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Questions and Answers

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?

  • 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?

  • 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?

    <p>Finding the risks (A)</p> Signup and view all the answers

    Which factor is NOT mentioned as a possible cause of risk?

    <p>Unsuitable pricing strategies (A)</p> Signup and view all the answers

    What does effective risk spotting and analysis contribute to?

    <p>Good risk management decision-making (B)</p> Signup and view all the answers

    What is the most important component of risk according to the given content?

    <p>Uncertainty (B)</p> Signup and view all the answers

    What is an example of a risk event in the tourism industry?

    <p>An accident occurring during a tour (C)</p> Signup and view all the answers

    How does human understanding affect the perception of risks in businesses?

    <p>It shapes how risks are viewed and thought about. (A)</p> Signup and view all the answers

    How is risk typically measured in risk management?

    <p>As a forecast based on chance estimates (A)</p> Signup and view all the answers

    Which statement best describes probabilities in the context of risk management?

    <p>They are ideas based on past events and assumptions. (B)</p> Signup and view all the answers

    What is the primary challenge of predicting future events in risk management?

    <p>Past events do not inform future probabilities. (B)</p> Signup and view all the answers

    In the context of risk, which of the following best describes the relationship between probability and reality?

    <p>Probabilities are subjective ideas about potential events. (C)</p> Signup and view all the answers

    What does the content suggest about predicting the future of risks?

    <p>It requires a comprehensive understanding of human behavior. (D)</p> Signup and view all the answers

    Why should businesses adopt a 4.0 viewpoint regarding risk?

    <p>It provides a new perspective on unpredictability. (D)</p> Signup and view all the answers

    Which of the following best illustrates a misconception about risk management?

    <p>Risk can be totally eliminated through effective strategies. (A)</p> Signup and view all the answers

    Which of the following is an example of a disruption related to People?

    <p>Improper management practices by a manager (C)</p> Signup and view all the answers

    Which of the following disruptions is categorized under Processes?

    <p>Failures in communication or transportation (C)</p> Signup and view all the answers

    What type of disruption does 'loss or damage to property' fall under?

    <p>Premises (A)</p> Signup and view all the answers

    Which of the following is NOT a process-related disruption?

    <p>Too few restrictions in place (D)</p> Signup and view all the answers

    What is an example of a disruption that affects Products?

    <p>Supplier failure (D)</p> Signup and view all the answers

    Which disruption relates to the Premises category?

    <p>Delivery of items that have been used (D)</p> Signup and view all the answers

    Which of the following is an example of People-related operational disruption?

    <p>Sudden absence of important partners (D)</p> Signup and view all the answers

    How does 'theft of physical property' classify in terms of disruption categories?

    <p>Premises (A)</p> Signup and view all the answers

    Which of the following disruptions could lead to significant operational issues in Processes?

    <p>IT equipment or software failure (B)</p> Signup and view all the answers

    Identify an example of a disruption affecting a company’s Products.

    <p>Logistics failure (B)</p> Signup and view all the answers

    Which of the following is considered a natural hazard?

    <p>Tsunami (A)</p> Signup and view all the answers

    Which category includes issues related to ecological concerns such as pollution and loss of biodiversity?

    <p>Environmental (A)</p> Signup and view all the answers

    What type of risk involves potential threats to public access and safety?

    <p>Public liability (A)</p> Signup and view all the answers

    Which of the following best defines financial risks?

    <p>Contract hazards and fraud (C)</p> Signup and view all the answers

    What is not a reason for negative psychological/emotional associations?

    <p>Effective safety management (C)</p> Signup and view all the answers

    Which aspect is included in human risks?

    <p>Terrorism (B)</p> Signup and view all the answers

    In which risk category does insufficient product testing fall?

    <p>Product liability (B)</p> Signup and view all the answers

    What does a very high risk rating categorize?

    <p>The risk is not acceptable at all. (B)</p> Signup and view all the answers

    What describes a facility that is too ruined or contaminated to be used?

    <p>Devastating (A)</p> Signup and view all the answers

    Which level of impact indicates slight damage or contamination?

    <p>Severe (C)</p> Signup and view all the answers

    What is the maximum downtime associated with a minor impact classification?

    <p>Less than 4 hours (C)</p> Signup and view all the answers

    How is vulnerability defined in the context provided?

    <p>How appealing a facility is as a target (B)</p> Signup and view all the answers

    In the risk matrix, which level of vulnerability corresponds with a ‘Devastating’ impact under a Credible Threat?

    <p>High (B)</p> Signup and view all the answers

    Which combination of impact and vulnerability is associated with a ‘Noticeable’ impact under a Minimal Threat?

    <p>Low Vulnerability (A)</p> Signup and view all the answers

    What vulnerability rating indicates the highest risk level?

    <p>Very High (C)</p> Signup and view all the answers

    Which impact rating has a longer downtime than any other classification?

    <p>Devastating (D)</p> Signup and view all the answers

    What does a ‘Minor’ impact imply in terms of operational interruption?

    <p>Operations can continue without interruption (D)</p> Signup and view all the answers

    Under a Defined Threat, which impact rating is associated with High vulnerability?

    <p>Severe (B)</p> Signup and view all the answers

    What happens when a facility experiences a ‘Noticeable’ impact in terms of operational capability?

    <p>Operational continuity is minimally affected (A)</p> Signup and view all the answers

    Which vulnerability rating directly suggests reduced attractiveness as a target?

    <p>Low (A)</p> Signup and view all the answers

    In the risk matrix for Potential Threat, which impact with Very High vulnerability is characterized as Devastating?

    <p>Devastating (A)</p> Signup and view all the answers

    What is a primary characteristic of a facility that has a ‘Severe’ impact?

    <p>Slightly damaged or contaminated (C)</p> Signup and view all the answers

    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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    Related Documents

    LSPU Self-Paced Learning Module: Risk Management PDF

    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.

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