Risk Assessment B1

 Transcript

When starting a new project or business venture with a customer, risk assessment helps prevent future problems. It involves looking at what might go wrong and finding ways to reduce those risks. For example, if a company agrees to deliver a website in two weeks, but the customer keeps changing their requests, the project may be delayed. To manage this, the company can set clear deadlines and limit changes after a certain date. Another common risk is not getting paid. Businesses can avoid this by using contracts and asking for a deposit. Sometimes, a project depends on materials arriving on time. If the supplier is late, the whole project may stop. Having a second supplier is one way to reduce this risk. By planning ahead and making smart decisions, companies can protect themselves and work better with customers. (138 words)

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