5530 Final Project please read the attached document
Transforming Information
Basically, in any project there has to be a continuous process that should be implemented from inception to the completion of the respective project. In most cases, risk management becomes effective at the early stages of the project. It is worth noting that risk is any unforeseen condition or event that has a negative or a positive impact on the respective project when it occurs. However, there is the need to apply laws and legal concepts when developing strategic decisions in risk management process. Laws play a significant role in risk management process where they define and manage the actual approaches to risk within and outside the respective organization. This paper aims at discussing how the laws apply in managing risks in a recreational facility.
Risk management in a recreational facility helps in providing high level information about the risk. According to Moorhead & Vaughan (2015), risk management process plays several roles at the organization that it is being applied. One of the most effective role is the balancing of the risk and the profit made by the organization. Through this role, the risk management factor develops a facilitative role in the respective organization. On the other hand, risk management process controls the occurrences of risk through decision-making processes, assessment and control. There is the need to have legal concepts to identify the real source of the risk.
Risk management in recreational facilities helps to control and avoid cases of injuries to guests and also the employees within the recreational facility. It is the moral responsibility of the operators within the recreational facility to ensure that every person within that recreational facility is safe. Some of the laws that guide the recreational facilities in managing risk include the provision on the reduction of any unforeseen hazard, reduction of consequences of the event and provision of cost-effective and comprehensive insurance. However, there are many initiatives that are enforced by the government agencies and are required by law. Therefore, without laws and legal concepts, risk management could be a difficult task to perform.
Risk is normally categorized into three different levels which include real risk, perceived risk and inherent risk. Real risk is a justified likelihood of an incident through the analysis of statistics and the relevant data. On the other hand, perceived risk is the perception of the people involved in evaluating and undertaking different roles within the organization. Lastly, inherent risk is the type of risk that occurs through the existence of a certain activity in an organization. These are the common types of risk that are put into consideration during the risk management process.
The recreational facility can perform the risk management process through different steps. The first step in risk management process is assessing the risk. Risk assessment can be done through discussions with the leaders in the management positions and the junior staff. More so, the team involved in the risk management process of the recreational facility has to ensure that the objectives of the recreational facility are defined as it provides confidence in the process of risk assessment.
Risk assessment a clear understanding on what to consider when identifying risks within the recreational facility. On the other hand, information should be gathered from various sources to identify the risk. Some of the most reliable sources include Political Economic Social Technological Environment & Legal PEST (EL). Through the help of risk identification tools such as judgement based, brainstorming, checklists among others will help in managing risk in the respective recreational facility. After identifying the risk fully, it is very important to document the risk identified as it helps to guide future risk identification exercises.