Podcast
Questions and Answers
Which of the following risks may affect multiple tourism businesses?
Which of the following risks may affect multiple tourism businesses?
- Theft of property
- Extreme weather and climate (correct)
- Loss of customers
- Injury to staff
What does the term 'risk' generally refer to in risk management?
What does the term 'risk' generally refer to in risk management?
- The physical location of a business
- All possible business challenges
- Only the potential losses from theft
- A specific hazard or danger that has been identified (correct)
What is meant by 'consequence' in the context of risk?
What is meant by 'consequence' in the context of risk?
- The underlying cause of the risk
- The actions taken to mitigate the risk
- The potential effects of the risk occurring (correct)
- The estimated financial loss
What is the first step in the process of risk assessment?
What is the first step in the process of risk assessment?
Which factor is NOT mentioned as a possible cause of risk?
Which factor is NOT mentioned as a possible cause of risk?
What does effective risk spotting and analysis contribute to?
What does effective risk spotting and analysis contribute to?
What is the most important component of risk according to the given content?
What is the most important component of risk according to the given content?
What is an example of a risk event in the tourism industry?
What is an example of a risk event in the tourism industry?
How does human understanding affect the perception of risks in businesses?
How does human understanding affect the perception of risks in businesses?
How is risk typically measured in risk management?
How is risk typically measured in risk management?
Which statement best describes probabilities in the context of risk management?
Which statement best describes probabilities in the context of risk management?
What is the primary challenge of predicting future events in risk management?
What is the primary challenge of predicting future events in risk management?
In the context of risk, which of the following best describes the relationship between probability and reality?
In the context of risk, which of the following best describes the relationship between probability and reality?
What does the content suggest about predicting the future of risks?
What does the content suggest about predicting the future of risks?
Why should businesses adopt a 4.0 viewpoint regarding risk?
Why should businesses adopt a 4.0 viewpoint regarding risk?
Which of the following best illustrates a misconception about risk management?
Which of the following best illustrates a misconception about risk management?
Which of the following is an example of a disruption related to People?
Which of the following is an example of a disruption related to People?
Which of the following disruptions is categorized under Processes?
Which of the following disruptions is categorized under Processes?
What type of disruption does 'loss or damage to property' fall under?
What type of disruption does 'loss or damage to property' fall under?
Which of the following is NOT a process-related disruption?
Which of the following is NOT a process-related disruption?
What is an example of a disruption that affects Products?
What is an example of a disruption that affects Products?
Which disruption relates to the Premises category?
Which disruption relates to the Premises category?
Which of the following is an example of People-related operational disruption?
Which of the following is an example of People-related operational disruption?
How does 'theft of physical property' classify in terms of disruption categories?
How does 'theft of physical property' classify in terms of disruption categories?
Which of the following disruptions could lead to significant operational issues in Processes?
Which of the following disruptions could lead to significant operational issues in Processes?
Identify an example of a disruption affecting a company’s Products.
Identify an example of a disruption affecting a company’s Products.
Which of the following is considered a natural hazard?
Which of the following is considered a natural hazard?
Which category includes issues related to ecological concerns such as pollution and loss of biodiversity?
Which category includes issues related to ecological concerns such as pollution and loss of biodiversity?
What type of risk involves potential threats to public access and safety?
What type of risk involves potential threats to public access and safety?
Which of the following best defines financial risks?
Which of the following best defines financial risks?
What is not a reason for negative psychological/emotional associations?
What is not a reason for negative psychological/emotional associations?
Which aspect is included in human risks?
Which aspect is included in human risks?
In which risk category does insufficient product testing fall?
In which risk category does insufficient product testing fall?
What does a very high risk rating categorize?
What does a very high risk rating categorize?
What describes a facility that is too ruined or contaminated to be used?
What describes a facility that is too ruined or contaminated to be used?
Which level of impact indicates slight damage or contamination?
Which level of impact indicates slight damage or contamination?
What is the maximum downtime associated with a minor impact classification?
What is the maximum downtime associated with a minor impact classification?
How is vulnerability defined in the context provided?
How is vulnerability defined in the context provided?
In the risk matrix, which level of vulnerability corresponds with a ‘Devastating’ impact under a Credible Threat?
In the risk matrix, which level of vulnerability corresponds with a ‘Devastating’ impact under a Credible Threat?
Which combination of impact and vulnerability is associated with a ‘Noticeable’ impact under a Minimal Threat?
Which combination of impact and vulnerability is associated with a ‘Noticeable’ impact under a Minimal Threat?
What vulnerability rating indicates the highest risk level?
What vulnerability rating indicates the highest risk level?
Which impact rating has a longer downtime than any other classification?
Which impact rating has a longer downtime than any other classification?
What does a ‘Minor’ impact imply in terms of operational interruption?
What does a ‘Minor’ impact imply in terms of operational interruption?
Under a Defined Threat, which impact rating is associated with High vulnerability?
Under a Defined Threat, which impact rating is associated with High vulnerability?
What happens when a facility experiences a ‘Noticeable’ impact in terms of operational capability?
What happens when a facility experiences a ‘Noticeable’ impact in terms of operational capability?
Which vulnerability rating directly suggests reduced attractiveness as a target?
Which vulnerability rating directly suggests reduced attractiveness as a target?
In the risk matrix for Potential Threat, which impact with Very High vulnerability is characterized as Devastating?
In the risk matrix for Potential Threat, which impact with Very High vulnerability is characterized as Devastating?
What is a primary characteristic of a facility that has a ‘Severe’ impact?
What is a primary characteristic of a facility that has a ‘Severe’ impact?
Study Notes
Onsite Activities
- Class activities include discussions, recitations, modules, worksheets, individual performance tasks, group projects, and presentations.
- Lesson handouts are provided via Google Classroom.
Introduction to Risk Management
- Risk involves uncertainty related to future events, particularly in small and medium-sized businesses.
- Human perception and cultural context heavily influence the understanding of risks.
- Risks can affect multiple entities or be specific to an individual business.
- Risks have identifiable causes (e.g., unsafe conditions) and effects (consequences).
Defining and Recognizing Risks
- Effective risk management involves identifying the causes and potential impacts of risks.
- Risk is a combination of the hazard identified and its potential consequences.
Risk Assessment and Identification
- Risk assessment begins with recognizing various types of risks, focusing on operational disruptions categorized under people, premises, processes, and products.
Categories of Operational Disruption
- People: Issues like low finances or improper management practices.
- Premises: Problems such as property damage or theft.
- Processes: Challenges like IT failures and poor communication.
- Products: Concerns include poor quality, supplier failures, and logistics issues.
Vulnerability Assessment
- Vulnerability signifies how appealing a target is versus the effectiveness of countermeasures.
- Vulnerability is rated from very high to low.
Risk Impact Matrix
- Categorizes risks based on impact (minor, noticeable, severe, devastating) and vulnerability.
- Evaluates the potential threat level based on the impact of loss against the vulnerability rating.
Potential Risks to Tourism
- Health concerns, economic fluctuations, and negative publicity can impact tourism adversely.
- Environmental and financial risks involve pollution, theft, and economic fraud.
- Human threats may include terrorism and violence, while natural hazards encompass earthquakes and climate issues.
Risk Rating Interpretation
- Very High Risk: Indicates an unacceptable level of risk.
Conclusion
- Effective risk management blends assessment, recognition, and strategic planning to mitigate potential hazards in business operations.
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Description
This quiz covers various onsite activities such as class discussions, recitations, and performance tasks. It also includes information about group projects and presentations. Review the different strategies for engaging students and assessing their learning outcomes.
