The objective of this course is to provide the participants with the essential macroeconomic risk knowledge and skills that are relevant for business success. By the end of this course, the participants will be able to:

• Identify and explain the key concepts and principles of macroeconomic risk, such as sources, types, measurement, and management of macroeconomic risk
• Apply the macroeconomic risk way of thinking to analyze the behavior and decisions of governments, central banks, and other economic agents in the global economy
• Understand the different types of macroeconomic risk models, such as scenario analysis, sensitivity analysis, stress testing, etc., and their advantages and disadvantages
• Recognize the role and impact of macroeconomic risk on business functions, such as strategy, marketing, finance, operations, etc.
• Evaluate the benefits and costs of various macroeconomic risk mitigation strategies, such as diversification, hedging, insurance, etc., for business

Taking this course will help the participants to:

• Develop a solid foundation and understanding of macroeconomic risk and its importance for business
• Enhance their critical thinking and problem-solving skills
• Improve their decision-making and strategic planning abilities
• Increase their awareness and appreciation of the global economic environment and its challenges and opportunities for business
• Develop their confidence and competence in applying macroeconomic risk concepts and tools to real-world business situations

This course will provide participants with the skills and knowledge required to advance their careers in the tourism industry. Participants will learn how to develop and implement effective digital strategies, manage digital products, and provide excellent customer service. The course will also provide participants with an opportunity to network with other professionals in the industry.

Day One:

Introduction to Macroeconomic Risk and Macroeconomic Variables

• What is macroeconomic risk and why is it important for business?
• The macroeconomic risk problem: uncertainty vs volatility vs exposure
• The macroeconomic risk way of thinking: expected value vs probability distribution vs risk premium
• The concept of macroeconomic variables: definition, types, and measurement
• The examples of macroeconomic variables: GDP, CPI, unemployment rate, interest rate, exchange rate, etc.

Day Two:

Macroeconomic Risk Sources: How They Cause Changes in Macroeconomic Variables

• What are macroeconomic risk sources and how do they cause changes in macroeconomic variables?
• The concept of macroeconomic risk sources: definition, types, and features
• The types of macroeconomic risk sources: endogenous vs exogenous, systematic vs idiosyncratic, predictable vs unpredictable
• The examples of endogenous sources: monetary policy, fiscal policy, trade policy, etc.
• The examples of exogenous sources: political events, natural disasters, pandemics, etc.

Day Three:

Macroeconomic Risk Models: How They Predict Changes in Macroeconomic Variables

• What are macroeconomic risk models and how do they predict changes in macroeconomic variables?
• The concept of macroeconomic risk models: definition, objectives, and features
• The types of macroeconomic risk models: scenario analysis vs sensitivity analysis vs stress testing vs etc.
• The advantages and disadvantages of different types of models: accuracy vs simplicity vs timeliness vs reliability
• The design and evaluation of macroeconomic risk models: data selection, model specification, model testing, model validation, etc.

Day Four:

Macroeconomic Risk Impact: How They Affect Business Outcomes

• How do macroeconomic risk impact affect business outcomes?
• The concept of macroeconomic risk impact: definition, objectives, and features
• The types of macroeconomic risk impact: direct impact vs indirect impact vs spillover impact
• The examples of direct impact: revenue effect vs cost effect vs profit effect
• The examples of indirect impact: demand effect vs supply effect vs competition effect

Day Five:

Macroeconomic Risk Mitigation: How They Reduce Business Exposure and Liability

• What are macroeconomic risk mitigation strategies and how do they reduce business exposure and liability?
• The concept of macroeconomic risk mitigation strategies: definition, objectives, and features
• The types of macroeconomic risk mitigation strategies: diversification vs hedging vs insurance vs etc.
• The benefits and costs of different types of strategies: effectiveness vs efficiency vs feasibility vs ethics
• The best practices and lessons learned from successful mitigation strategies: case studies, guidelines, recommendations, etc.

To enhance learning and practical application of concepts, the training course will use a combination of interactive lectures, case studies, group discussions, practical exercises, and real-world examples. Participants will also get the chance to collaborate on group projects and create action plans adapted to the needs of their respective organizations.