Contact Us
Sign In / Sign Up for FREE
Go to advanced search...

Critically evaluate methodologies for achieving risk management process evaluation and change and comment on the constraints - Essay Example

Comments (0) Cite this document
Investments in the hospitality industry in general and hotels in particular are also subject to a variety of risks which can be both strategic as well as…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER91.5% of users find it useful
Critically evaluate methodologies for achieving risk management process evaluation and change and comment on the constraints
Read TextPreview

Extract of sample "Critically evaluate methodologies for achieving risk management process evaluation and change and comment on the constraints"

Download file to see previous pages The methodologies for the management of risk in the hospitality industry may be broadly classified as being organisational and financial in nature. The strategies for the management of risks in the hospitality industry may be classified as being defensive, cautious or offensive in nature and these may be dictated by the broad business environment of the day. Risk avoidance, risk reduction or risk transfer are the organisational methodologies for managing risks and their financial counterparts for the management of risks include risk retention, transfer of risk related financial liability and risk repartition in which risks are spread amongst a number of businesses or groups. Whereas a practical organisational strategy is likely to combine a number of techniques to handle risks associated with a hospitality operation, attempts towards the repartition of risks present the best way to deal with situations in a global economy in which the clients of the hospitality industry or the tourists have a number of alternatives that are available to them. This brief essay attempts to take a look at the methodologies for managing risk in the hospitality industry.
Any economic activity is characterised by an associated exposure to risk as a result of the conduct of the activity. Large projects may be exposed to risks associated with delays, cost escalations and exchange rate fluctuations etc. In the hospitality industry, risks may arise as a result of investment risks in ventures, risks arising out of the globalisation of tourism, risks associated with requirements to comply with legal and licensing requirements and health as well as safety risks in establishments. Investment risks and the risks arising out of the globalisation of the tourism industry have to be considered at the time of investing in a new venture and these risks are more of long term or strategic risks in nature. Risks that are associated ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
(“Critically evaluate methodologies for achieving risk management Essay”, n.d.)
Critically evaluate methodologies for achieving risk management Essay. Retrieved from
(Critically Evaluate Methodologies for Achieving Risk Management Essay)
Critically Evaluate Methodologies for Achieving Risk Management Essay.
“Critically Evaluate Methodologies for Achieving Risk Management Essay”, n.d.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Critically evaluate methodologies for achieving risk management process evaluation and change and comment on the constraints

Achieving Cultural Change

... level of management. The managers did not deploy any proper risk taking skills and absence of flexibility was evident in the overall working of the business. Proper knowledge of Organizational Behavior is helpful in managing such situations confronted by the company. The field of OB stresses on coordination, collaboration and proper communication between employees for attainment of the objectives specified by the company. The problem with the management team can be dealt by inculcating the ideas and values of leadership. Collective sense of purpose needs to be built among the team leaders, managers and executives to achieve the organizational goals. B. Systematic Research. The importance of systematic research is noteworthy in the process...
8 Pages(2000 words)Research Paper

Risk Management Process

Hazards are identified and through proper management control power and resources are conserved (Kendrick, 2009). Projects being undertaken possess different risks and therefore project manager must understand every detail of the project and outcomes expected to ensure that the project does not fail. Understanding of requirements of the project will ensure that proper strategies are formulated and resources used efficiently to avoid uncertain risks (Loosemore & Raftery, 2006). Risk management process involves detail stages which are used to enable understanding and creating correctional measures that can be used to avoid risks. Therefore before undertaking any activity there is a need to know every project risk before selecting an...
3 Pages(750 words)Research Paper

Analyse the change process during the takeover of Cadbury by Kraft and critically evaluate the management of that change process

When Kraft took over Cadbury, this was a major change that was disruptive to the Cadbury organisation, which had implications for the all the stakeholders involved. Included in the stakeholders was the UK government, which rebuked the organisation for shuttering a plant that it promised to keep open. The workers felt job insecurity. However, the change was not all bad, as both companies gained market share throughout the world. This essay will examine the changes that were made, including the mistakes that Kraft made, and how the change affected all the stakeholders involved. Cadbury Nature of Change The triggers for change The triggers and forces promoting the change was that Kraft, in September of 2009, offered a takeover for C...
12 Pages(3000 words)Essay

Risk Assessment and a Risk Management Process

... e-mail server; and whether a firewall is necessary to protect your Web server, or if simple router ACLs (access control lists) will suffice. Furthermore, a risk-management process will help you prioritize these issues should you lack the resources necessary to address them all immediately. The question that arises is that when should the risk assessment be done. These are a few of the reasons. Prior to work with an agent At regular intervals At least annually Incase of a change Move or renovation New employee Different piece of equipment New technique or procedure 1. Establish the risk assessment team. The team is formed to collect, analyze and report the assessments to the management. It is important that all aspects...
5 Pages(1250 words)Essay

