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Discuss the need to monitor expenses related to the response, continuity and recovery to an incident. How is this need best accomplished? How would it be different under the Incident Command System?
When businesses are disrupted, it can cost money. Lost revenues or profits. Lost revenues or profits plus extra expenses means that the profit will be reduced. Most insurance wont cover all of the cost and cannot replace customers that go to the their competitors. One of the most popular methods is the use of questionnaire. This approach requires the development of a questionnaire that was given out to senior management and end users. The objective of the questionnaire was to maximize the identification of real loss from the staff completing the business processes that were jeopardized by the disaster. A questionnaire is a qualitative technique for assessing risk. Qualitative assessments are scenario driven and do not need to sign dollar values to anticipate loss. A qualitative assessement ranks the seriousness of the impact using grades or classes, such as low, medium, high, or critical. Under the Incident Command System (ICS) each event has certain major management activities or actions that have to be performed.It doesn’t matter if the event is small, these activities can still be applied to some extent. Monitors cost related to the incident. Provides accounting, procurement, cost analysis, and time recording.