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Risk Management Associated with Hospitality Industry

Author

Listed:
  • Cristina IOVU

    (Bucharest University of Economic Studies, Bucharest, Romania)

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.

Suggested Citation

  • Cristina IOVU, 2022. "Risk Management Associated with Hospitality Industry," Economics and Applied Informatics, "Dunarea de Jos" University of Galati, Faculty of Economics and Business Administration, issue 1, pages 51-60.
    • Handle: RePEc:ddj:fseeai:y:2022:i:1:p:51-60
    DOI: 10.35219/eai15840409244
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    References listed on IDEAS

    as
    1. Andreea ARMEAN, 2014. "Specific Method Of Risk Assessment In Tourism Enterprises," Management Intercultural, Romanian Foundation for Business Intelligence, Editorial Department, issue 32, pages 5-12, December.
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    1. Andreea Armean, 2015. "Risk Assessment In Tourism Enterprises," GUT FME Conference Publications, in: Blazej Prusak (ed.),ENTERPRISES IN UNSTABLE ECONOMY, chapter 3, pages 35-44, Faculty of Management and Economics, Gdansk University of Technology.

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