LESSON 4 MIDTERMS

Question 1

is a defined and deliberate
process; one that must be planned and consistently applied for it to be effective. This process is sequential in nature, yet it must be iterative in practice.

Answer 1

Risk management for hospitality and tourism

Question 2

must be an on-going and dynamic activity because the risks
surrounding meetings and events are constantly emerging, growing, subsiding,
changing, and fluctuating in terms of urgency and priority

Answer 2

Risk management

Question 3

is the development and maintenance of a systematic and
continuous approach for identifying, evaluating, and handling, tracking,
documenting, and communicating risks.

Answer 3

Risk Planning

Question 4

Requirements and objectives for the risk management for this meeting including mandates
from regulatory authorities and the hosting organization

Answer 4

Organization and authority

Question 5

• Procedures and techniques to be used for identifying risks
• Procedures and techniques to be used for analyzing risks
• Procedures and techniques to be used for prioritizing risks

Answer 5

Risk assessment system

Question 6

• Procedures and protocols to be used for developing risk-handling plans
• Procedures to be used for determining risk indicators and thresholds.
• Procedures to be used for assigning responsibility and authority for handling risks
• Resources required for risk response activities.

Answer 6

Risk response system

Question 7

Procedures and techniques to be used for tracking status of risks
* Timing and schedule of risk monitoring activities
* Personnel to be involved in risk monitoring activities
* Procedures to be used for evaluating the performance of risk-handling plans
* Procedures to be used for reactivating assessment and response planning functions
* Resources required from risk monitoring activities

Answer 7

Risk monitoring system

Question 8

Procedures to be used for documenting the risk assessment results, response plans and
activities, monitoring and control functions, and evaluation conclusions
* Reporting requirements, assigned responsibilities, and schedule integration
* Procedures and techniques to be used for communicating activities, actions and outcomes
* The formants and database systems to be used for documentation and reporting
* Resources required for risk documentation and reporting activities.

Answer 8

Risk management system

Question 9

is the process of identifying and analyzing event elements and
processes to increase the probability of success and reduce the impact of potential
losses.

Answer 9

Risk assessmenT

Question 10

The organization should be able to provide documented
evidence that a risk assessment has been conducted and that the appropriate
stakeholder consultation took place.

Answer 10

Legal documentation

Question 11

Many insurance companies now require risk assessments
with stakeholder consultation as a condition for issuing coverage.

Answer 11

Insurance companies

Question 12

The appropriate regulatory authorities must be
consulted and informed of the risks and the response plans associated.

Answer 12

Regulatory Authorities

Question 13

The staff and stakeholders must be made aware so that
they realize the risks, consequences, and responsibilities of participating in the
project.

Answer 13

Staff and stakeholders

Question 14

encompasses evaluating, selecting, and implementing the
techniques for handling risks, including what is to be done, when, and who will be
responsible.

Answer 14

Risk response

Question 15

is the systematic tracking of the status of risks and the
performance of risk control actions and developing further risk-handling options
and actions s needed.

Answer 15

Risk monitoring

Question 16

focus on the impacted areas if a risk occurs using a variety of targets, measurements, and thresholds, known as triggers.

Answer 16

Monitoring activities

Question 17

is activated when a specific threshold has been reached and will put a response plan into action.

Answer 17

Trigger

Question 18

are established by the levels of risk tolerance identified by
organization’s specifications, stakeholders, and available resources, and are often
expressed in boundaries, capacities, deadlines, policies, regulations, requirements,
and restrictions.

Answer 18

Thresholds

Question 19

involves both information transfer and consultation,
requiring two-way capability for giving and getting messages about the entire scope
of the event and its risk management activities, actions, and outcomes.

Answer 19

Risk communication

Question 20

includes the recording , reporting, maintaining, and archiving
of assessments, analyses, response plans, monitoring and control results and other
records and documents.

Answer 20

Risk documentation

Question 21

adds to an event organization’s knowledge base, supplying
relevant data that not only promotes the identification and understanding of what
could go wrong; it also provides a method for identifying what could go better in
order to take full advantage of the possible results.

Answer 21

Documentation