Bonus Chapter C: Managing Risk - McGraw-Hill Introduction to Business

Wildfires Cause Multibillion Dollar Destruction in Maui

August 16, 2023

Last week, wildfires on the Hawaiian island of Maui caused unprecedented destruction, killing 106 people and leveling thousands of buildings. The worst damage occurred in the resort town of Lahaina, which will cost billions of dollars and several years to rebuild. Like many other Hawaiian communities, Lahaina relies heavily on the tourism industry, drawing 2 million visitors annually. Of course, thousands of tourists and residents have evacuated the town and the western side of Maui in recent weeks as dry Continue reading →

Economics, Entrepreneurship, Ethics, Hawaii, Natural Disasters, Operations Management, Product Distribution, Regulation, Tourism

Bonus Chapter A: Business Law, Bonus Chapter C: Managing Risk, Chapter 15: Distribution, Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 4: Ethics and Social Responsibility, Chapter 6: Entrepreneurship, Chapter 9: Production and Operations Management

Hurricane Ian Upends Florida’s Real Estate Market

October 14, 2022

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Last month, Hurricane Ian devastated communities across the state of Florida, leading to more than 100 deaths and billions of dollars in damage. According to the catastrophe modeling firm RMS, privately insured losses are expected to reach as high as $67 million, making Ian second only to Hurricane Katrina in terms of economic destruction. Unlike previous storms like Katrina and Hurricane Andrew, however, today’s scientists blame climate change for the increasing regularity of severe weather events. That means experts see Continue reading →

Climate change, Florida, Global, Hurricanes, Insurance, Natural Disasters, Real Estate, Risk Management

Bonus Chapter C: Managing Risk, Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 3: Globalization, Chapter 4: Ethics and Social Responsibility

Hurricane Dorian Causes Billions in Damages to the Bahamas

September 10, 2019

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Last week, Hurricane Dorian tore through the Caribbean and up the Southeastern Coast of the U.S., causing major damage all along the way. Two islands in particular, Abaco Island and Grand Bahama, faced huge devastation as a result of the tropical storm. According to the United Nations, more than 70,000 people in the Bahamas are now homeless and in need of food and water. (Click here to view a list of vetted relief organizations that are currently seeking donations.) Continue reading →

Bahamas, Ethics, GDP, Global, Hurricanes, Marketing, Natural Disasters, Risk Management, Tourism, Travel

Bonus Chapter C: Managing Risk, Chapter 13: Marketing, Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 3: Globalization, Chapter 4: Ethics and Social Responsibility

Hurricane Florence Causes Billions of Dollars in Damage

September 20, 2018

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Last week, Hurricane Florence made landfall on the coast of the Carolinas as a Category 1 storm. So far its effects have been devastating, claiming the lives of 32 people as millions more deal with widespread flooding and loss of power. The storm has also caused a huge amount of damage to buildings and roadways along the coast. According to one estimate by Moody’s Analytics, the total cost to repair all this destruction could climb as high as $20 billion. Continue reading →

Economics, Ethics, Hurricanes, Natural Disasters, North Carolina, Risk Management, South Carolina

Bonus Chapter C: Managing Risk, Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 4: Ethics and Social Responsibility

Credit Card Companies Begin Phasing out Signatures

April 10, 2018

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Paying with a credit card is an almost entirely electronic process except for one notable step: the signature. Although this final part of the transaction is meant to provide another layer of security, many consumers quickly squiggle something down on the line just to get the procedure over with. Then there are people like Doug Taylor, who goes the extra mile by signing his receipts with a doodle of a little dog wagging its tail. “It gets a laugh, most Continue reading →

Credit Cards, Currency, Innovation, Operations Management, Retail, Security

Bonus Chapter B: Technology and New Media, Bonus Chapter C: Managing Risk, Chapter 17: Accounting, Chapter 20: Money and Financial Institutions, Chapter 9: Production and Operations Management