Risk management process

This paper gives a critical analysis of a diagrammatic representation of the steps of risk management. This is achieved in conjunction with a detailed evaluation of the journal article “Understanding Risk Management in Small 7 Steps” (Mazareanu, 2011).
Figure 1 below presents the 6 major steps in risk management. Nonetheless the article “Understanding Risk Management in Small 7 Steps” breaks down the steps of risk management process into seven small steps. It is however notable that the journal article describes the major areas in risk management sufficiently in scope (Mazareanu, 2011). In accordance to Fig 1 above, the process of risk management begins with the assessment of risk. Mazareanu (2011), in the journal article, des...
4 Pages(1000 words)Essay

Risk Assessment Process Evaluation

... Risk Assessment Process Evaluation Introduction This report tries to evaluate extensively the risk management planning process of Chesapeake Energy that we carried out as a group to identify and assess risks that affected and could affect Chesapeake Energy. It comprises of detailed strengths and weaknesses of the risk management planning process (John, Chris, Paul, and Karl, 2004, 13-14). It also includes how the group overcame difficulties while coming up with the risk management planning process and finally a deep evaluation of the risk management planning process of Chesapeake Energy. Risk management planning process is a process of coming up with a guideline or framework whose main objective is to foresee risk, how the risks...
5 Pages(1250 words)Dissertation

Change Management process

... Module Table of Contents Introduction 1 Strategies 1.2 Structural 1.3. Process oriented 2 4 Changes in technology 2 1.5 Workforce expectation 2 1.6 External drivers 2 1.6.1 Globalization 2 1.6.2 Technology 3 1.6.3 Political factors 3 1.6.4 Competition 3 1.6.5 Customer satisfaction and preferences 3 2. Lewin’s Force-field analysis 4 2.1 Forces for the change 4 2.2 Forces against the change 4 3. Change management theories 5 3.1 Lewin’s Freeze model 5 3.1.2 Unfreezing phase 5 3.1.3 Transition phase 5 3.1.4 Freezing phase 6 3.2 Kübler-Ross Model 6 3.3 ADKAR model 6 3.4 The Beckhard model 7 3.5 Management strategies 8 3.5.1 Empirical-rational strategy. 8 3.5.2 Normative –reductive strategy 8 3.5.3 Power-coercive strategy 8 3.5.4 Environmental...
9 Pages(2250 words)Coursework

Process and Change Management

...Process and change management By Executive summary The Abu Dhabi national oil company (ADNOC) dealswith petroleum and oil companies in the United Arab Emirates. The company has access to more than ninety percent of the nation’s gas and oil preserve’s and is regarded as the fourth largest of its kind in the globe. The company was producing 27 million barrels each day in the year 2000 and is currently producing over 21 million barrels each day. The services and products provided by Abu Dhabi National Oil Company are diversified and are advantageous to the petrochemical companies. The major business goal of the company is to identify, manufacture and then market resources (Kuzmin, 2010). The company has continued to benchmark with a few...
10 Pages(2500 words)Assignment

Contemporary Issues in World of Politics Climate Change Policy

It is more than a particular problem of any specific community. In fact, climate change has a wider global nature compared to other environmental issues and it affects the people of every nation and boundary. Therefore, the issue of climate change has a far wider reach than the other environmental issues and it is an issue concerned with almost all the international communities. It is identifiable that national boundaries may attempt to prevent the movement of people and goods across the boundaries of the nation. However, when it comes to pertinent environmental issues such as climate change, these issues do not stop at borders, making them – some would argue – quintessentially global phenomena. “Climate change i...
6 Pages(1500 words)Case Study

Introduction to Change Management

Management often follows a “change management process” to change the existing process or activity.
Change management is a systematic approach for dealing with change that takes place in the organization as well as at the individual level. Such change management comprises of three aspects: adapting change, controlling it and finally affecting it. These three aspects of change management were well explained in three stages of change model given by Lewin (1952) and the three stages are “unfreezing”, “change” & “refreezing” (Orlikowski & Hofman, 1997). Another model for change was introduced by Prosci after conducting a research on more than 1000 companies from 59 countries....
7 Pages(1750 words)Case Study

Risk Management in the Airline Industry

With revenues in excess of ₤9 billion and a fleet of 245 aircraft as of March 2009, Heathrow-based BA’s risk management strategies provide an excellent example.
b) easyJet Plc, a Low-Cost Carrier, flying to more than 100 destinations in Europe, UK, and Northern Africa, and clocking over 50 million seats, with revenues of ₤2.4 billion in 2007-08 [2]. Covering over 380 routes with a fleet of 165 aircraft as of September 2008, Luton-based easyJet’s risk management strategies provide another excellent example with a different set of policies.

The airline industry, internationally, is characterized by its exposure to substantial operational and financial risks. Financial risks result in uncertainly in key pa...
6 Pages(1500 words)Case Study

Comparing Management and Leadership

Once a manager decides on something, his subordinates are required to follow whatever he tells them or else he would have to use the power and authority vested in him to reprimand those who go against his directives. Managers are not their own bosses and as such, they are motivated by the salaries which they are paid for their services. This also makes them subordinates who follow orders from their bosses and who hold them accountable for the progress or failure of the business. Management is a process that focuses on ensuring that there is stability in the organization as well as proper utilization of resources in order to create a harmonious environment for maximizing profits while also minimizing risks, which is the overall sen...
6 Pages(1500 words)Literature review

Nutrition and Lifestyle Management

Vitamins and minerals are micronutrients that are only required in small quantities but are indispensable in maintaining a strong and healthy body. Most individuals should be capable of obtaining all the nutrients they require by consuming a healthy, diverse diet, even though there are a few exemptions. For instance, females thinking about getting pregnant are advised to consume a folic acid supplement to prevent the abnormalities within the child. (What are nutrients? n.d.).

