Lesson 2

Front

What are the best practices for risk management in tourism?

Back

1. Conduct Regular Risk Assessments 2. Develop and Update Crisis Management Plans 3. Communicate Effectively 4. Collaborate with Stakeholders 5. Invest in Employee Training

Front

What are the steps of the risk management process?

Back

1. Risk Identification 2. Risk Assessment 3. Risk Prioritization 4. Risk Mitigation 5. Risk Monitoring

Front

What is the purpose of risk identification?

Back

To prevent possible problems by recognizing potential threats to an organization, its operations, and its workforce.

Front

What factors should be considered in risk identification?

Back

1. Tangible and intangible sources of risk 2. Causes and events 3. Threats and opportunities 4. Vulnerabilities and capabilities 5. Changes in the external and internal context 6. Indicators of emerging risks 7. Nature and value of assets and resources 8. Consequences and their impact on objectives 9. Limitations of knowledge and reliability of information 10. Time-related factors 11. Assumptions and beliefs of those involved

Front

What is risk assessment/analysis?

Back

A methodology to determine the nature and extent of risk by analyzing potential hazards and evaluating existing conditions of vulnerability.

Front

What is risk prioritization?

Back

The process of identifying, assessing, and ranking risks based on their potential impact and the likelihood of their occurrence.

Front

What are the common strategies for risk mitigation?

Back

1. Risk avoidance 2. Risk reduction 3. Risk sharing 4. Risk transfer 5. Risk acceptance

Front

What is the purpose of risk monitoring?

Back

To continuously monitor and review the risk management plan to ensure its effectiveness.

Front

When should risk analysis be used?

Back

1. When planning projects to anticipate and neutralize possible problems. 2. When deciding whether to move forward with a project. 3. When improving safety and managing potential risks in the workplace. 4. When preparing for events like equipment failure, theft, or natural disasters. 5. When planning for changes in the environment.

Front

What are the phases of the Plan-Do-Check-Act cycle?

Back

1. PLAN PHASE: Set objectives, identify problems or opportunities, and develop a plan. 2. DO PHASE: Implement the plan on a small scale or as a pilot program. 3. CHECK PHASE: Evaluate the results and analyze outcomes. 4. ACT PHASE: Decide on next steps based on insights from the Check phase.