Risk Management in Tourism and Hospitality

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Questions and Answers

According to UNWTO, what is the definition of risk?

A situation that exposes someone or something to danger or loss (correct)
The probability of threat of damage, injury, liability, or any other adverse occurrence
Future uncertainty about deviation from expected earnings or expected outcome
The uncertainty that an investor is willing to take

What does risk management apply to?

Financial business risk
Safety, security, and sanitation (correct)
Property loss
Physical safety matters

How does the business dictionary define risk?

A situation that exposes someone or something to danger or loss
The uncertainty that an investor is willing to take
Future uncertainty about deviation from expected earnings or expected outcome
The probability of threat of damage, injury, liability, or any other adverse occurrence (correct)

In the context of economics, what does risk imply?

Future uncertainty about deviation from expected earnings or expected outcome (B) Signup and view all the answers

When does risk attach to a person engaging in the business of tourism and hospitality?

From the moment a person engages in the business (B) Signup and view all the answers

What are the different types of risks that can be associated with the business of tourism and hospitality?

Physical safety matters, risk of property loss, and financial business risks. Signup and view all the answers

How does UNWTO define risk?

A situation that exposes someone or something to danger or loss. Signup and view all the answers

According to the business dictionary, how is risk defined?

The probability of threat of damage, injury, liability, or any other adverse occurrence that is caused by external or internal vulnerabilities, and that may be avoided through preemptive action. Signup and view all the answers

In the context of economics, what does risk measure?

The uncertainty that an investor is willing to take to real. Signup and view all the answers

What is the definition of risk management?

The process of identifying, assessing, and prioritizing risks, and taking measures to minimize, monitor, and control the impact of those risks. Signup and view all the answers

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