Risk Assessment for the Muffin Break

RISK ASSESSMENT FOR THE MUFFIN BREAK
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RISK ASSESSMENT FOR THE MUFFIN BREAK
Table of Contents
Executive summary.........................................................................................................................3
Introduction......................................................................................................................................4
Part One...........................................................................................................................................4
1.I Concept of risk.......................................................................................................................4
1.2 Types of risk..........................................................................................................................5
1.2.1 Risk to financial assets....................................................................................................5
1.2.2 Risks to human assets.....................................................................................................6
1.2.3 Risks to non-physical assets...........................................................................................6
1.2.4 Risks to physical assets...................................................................................................7
1.3 Significance of risk management implementation process in hospitality business...............7
Part Two:.........................................................................................................................................9
2.1 Venue Risk Analysis (VRA).................................................................................................9
2.2 Risk Ranking System.............................................................................................................9
2.2.1 Risk Ranking at Muffin Break......................................................................................10
2.3 Venue risk analysis form.....................................................................................................12
2.3.1 Discussion.....................................................................................................................12
Recommendations..........................................................................................................................13
Conclusion.....................................................................................................................................13
References......................................................................................................................................14
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RISK ASSESSMENT FOR THE MUFFIN BREAK
Executive summary
The hospitality industry has grown tremendously over the last few years. Hotels, restaurants, and
cafés have a major role to play in the hospitality industry. With the increasing number of
population and economic growth, people need to be provided with high-quality foods. Muffin
Break is one café that has grown over the years. It started in Canada, but now it has established
various stores in several countries all over the world. Muffin Break in Australia is located at the
Westfield Burwood. It is open from 9.00 AM to 5:30 PM every day. It offers high quality-drinks
and foods as well as different kind of snacks. It provides a variety of products ranging from the
muffins, scones, pies, cakes, slices, sausage rolls, toasties, cookies, tartlets, wraps, croissants,
and toasties. Muffin Break has made its name from the scrumptious sweet muffins as well as the
signature blend coffee that has won an award and perfect for the espresso aficionado. In addition,
they are also concerned with the wellbeing of their customers hence cater for their dietary needs.
Therefore, they provide low-fat, dairy-free, and gluten-free products as well as endorsed
products for weight watchers. For smooth operations of this café, it is important for the
management to undertake a risk assessment of the venue. Risk assessment helps one to
determine the probable risk that can occur and hence develop strategies to circumvent those risk.
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RISK ASSESSMENT FOR THE MUFFIN BREAK
Introduction
The concept of Muffin Break traces its origin from Canada back in the 1970s. The Foodco Group
later acquired it in the period of 1980s. In 1989, it arrived in Australia where it started its first
ever café in Coolangatta. The café has branded itself, and it remains to be the leader in its
category. It usually provides their customers with a variety of fresh products which are normally
baked, prepared, and made ready on the site-everyday. As such risk management is necessary to
ensure smooth operations (Hopkin, p. 5) of the firm. It is also important for the café to determine
potential risks that can occur and find mitigation strategies. This paper, therefore, analyzes
Muffin Break with regards to potential risks (human, financial, physical, and non-physical).
Also, it will carry out risk ranking system and Venue Risk Analysis(VRA) of the Muffin Break.
Part One
1.I Concept of risk
Risk has been defined by various scholars in various languages, but all mean the same thing.
Risk occurrence in businesses is a common incidence that happens time from time. Therefore, it
is important for an organization to be prepared to counter the effect of the outcome of a risk.
Risk, therefore, can be defined as uncertainty or unintended outcome of the company’s goals and
objectives (Vinnari and Skærbæk, p. 495). Hazard, on the other hand, is the agent that can cause
harm. The risk usually caused by either internal or external vulnerabilities which cause a
damage, loss, liability, or an injury to the organization. Risk occurrence, however, can be
avoided through preemptive action. Several people usually see risk as only a negative deviation
from the initial results. Nevertheless, positive deviation also is considered as a risk given it was
not the expected outcome from the initial plan (Sadgrove, p. 29). As such, it is always prudent
for the top management of a company to analyze possible risk that may occur in their operation
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