Chance events are occurrences that are beyond the control of firms, industries, and usually governments.

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Chance events are unexpected and uncontrollable occurrences that can have a significant impact on firms, industries, and even governments. Examples of chance events include natural disasters, political upheavals, and sudden shifts in market conditions. While organizations can take some steps to prepare for and mitigate the impact of chance events, they cannot completely control or eliminate them.

Chance Events Are Occurrences That Are Beyond the Control of Firms