Hurricane Maria Deals Major Damage to Puerto Rico

September 28, 2017

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Over the last month hurricanes have torn through America’s southern coast, inflicting massive amounts of damage to Texas, Florida, and other states in the region. Of course, the U.S. mainland is far from the only place that’s been harmed by these major weather emergencies. Along with devastating Caribbean islands like Barbados and Barbuda, recent tropical storms have also hammered the American territory of Puerto Rico. First it had to endure Hurricane Irma, which only clipped the island’s northern portion Continue reading →

Ethics, Hurricane Maria, Hurricanes, Natural Disasters, Puerto Rico, Risk Management

Bonus Chapter C: Managing Risk, Chapter 1: Taking Risks and Making Profits, Chapter 2: Economics, Chapter 3: Globalization, Chapter 4: Ethics and Social Responsibility

Estimating the Economic Impact of Hurricane Harvey

August 29, 2017

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Over the weekend Hurricane Harvey landed in South Texas and began a cycle of major flooding that overwhelmed residents and emergency services. With thousands of people remaining in Houston and its surrounding communities during the storm, first responders spent a lot of time bravely searching for victims and pulling them out of the water. Media outlets then broadcast some of these stories to a shocked American public, leading to an outpouring of support and donations. (Click here for information on Continue reading →

Ethics, Hurricane Harvey, Hurricanes, Natural Disasters, Operations Management, Risk Management

Bonus Chapter C: Managing Risk, Chapter 1: Taking Risks and Making Profits, Chapter 4: Ethics and Social Responsibility, Chapter 9: Production and Operations Management

Putting a Human Face on a Brand

August 11, 2017

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While you may not recognize the name Stephanie Courtney, chances are you know Flo, the cheery saleswoman for Progressive Insurance. Over the last decade Courtney has portrayed the character in more than 140 commercials, becoming “the personification of the company,” according to chief marketing officer Jeff Charney. “She represents our core values of integrity and honesty and transparency and customer service. She’s a character who has character.”

Of course, Flo is far from the only fictional spokesperson to be associated Continue reading →

Advertising, Branding, Dos Equis, Insurance, Marketing, Progressive, Promotions, Spokespeople

Bonus Chapter C: Managing Risk, Chapter 13: Marketing, Chapter 14: Product and Price, Chapter 15: Distribution, Chapter 16: Place and Promotion, Chapter 1: Taking Risks and Making Profits

The Tricky Relationship Between Bankers and Regulators

April 27, 2017

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The 2010 Dodd-Frank financial reform act stands as one of the most complicated pieces of legislation ever devised. The law includes more than 22,000 pages of rules, which is equivalent to about 15 copies of Tolstoy’s epic novel War and Peace. These guidelines tell banks how much money they must set aside, how they can advertise, what sort of investments they can make, and many other stipulations and requirements.

As you can imagine, keeping track of all those regulations Continue reading →

Banking, Compliance, Dodd-Frank, Ethics, Human Resources, Regulation, Wall Street, Wells Fargo

Bonus Chapter A: Business Law, Bonus Chapter C: Managing Risk, Chapter 11: Human Resource Management, Chapter 18: Financial Management, Chapter 1: Taking Risks and Making Profits, Chapter 20: Money and Financial Institutions, Chapter 4: Ethics and Social Responsibility, Chapter 7: Management & Leadership, Chapter 9: Production and Operations Management

World Bank: Natural Disasters Cost More than $500 Billion Annually

March 3, 2017

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From tsunamis to earthquakes to hurricanes, each year natural disasters strike all across the world and leave devastation in their wake. In the immediate aftermath of these catastrophes, ensuring people’s safety is the number one priority. As a community starts to recover from a disaster, however, their thoughts turn towards rebuilding and returning to normalcy. Still, this isn’t such an easy task to accomplish. Natural disasters can destroy infrastructure and buildings that take millions of dollars and months of time Continue reading →

Ethics, Global, Insurance, Natural Disasters, Risk Management, World Bank

Bonus Chapter C: Managing Risk, Chapter 15: Distribution, Chapter 1: Taking Risks and Making Profits, Chapter 3: Globalization, Chapter 4: Ethics and Social Responsibility, Chapter 9: Production and Operations Management