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Questions and Answers
Which of the following is considered a source of risk in the hospitality and tourism industry?
What is one reason why identifying sources of risk is important in hospitality and tourism?
Which of the following factors is NOT a source of uncertainty mentioned?
What is meant by 'credit risk' in the context of hospitality and tourism?
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How can managers reduce the likelihood of project failures in hospitality?
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What are deliberate attacks from adversaries considered in risk management?
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Which of these is a consequence of not addressing uncertainties in financial markets?
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What does the term 'project failure' primarily refer to?
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What is the primary focus of risk management in hospitality and tourism management?
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Which of the following describes credit risk?
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What differentiates accidents from risks in the context of management?
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Which of the following is NOT a common injury in the hospitality industry?
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According to Article 102 of the Revised Penal Code of the Philippines, when is an innkeeper liable?
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What is the role of accident management in hospitality?
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What is one of the goals of credit risk management in a banking context?
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Which response is part of the two-way process of risk management in the hospitality industry?
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Study Notes
Risk Management in Hospitality and Tourism
- Identifying sources of risk is crucial for effective management in the hospitality and tourism sector.
- Risks arise from various uncertainties, including financial markets, project failures, legal liabilities, accidents, natural disasters, and deliberate attacks.
Sources of Risks
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Financial Market Uncertainty
- Vigilance required from managers to recognize risks impacting business.
- Reducing investor confidence can affect long-term financial stability.
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Project Failure Threats
- Risks are often inherent in projects; success is measured by avoiding failures.
- Effective project management can minimize negative impacts on cost and quality.
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Legal Liabilities
- Risk management aims to eliminate legal responsibilities associated with incidents.
- Protecting guests and employees is essential to prevent emotional and physical harm.
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Credit Risk
- Defined as the risk of a borrower failing to meet repayment obligations.
- Effective credit risk management balances risk exposure within acceptable limits.
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Accidents
- Accidents are reactive; risk management is focused on prevention.
- Managing risks involves limiting occurrences of accidents to reduce financial losses.
Common Injuries in the Hospitality Industry
- Slip and fall injuries
- Musculoskeletal injuries
- Skin reactions
- Respiratory illnesses
- Security-related accidents
- Food poisoning
- Elevator and escalator accidents
Security-related Accidents
- Article 102 of the Revised Penal Code of the Philippines outlines legal responsibilities of innkeepers and establishments.
- Liability arises from violations of ordinances or crimes committed on premises.
- Liability of innkeepers is conditional upon guest notifications regarding their goods.
Importance of Risk Management
- Risk management serves dual purposes:
- Ensures safety of guests/employees and minimizes emotional or physical harm.
- Protects business operations, property, and prepares for potential future legal issues.
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Description
Explore the principles of risk management as applied to safety, security, and sanitation within the hospitality and tourism industry. This quiz will help you understand various sources of risks and their implications for hygiene and safety practices.
