Business Continuity Management
Business Continuity Management is defined by the Business Continuity Institute as: "...the process of anticipating incidents which will affect critical functions and activities of the organisation, and ensuring response to any such incident in a planned and rehearsed manner" (cited in Business Continuity and Supply Chain Management). It is relevant to any types of organizations that operates in a very high risk environment, such industries like telecommunications, finance and transportations. In a survey conducted by Patrick Woodman in 2007 about BCM, there's a 73% of managers report that establishing this kind of program is helpful for the whole organisation; thus 94% agreed that disruption in their business operations had been reduced. Matthys …show more content…
GDP is the total value of the annual output of goods and services produced within a nation's borders. It excludes the foreign output of domestic firms and includes the domestic output of foreign firms (Mankiw). Because of low GDP, companies' level of output they produce annually has been reduced. One common mistake of some companies during recession is when there is less money to go around, they will cut off their budgets. When this happens, it is inevitable to lay off key employees to reduce their expenses. When there's a decrease of employment rate in the economy, people will be earning lower incomes that will result to a decrease of consumer spending. Businesses then will be forced to lower the prices of their goods that will eventually cause a deflation …show more content…
These are courses of actions used in the development and implementation of business continuity plan which are approved, documented and funded by the management of the organization. The results of the business impact analysis will be supported by the business continuity strategies (Kildow). Some of the emergency situations that can be covered by the continuity strategies are denial of access, failure of infrastructures and personnel or key resources loss (Burtles). The BCM strategy covers the general issues that ensures the protection of an organization's capabilities to provide ways in continuing its business activities. At the level of corporate strategy in this new economy, the board has to be clear what are the paths that the company should be following
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711 Words | 3 PagesThe Great Recession started for the United States in December of 2007 and lasted until June of 2009. This was the worst recession in U.S. History since World War II. During this time, there was a 6.1 % loss in jobs, due the job shortages about 27 million people we either unemployed or underemployed. This affect the age household many people household income dropped increasing the poverty in America. In economics, a recession is a decline in economic activity affecting Gross Domestic Product or GDP for at least two consecutive quarters causing negative economic growth (Downes and Goodman).
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893 Words | 4 PagesThe third way would be when the government buys bonds and “sits” on them. This takes money out of the economy, causing a decrease in consumption, investment, and aggregate
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210 Words | 1 PagesKey questions that the business always has to address is o How much business do you lose because the business unit is out of
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1500 Words | 6 PagesThe awakening of the Great Recession was signaled by the burst of the housing bubble where individuals found themselves in heavy debt due to a fall in the prices of their assets–a decline in housing wealth and income. The burst of housing bubble shrank GDP below its 3% average which resulted in a contraction of residential investment that reduced overall demand for goods and services in the economy by roughly $420 billion. This financial crisis had the central bank and government authorities in search for the most effective way to resolve the large loss in GDP and increase in unemployment as well as stabilizing the economy. Expansionary measures in both monetary and fiscal were undertaken, and these policies were successful in recovering the
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John Maynard Keynes's When The Great Depression
1711 Words | 7 PagesIn the Great Depression of 1930, real GDP decreased almost 30% from August 1929 to March 1933 and unemployment rate soared to almost 24%. Stock market collapsed, many business faced foreclosure (Romer, 2003). Seeing the impact of recession is severe and without a vision to improve, Keynes (1923) said, “In the long run, we are all dead”, meaning that even if market as a self-correcting mechanism will adjust over time, it would be more beneficial to intervene in the market and bring back the economy in its full potential. He proposed instead of passively wait for the market to overcome the ‘bust’, monetary and fiscal policies should be implemented to alleviate the inflation plight of the nation. He believed in the macroeconomic concept, aggregate demand and aggregate supply, which set tone for his later
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