulent Management Lack of board effectiveness Boards' risk blindness Poor leadership on ethos and culture Defective communication Excessive complexity Inappropriate incentives Information "glass ceiling" Managerial inefficiency and ineffectiveness Over expansion Ineffective sales force High production costs Poor financial management Risk assessment strategy Inappropriate commercial policy Absence of manpower training and development policy Capital inadequacy Socio cultural factors Income instability Public policyarrow_forward
- What is the main reason lenders pay borrowers' property taxes through a pre-paid escrow account? It prevents a tax lien from being applied to the home. The tax lien would be senior to the mortgage lien. It prevents the borrower from refinancing with another lender because they would lose all of their escrow funds. It allows the lender to earn interest on the pre- paid tax money as itsits in the account. It allows the lender to take advantage of corporate tax deductions.arrow_forwardIn what way does Information System Risk Management differ from other risk management techniques?arrow_forwardYour manager has asked for your thoughts on how to increase the likelihood of a new information system being successfully implemented by members of the company's finance department, and he or she has asked for your feedback. Explain any five suggestions you have for him.arrow_forward
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