9 Questions
True or false: Risk management only involves identifying risks.
False
What is risk?
The probability or threat of damage or adverse occurrence caused by vulnerabilities
What is credit risk and how can it impact the tourism and hospitality industries?
Credit risk is the potential for a borrower to fail to meet obligations. If this happens, it can impact the tourism and hospitality industries as businesses may experience financial losses.
True or false: Risks in the tourism and hospitality industry only come from financial markets.
False
What is hazard?
Any source of potential damage, harm, or adverse health effects
What are some common injuries that can occur in the hospitality industry?
Slip and falls, musculoskeletal injuries, and respiratory illness are some common injuries that can occur in the hospitality industry.
What are the types of hazard?
Microbiological, physical, chemical, and allergenic
How can natural disaster risks be mitigated in the tourism and hospitality industries?
Preventive measures can be taken to mitigate natural disaster risks in the tourism and hospitality industries. This may include having emergency plans in place, investing in building and infrastructure design, and monitoring weather and other natural phenomena.
True or false: Risk management helps organizations prepare for and mitigate potential risks.
True
Study Notes
- Risk is the probability or threat of damage or adverse occurrence caused by internal or external vulnerabilities
- Risk measures the uncertainty an investor is willing to take to realize a gain from an investment
- UNWTO defines risk as a situation that exposes someone or something to danger or loss
- Risk can be physical or financial
- Hazard pertains to any source of potential damage, harm, or adverse health effects
- Risk is the chance or probability that a person will be harmed if exposed to a hazard
- There are four types of hazard: microbiological, physical, chemical, and allergenic
- A hazard is something that can cause harm
- Risk is the chance that any hazard will cause harm to somebody
- Risk management involves preemptive action to avoid or mitigate risks.
Test your knowledge on risk and hazard with our quiz! Learn about the different types of risks, hazards, and how to manage them effectively. This quiz covers important concepts such as risk management, physical and financial risks, and the four types of hazards. Sharpen your understanding of these topics and perfect your risk assessment skills. Take the quiz now!
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