Facility and Risk Management

Running head: FACILITY AND RISK MANAGEMENT
Facility and risk management
Name of the Student
Name of the University
Author’s Note

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FACILITY AND RISK MANAGEMENT
Executive Summary
The paper mainly focuses on the facility and risk management. The paper mainly reflects on
the importance of risk as well as risk management plan for elaborating the importance of risk
management in the hospitality industry. Moreover, the paper also focuses on the risk ranking
table as well as venue analysis for analyzing the issues and the ways that are utilized for
mitigating the rises that are associated with the paper. Moreover, the paper also reflects on
the findings and as a result of which a number of recommendations are generally provided

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Table of Contents
1. The Notion of risk..................................................................................................................3
1.1 Definition of risk..............................................................................................................3
1.2 Subjects of risk.................................................................................................................3
1.3 Risk management.............................................................................................................3
1.4 The importance of risk management................................................................................5
2. Venue risk analysis................................................................................................................6
2.1 The risk rating system......................................................................................................6
2.2 Venue VRA......................................................................................................................7
2.3 Findings..........................................................................................................................19
2.4 Recommendations..........................................................................................................19
Bibliography.............................................................................................................................20

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1. The Notion of risk
1.1 Definition of risk
According to Hopkin (2018), risk is defined as one of the possibility that helps in
losing the value of something. It is considered as one of the uncertain condition or the event
which if occurs can generally create effect on the objectives of the project. It is opined by
Glendon and Clarke (2015) that proper risk management mainly reflects on proper
identification for assessing various types of project risk in order to successfully managing the
risks so that the impact of the risk from the project can generally be reduced. Moreover, risk
generally deals with various types of uncertainties which generally could affect the project
quite successfully. It is analyzed that some of the negative project generally have proper
likelihood of risk occurrence on different types of project For example, safety risks generally
occurs on different types of construction related projects.
1.2 Subjects of risk
It is stated by McNeil et al. (2015) that a personal as well as emotion based
assessment of the chances in context to the financial loss are generally presented within a
particular situation. It is found that most of the business managers generally prefers to
analyze the risk in order to help them for easily convincing others for completing the work
within the suggested course of the action as the ability of making a quick as well as
subjective risk assessment that is generally dependent on intuition that is considered to be
useful for the emergencies.
1.3 Risk management
Risk management is one of the process that mainly helpful in properly identifying,
assessing and controlling the various types of threats that are generally present within the

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organization in context to earnings as well as capital. All the steps that are generally related
with the procedure of risk management generally follow some of the basic steps that are
generally elaborated below:
Identification of the risk: It is the responsibility of both the team to uncover,
recognize as well as describe different types risks which generally can mainly create impact
on the project outcome (McNeil, Frey and Embrechts 2015). It is found that there are a
number of techniques as well as method that the project generally uses. It is found that during
this particular step, one need to prepare proper risk register for the risk that generally lists all
the risks as per their categories.
Risk analysis: It is found that if one of the risks is identified then it is very much
necessary to determine both the consequences as well as likelihood of the risk in order to
analyze the impact that the risk will generally create on the project (Bromiley et al. 2015).
This will also helps in developing proper understanding about the nature of the risk such that
it does not properly create any type of negative impact on the project objectives as well as
goals.
Risk evaluation based on rank: It is found that the risk is generally evaluated or
generally prioritized by properly determining the magnitude of the risk that is generally the
combination of both the consequences as well as likelihood. It is found that proper decisions
about the risk are generally accepted to analyze the method of treatment for the risk (Ho, et
al. 2015). Furthermore, the various types of risk rankings are generally added within the
project risk register.
Treating the risk: This step is mainly considered as the risk response planning step
where the risks that have highest rank or priority are generally treated with the hp of proper
risk mitigation strategies so that project related risks can be resolved. Proper risk

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management strategies as well as different types of plans for preventing the risks are mainly
used during risk treatment (Giannakis and Papadopoulos 2016).
Monitoring and reviewing risk: This is considered as one of the step were the
project risk register is mainly taken in order to properly monitoring, tracking as well as
reviewing the project risks. Proper reviews as well as tracking of project risks are generally
necessary for making sure that the risk treatment that is done for resolving the risk is
generally done properly or not.
1.4 The importance of risk management
It is quite essential for the hospitality business to develop proper risk management
plan. It is found that proper and effective risk management strategies are mianly needed for
the various hospitality industry members. The risk management procedure is general helpful
for the employees for successfully identifying, analyzing, assessing as well as mitigating the
risks that generally occurs from different sources (Agca et al. 2017). Within the hospitality
industry, it is found that the main focus for providing proper services to the customers and in
order to provide proper hospitality services, it is found that the organization needs to focus on
the customization of security procedures as well as needs to fulfil the customers’
requirements which can generally be possible if appropriate risk management plan is mainly
developed. It is found that with the help of the risk management, the risks that are lined with
the hospitality industry is identified, accessed as well as analyzed in order to mitigate them
with the help of appropriate risk management so that strategies related with the customers
does not need to face any type of problem and proper quality based services is provided to the
customers (Cole, Gine & Vickery (2017). Moreover, it is identified that proper risk
management plan also helps in securing the competitive advantage of the business for
shifting their focus on the emergency situations for proactively analyzing, identifying as well
as assessing different types of risks while formulating different types of business strategies.