Risk Management Associated with Hospitality Industry

Cristina Iovu
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Cristina Iovu: Bucharest University of Economic Studies, Bucharest, Romania

Economics and Applied Informatics, 2022, issue 1, 51-60

Abstract: Tourism is subjected to risks as any other business. A series of risk analysis theoretical and methodological were developed, but for the tourism risk, the authors did not focus on the specific of this activity. Since the tourism services are organized in different stages it is obviously to employ risk assessment approaches for the economic activities corresponding to each stage and accordingly quantified. Considering the specifics of this activity, in this article we have exposed our own analysis of the various types of risks associated with the public food & beverage activity. The originality of the article consists in the way of investigating and describing the impact of the risks with which the analyzed sector of activity may be confronted, as well as in the risk assessment methodology, using the professional judgement in the analysis and evaluation of the risks specific to each area within this sector. We consider that the method of assessing the perception of specific risks is the most appropriate, as it can help the entity to measure its perception of their specific risks before they materialize. Both the operation of identifying the risks, as well as the activity of evaluating them, were based on the evaluation of the risk appetite of the analyzed company. The estimation of the presented indicators (the probability of occurrence of risks, their impact, etc.) are the risk analyses carried out both in the current period and in the previous financial years.

Keywords: Risk Management; Food and Beverage Activity; Assessment Models (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:ddj:fseeai:y:2022:i:1:p:51-60

DOI: 10.35219/eai15840409244

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