An LTL company that specializes in tourist attractions (trips and stays) for honeymooners is in deep financial trouble. You have been hired as an outside consultant to educate the dying company on risk management and tolerance.
Utilizing the text and researching additional scholarly sources, do the following:
- Define risk tolerance and factors in setting risk tolerance.
- Define limitations in risk tolerance and potential outcomes.
- Give a current example of a company or organization that struggled or failed in risk management. Be sure to properly cite your source using APA format.
- Discuss reasons why organizations fail in risk management, giving examples of practical situations.
- Explain at least 3 criteria that you would suggest that managers use to better understand risk tolerance levels to prevent failure.