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“Critically Evaluate How International and Geo-Political Risk to Business Might Impact Upon a Person’s Overall Lifestyle”.

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“Critically evaluate how international and geo-political risk to business might impact upon a person’s overall lifestyle”.

Introduction

My lifestyle keeps me busy but I enjoy the ability to catch up with friends and relax at a café or the beach. I am able to do the things I enjoy through working two jobs, on a regular roster. I enjoy cultural activities with friends in Sydney and regularly getting to the beach for a swim. Australia is a beautiful country which allows me to enjoy the sun and beach on a regular basis.

A combination of flexibility and structure allows me to financially support myself while studying full-time; work is enjoyable and adds to my social and physical well-being. The flexibility in university and work allows me to catch up with friends regularly, while maintaining my financial independence. The political environment enhances my wellbeing by provide an avenue to defer my university fees until I graduate and get a job.

Risk is considered the probability of a specific loss of worth, against the prospect of gaining value through the intentional interaction with uncertainty (Slovic, 2000). Risk is associated with a given action and/or inaction, of a foreseen/unforeseen nature that can result in a loss or gain in regards to financial wealth or physical health. Slovic (2000) expresses that all human interactions carry some risk, but the degree of risk depends on the situation and the perception of its severity.

An illustration of risk involves the possibility of massive technical failures in the production of a deliverable; in the case of Boeing 787, the company faced delaying issues in product development, generating massive losses through compensation measures, after product was not delivered on time (Baron, 2013).

Economic risk is associated with the current...

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