What is the core purpose of scenario planning in relation to risk?

Scenario planning involves identifying key risks through risk assessment.

Why is IT systems failure considered a key risk that requires scenario planning?

Because IT systems are often critical to business operations, and their failure can disrupt essential functions, requiring planned responses to minimise impact.

Define risk mitigation.

Risk mitigation involves planning strategies to reduce the impact or likelihood of identified risks.

Edexcel A-Level Business 9BS0

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Scenario planning

2 things to know
Paper 2 and Paper 3

Overview

Risk assessment and mitigation, business continuity, succession planning, and preparing for natural disasters and other events outside a business's control.

What you need to know

Answer each one before you reveal it.

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Evaluation

What is the purpose of scenario planning?

Key term

What are risk mitigation, business continuity and succession planning?

Questions from this subtopic

Each one with the model answer underneath.

1
What is the core purpose of scenario planning in relation to risk?
Model answer
Scenario planning involves identifying key risks through risk assessment.
2
Name one category of external risk that businesses must identify through risk assessment.
Model answer
Natural disasters.
3
What type of operational risk relates to technology breakdown that businesses must plan for?
Model answer
IT systems failure.
4
Why is IT systems failure considered a key risk that requires scenario planning?
Model answer
Because IT systems are often critical to business operations, and their failure can disrupt essential functions, requiring planned responses to minimise impact.
5
What human resource-related risk must businesses identify through risk assessment?
Model answer
Loss of key staff.
6
Define risk mitigation.
Model answer
Risk mitigation involves planning strategies to reduce the impact or likelihood of identified risks.

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