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Risk assessment models in the tourism sector

Author

Listed:
  • Simanavicius Arturas

    (Lithuanian Sports University)

  • Edmundas Jasinskas

    (Lithuanian Sports University)

  • Biruta Svagzdiene

    (Lithuanian Sports University)

Abstract

One of the most prominent contemporary success stories is tourism. This industry began to significantly increase only in 1960, and during the last 50 years, tourism revenues and number of outgoing people have increased by a number of times. Therefore, the tourism sector is highly attractive to new business initiation and development of its dynamic growth, new activities, new trends and technologies, new markets and rapid changes. Purpose of the article - to analyze the prevailing risks in the tourism sector and to identify the business risk assessment models. Scientists pay big attention to risk analysis. A series of risk analysis theoretical, methodological and practical studies are made, but for the tourism risk scientistseconomists do not pay attention in practice. Tourism risk assessment models, analyzed in the article, showed their adaptability to tourism industry. Performed tourism economic risk assessment models showed that in the tourism risk classification it is appropriate to use a procedural approach, which is related to the tourism product identification stages. It would be logical to link the identification of risks to the tourism services in stages, as in each stage prevails certain risk groups The aim of the article - to analyze the tourism risk assessment models and on the basis of analysis to develop further tourism risk assessment model. Article originality is associated with the prepared tourism risk assessment model that is versatile and can be used in different countries in assessing the risks of tourism.

Suggested Citation

  • Simanavicius Arturas & Edmundas Jasinskas & Biruta Svagzdiene, 2015. "Risk assessment models in the tourism sector," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 17(39), pages 836-836, May.
    • Handle: RePEc:aes:amfeco:v:39:y:2015:i:17:p:836
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    References listed on IDEAS

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    More about this item

    Keywords

    tourism; tourism risk; business risk; assessment models.;
    All these keywords.

    JEL classification:

    • L83 - Industrial Organization - - Industry Studies: Services - - - Sports; Gambling; Restaurants; Recreation; Tourism
    • M21 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Business Economics
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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