Analysing Risk Management In Holiday And Hospitality Industries Tourism Essay

Analysing Risk Management In Holiday And Hospitality Industries Tourism Essay Loyalty of guests and tourists is created only by strong relationships where the guest feels special and important. Generally, people go to a hotel or plan for a trip on an emotional feeling. The feeling should be good, risk free, safe, and effective and even to increase their confidence. Almost all guests go to a hotel for the same reason. If the hotel gives them a homely feeling then they will come over there again and again. But, if the hotel is not making them feel important or special, they will buy it somewhere else. The loyalty of customers is totally dependent upon how safe they feel at hotel. They should feel important and special. They should get proper attention by the hotel they dealing with. The hotel should believe that the guests coming to the hotel are an important part of servicing customer needs. In order to make a loyal guest, we need to go ahead of their expectations from the hotel. The WTO (World Tourism Organization) had conducted a research on tourism all acro ss the world. They have provided some of the critical and interesting facts on the contribution of Tourism and Hospitality Industry to the whole world. The Average Annual Increase is 4.0 %. But his sector is also facing a number of risks and we are trying to manage those risks! The main aim of the risk management process is to increase the prospects and opportunities and decrease the consequences of a risk event. During the whole process, there are common conventional stressors, but our reaction to those stressors differs from person to person as we are all unique persons. The anxiety and confusion that come from not knowing what lies ahead can create stress. People used to utilize basic defenses when high degree of uncertainty arises. In this state of vagueness, generally people easily way out to disbelieve, removal and self-defense. Individuals are told that the ways used in old days are no longer functioning and often this note becomes modified that they are not appreciated. We n eed to work hard to manage any kind of risk successfully. When everything is planned carefully, the proper foundation is being built, launching a product becomes much easier, and we can improve the chances of success. If we are too impatient, and if we expect too many results too soon, our plans for change are more likely to fail. It is therefore of critical importance that the present tourism systems should be considerably made stronger to give comfort to the tourists from all across the world. www.gov.ab.ca/edt/tda/abstats.htm B.C. Visitor Study Highlights; Tourism British Columbia. Today the Hospitality and Tourist Industry is facing the following type of risks: Safety Risks Technology Risk Political Risk Business Risks Financial Risks Following is the process of Risk Management: The big Picture; 1997-98; Vol. 41, Travel Industry World Yearbook. METHODOLOGY Online research data has been taken from different web sites, articles, and theoretical studies from different books. We hav e used the methodology of collecting information from both the sources. And these sources include personal interaction with experts which is the primary source of information and information collected from websites is the secondary one.