10 Questions
What is the definition of risk?
The effect of uncertainty on objectives (whether positive or negative)
What are the steps that make up the overall risk management process?
- Identify the risk, 2. Analyze the risk, 3. Evaluate or rank the risk, 4. Treat the risk, 5. Monitor and review the risk
What are the three risk management approaches?
Top-down approach, Bottom-up approach, Mixed approach
What is one critical risk facing the hospitality industry?
The sharing economy
Which company represents a significant threat to the hotel sector in terms of the sharing economy?
Airbnb
What is the definition of risk management?
Risk management is the identification, assessment, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities.
What are the steps that make up the overall risk management process?
The steps that make up the overall risk management process are: 1. Identify the risk, 2. Analyze the risk, 3. Evaluate or rank the risk, 4. Treat the risk, 5. Monitor and review the risk.
What are the three risk management approaches?
The three risk management approaches are: top-down approach, bottom-up approach, and mixed approach.
What is one critical risk facing the hospitality industry?
One critical risk facing the hospitality industry is the sharing economy, particularly the strategic disruption that sharing platforms like Airbnb present.
What is the effect of uncertainty on objectives?
The effect of uncertainty on objectives, whether positive or negative, is defined as risk.
Test your knowledge on risk management with this quiz! Learn about the definition of risk, as well as the importance of identifying, assessing, and prioritizing risks. Explore the concept of risk management and how to minimize, monitor, and control the impact of uncertain events.
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