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Risk management assessment and preparation

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Reference no: EM132152760

Question

Explain the processes involved in undertaking a risk management assessment and preparation of a risk management plan for one of the following Fiji tourist resort projects. Discuss the stages; risk identification, risk assessment, risk allocation, and monitoring and evaluation.

  • North and South Denarau Island Resort Development
  • Yaqara Studio City Project
  • Momi Bay Marriot Resort
  • Pearl Hotel Pacific Harbour Expansion
  • Natadola residential land sale

Question

This question aims to test your understanding of project risk analysis and its application to a new proposed tourism resort project. Assume that an Italian foreign investor plans to construct, own, manage and operate a new 4 star resort in Vava'u at an outstandingly beautiful waterfront location with a white sandy beach. Guests staying at the resort will have panoramic views over the ocean and across the water to neighbouring tropical islands covered with virgin forests.

The investor plans to design and construct an environmentally friendly world class beach resort that meets the criteria and standards for green hotel certification by the leading international green hotels certification agency. She aims for it to be a role model for excellent resort architectural design that minimises negative environmental impacts. The resort will produce its own solar energy, recycle kitchen wastes and will have its own large vegetable garden for growing food for its guest to enjoy in its restaurants. The buildings will be constructed with maximum use of local building materials. 

The resort will target environmentally conscious guests and cater for family holiday makers mainly from Australia and New Zealand. It will offer a full range of water sports, whale watching, sea kayaking adventures, sailing, fishing and diving and cultural village tours. It will have a small marina and the resort will own two fishing and two diving boats. The resort will have 50 fales that accommodate up to six persons, a Polynesian and an Italian restaurant, two bars, two swimming pools with one suitable for small children. 

Describe how to undertake a risk assessment and risk management plan for this project. Review and describe the types of risk that may need to be investigated and evaluated in terms of likelihood of occurrence and magnitude of impact.

Reference no: EM132152760

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