Mastering Risk Management

The effect of uncertainty on objectives (whether positive or negative)

1. Identify the risk, 2. Analyze the risk, 3. Evaluate or rank the risk, 4. Treat the risk, 5. Monitor and review the risk

Top-down approach, Bottom-up approach, Mixed approach

<p>The sharing economy</p> Signup and view all the answers

<p>Airbnb</p> Signup and view all the answers

<p>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.</p> Signup and view all the answers

<p>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.</p> Signup and view all the answers

<p>The three risk management approaches are: top-down approach, bottom-up approach, and mixed approach.</p> Signup and view all the answers

<p>One critical risk facing the hospitality industry is the sharing economy, particularly the strategic disruption that sharing platforms like Airbnb present.</p> Signup and view all the answers

<p>The effect of uncertainty on objectives, whether positive or negative, is defined as risk.</p> Signup and view all the answers