In this study, my case history is presented. I am 41 years of age and trying very hard to lose weight. There are no known diseases in my family that I know of and the only thing that I suffer from is severe constipation. Constipation may be a conti...
11 Pages(2750 words)Case Study

Evaluation of the Role of Human Networks in Knowledge Creation and Knowledge Sharing Within Patni

The extensive literature review has been undertaken to justify the actions of Patni and to appreciate its initiatives that enhance employee participation. The steps taken by this Indian IT giant in institutionalizing organizational learning have been discussed largely from the perspective of human resource management and it has also been discussed as to how knowledge generation takes place within the organization.

This report will aim at critically evaluating the role of human networks in knowledge creation and knowledge sharing within Patni Computer Systems Ltd. (Patni). For this purpose, an extensive literature review will be undertaken and various theories pertaining to human resource management will be made use of....
6 Pages(1500 words)Case Study

Organizational Change and Development at IBA

The results revealed that the employees had no incentive for working in an innovative way and they were not compensated in the right manner. The clients were not given any incentive to return, therefore, most of them went to the competition. The employees working over three years were given special benefits if they sign a contract to work for the organization for at least 3 more years. Employees were given training sessions for better customer experience. Informal dinner or lunch each was scheduled each month in order to enhance the level of communication in the organization. Ten months after the implementation of these changes, the consultants returned for evaluation and found that the results have shown a successful change in th...
7 Pages(1750 words)Case Study

The Change Management Process

... important for the organizations to celebrate the short term wins too, these small motivations for the employees have proved very useful in bring in successful change. Also, the change management activities in any organization should be updated with time. This is because stagnancy is the biggest and the worst virus which can rust the organizations from their roots (Lawrence E. Harrison). Source: (Elearn Limited (Great Britain)) 1.2 Total Transformation Management Model The Total Transformation Management Model must be followed in the process of change management. This model suggests that every change management activity must start with developing a vision for change (Doppelt). This should be followed by evaluation by the organization...
8 Pages(2000 words)Case Study

Critically Evaluate The Use of Qualitative Methodologies

The evolution of qualitative research will lead us to different truths of human behavior, organizational behavior, and studies of the different sciences.
Qualitative research is seeking human knowledge through the use of empirical data, reason, and the development of scientific laws to explain phenomena. It is used to arrive at a certain truth, understand human behavior, or reach a conclusion for certain phenomena.
Moreover, it refers to ‘social research that uses text data instead of numerical data, analyzes those data in their textual form rather than converting them to numbers for analysis, aims to understand the meaning of human action (Schwandt, 2001), and asks open questions about phenomena as they occur in con...
10 Pages(2500 words)Research Paper

Logistics System Management

The logistics system is designed in such a manner as the combination of various facilities in the transportation at home, and the operations involved in the warehouse and the distribution channels for the manufacturing are the same. The supply chain is a collection of various complicated systems of logistics where they have a collection of raw materials and goods that are useful for the manufacturing of the final product and to the final distributors. “For example, in make-to-assembly (MTA) systems components and semi-finished products are manufactured in a push-based manner while the final assembly stage is pull-based. Hence, the work-in-process inventory at the end of the first stage is used to assemble the finished produc...
15 Pages(3750 words)Coursework

Globalization and Business Enterprise: Climate Change

Since globalization encompasses political, economical and environmental issues, there has been much debate amongst companies on how resources are to be allocated in order to minimize climate change. Climate change is being dealt with on a global scale. The “Green investing is on the rise”, where investors are buying stocks that are environmentally friendly. New Zealand, like other countries, is supporting the cause for environmental protection by legislative measures in trade, bills regarding carbon emissions and by being part of agreements with the UN and the Kyoto Treaty.

Climate change and globalization are intricately linked. With the passage of time, many environmental issues, like global warming, have...
6 Pages(1500 words)Coursework

Project Management of Beijing Capital International Airport T3 Terminal

Some stakeholders can be both driving (positive) and restraining (negative) forces, it depends on how the project will meet their interests. These forces are marked by a dotted line. If changes happen, and the project won’t meet the interests of some of these stakeholders, a vector of the corresponding force will be changed onto the opposite and the force will move onto the opposite part of the diagram.

Each half of the diagram (left and right) is divided into three parts – Low, Medium and High. It defines the size of a force vector and indicates the importance (power) of a given force. Short forces have a low level of power.

Civil Aviation Administration of China (CAAC) – undoubtedly advanc...
7 Pages(1750 words)Assignment
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Critically evaluate methodologies for achieving risk management process evaluation and change and comment on the constraints for FREE!

Contact Us