Risk concerns both positive and negative aspects of a possible event

Risk concerns both positive and negative aspects of a possible event. For example, when the covid 19 crisis occurred it offered an unexpected business advantages or new product for certain organizations – a positive risk came to volition for these organizations. Also, the crisis offered an unexpected negative risk, where no one would come to a movie theatre – a negative risk volition.

How should an organization prepare for either type of event?
How should a business avoid negative events occurring and enhance opportunity for positive events?
Explain the concept of a Pareto Chart – provide an example – explain how the concept of the Pareto Chart might be used in making decisions about handling negative risks which could impact a project or organization.

Sample Solution