The number of people living in a town is 47,000 to the nearest 1,000. Which one of these is a possible number of people living in the town?

JAMB Mathematics 2024 103 views

The number of people living in a town is 47,000 to the nearest 1,000. Which one of these is a possible number of people living in the town?

  1. 46,000
  2. 46,500 ✓
  3. 47,500
  4. 48,000

Explanation

Business risks: market risk (demand changes), financial risk (cannot meet obligations), operational risk (production/delivery failures), strategic risk (wrong business decisions), compliance risk (legal/regulatory changes).

Risk management: identify risks, assess likelihood and impact, develop mitigation strategies, monitor continuously. Insurance transfers some risks; diversification spreads risk; good planning reduces operational risk.

Nigerian specific risks: foreign exchange fluctuation, infrastructure failures (power), policy uncertainty, security concerns. Successful businesses anticipate and prepare for risks rather than ignoring them.

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