Overview and definitions - class two

Overview and definitions - class two - A management...

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“taking chances on things you know may cause problems” “could result in a benefit or a loss” “consequences that come from a decision” “taking advantage of an opportunity” “the things you are willing to put on the line in order to possibly gain greater reward”
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The process of avoiding risk, reducing risk and/or transferring risk. The basis behind risk management is to take a logical and pro-active logical and pro-active approach approach to handling losses that occur. Further, it is the ability to understand and identify those circumstances in which accidents are most likely to prevail and take appropriate action to maintain them accurately. (Busman, Thompson, and Cox, 1992)
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Are those losses strictly financial? Which other losses can occur?
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Financial Physical Reputation Emotional Facilities
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Controlling the financial and personal injury losses from sudden, unforeseen, unusual accidents and intentional torts (Ammon, 1993).
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Unformatted text preview: A management strategy to maintain greater control over the legal uncertainty that may wreak havoc on a sport business (Wong & Masteralexis, 1998, p. 90) Managing financial and human resources wisely, governing effectively, making decisions soundly and projecting a positive image toward sponsors, government funders and the community (Corbett, 2002) 1. AVOIDANCE OF RISK cancel programming, eliminate activities 2. TRANSFER OF RISK TO ANOTHER PARTY waivers, insurance, independent contractors, indemnification clause 3. RETENTION OF THE RISK self-insurance, treat as inherent - educate 4. RETAIN AND REDUCE HAZARDS more training, preventative maintenance, use of signage, keep records, participation forms, documentation) Identify the main risks to your agency List at least one risk in each typology List at least one risk for each treatment category...
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Overview and definitions - class two - A management...

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