Risk vs

Choose a study mode

Play Quiz

Study Flashcards

Spaced Repetition

Chat to Lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

True or false: Risk management only involves identifying risks.

False (B)

What is risk?

The possibility of gaining from an investment
The probability or threat of damage or adverse occurrence caused by vulnerabilities (correct)
The process of avoiding or mitigating hazards
The source of potential harm

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 (B) Signup and view all the answers

What is hazard?

Any source of potential damage, harm, or adverse health effects (C) Signup and view all the answers

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. Signup and view all the answers

What are the types of hazard?

Microbiological, physical, chemical, and allergenic (D) Signup and view all the answers

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. Signup and view all the answers

True or false: Risk management helps organizations prepare for and mitigate potential risks.

True (A) Signup and view all the answers

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.

Studying That Suits You

Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

Description

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!