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Factory

Unit 5 - Operations management - QB

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Chart Increasing

Unit 1 - Introduction To Business Management - QB

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Briefcase

Unit 2 - Human Resource Management - QB

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Money Bag

Unit 3 - Finance & accounts - QB

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Direct Hit

Unit 4 - Marketing - QB

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Bar-Chart

Unit 6 - Assessment

Let&#39;s dive deep into the thrilling world of Crisis Management and Contingency Planning with a sprinkle of real-life drama at Lloyds charity. Ready? Strap in! 🚀

<ul>
	<li>Definition: It&rsquo;s that OMG 🤯 moment when something unpredictable happens and you need to deal with it ASAP.</li>
	<li>Characteristics
	<ul>
		<li>Unpredictable: Just like a surprise pop quiz! 🙈</li>
		<li>Prompt Response: Quick! But not too rushed, like that time you quickly ate the last slice of pizza before your friend could! 🍕</li>
		<li>Controlled &amp; Well-communicated: Be the Captain! Lead your ship, and let your crew (employees) know the plan.</li>
	</ul>
	</li>
</ul>

Real-world Example: Remember when Lloyds was hacked? That&#39;s a direct crisis they had to manage!

<ul>
	<li>Definition: It&#39;s like having an umbrella 🌂 ready for a surprise rain shower! It&rsquo;s the plan for &quot;what if&quot; situations.</li>
	<li>Considerations
	<ul>
		<li>Cost: How much 💰 will this plan drain?</li>
		<li>Time: Clock&#39;s ticking! ⏰ How long will it take?</li>
		<li>Risks: What could possibly go wrong? 🤷</li>
		<li>Safety: Always wear your seatbelt!</li>
	</ul>
	</li>
</ul>

Real-world Example: Lloyds had a backup generator for power failures during concerts and tents for bad weather. Always being prepared!

Lloyds &ndash; A Quick Recap 
Lloyds = Super awesome charity for young adults with autism. 🌟 
 
They&#39;re famous, get tons of donations, and are led by a trio of superheroes: a local councillor, a retired journalist, and a business management teacher. 
 
BUT... in March 2021, some villains (hackers) 🦹&zwj;♂️ threatened to delete all their data. Paying would leave them broke, and going public might scare away donors. Yikes!

&nbsp;

Crisis Management vs Contingency Planning for Lloyds 
Crisis Management: Responding to the unexpected hacking, deciding whether to pay or not, and figuring out how to handle public relations.

 
Contingency Planning: Lloyds&#39; backup generators for power issues and tents for rain during events.

&nbsp;

Possible Actions for Lloyds&rsquo; Directors

<ul>
	<li>Pay the Ransom: Quick fix, but will leave them broke for the year.</li>
	<li>Negotiate with the Hackers: Maybe they have a heart? 💔</li>
	<li>Seek External Help: Like cybersecurity experts or police 🚓.</li>
	<li>Go Public: Risky, but might get community support. Also, transparency can sometimes rebuild trust.</li>
	<li>Backup and Strengthen Systems: For future protection, always good to be a step ahead!</li>
</ul>

Alright Rockstar! 🎉 
Now, with these awesome notes, you&#39;re all set to shine in IBDP Business Management. Remember, in business, always expect the unexpected. And always have that metaphorical umbrella handy! 🌂🚀

&nbsp;

Remember to keep it fun and always relate to the real world.

&nbsp;

Happy studying! 📚🌟

Crisis Vs Contingency Planning: The Case Of Lloyds Charity's Ransomware Attack

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Higher Level

Business Management HL

Unit 5 - Operations management - QB

Crisis Vs Contingency Planning: The Case Of Lloyds Charity's Ransomware Attack

Table of content

Welcome, business management rockstar! 🎉

Crisis management

Unlock the Full Content!

Unit 5 - Operations management - QB

Crisis Vs Contingency Planning: The Case Of Lloyds Charity's Ransomware Attack

Table of content

Welcome, business management rockstar! 🎉

Crisis management

Unlock the Full Content!