Business Finance
MGT455 University of Phoenix Ch 3 Front Office Risk Management Paper

MGT455

University of Phoenix

Question Description

Resource: Security and Loss Prevention Management, Ch. 3

https://phoenix.vitalsource.com/books/9781323066348/epubcfi/6/18[idloc_008.xhtml-itemref]!/4[eid3546]/2[page_break_inline_61]@0:0

Executive leadership of the same resort used in Week 1 has asked you to identify areas of risk, potential loss, and methods that reduce risk.

Select a department within the resort from the following list. This department will be used for the remaining assignments:

  • Front desk management: This department manages the front desk function for the hotel properties.
  • Housekeeping management: This department manages the housekeeping function for hotel properties.
  • Restaurant management: This department manages purchasing, inventory management, employee scheduling, training, and safety for resort restaurants.
  • Facilities management: This department maintains facilities, the nightclub, the putting green, and waterpark.
  • Recreational services: This department is responsible for managing staffing, administration, and finances associated with all the facilities within the resort.

Analyze the risks the department faces and risk management methods that may be recommended.

Write a 1,050- to 1,400-word paper covering the following:

  • Determine objectives of the department's risk management program.
  • Identify the type of risk and the immediate action needed for each risk
  • Analyze and evaluate risks and potential losses associated with them.
  • Create a summary of the findings.

Format your paper consistent with APA guidelines.

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1 Title of Paper Student Name Course/Number Due Date Faculty Name Detailed expectations for a 300-499 Level Course (remove this line) 2 Title of Paper Triple click your mouse anywhere in this paragraph to replace this text with your introduction. Often the most important paragraph in the entire essay, the introduction grabs the reader's attention—sometimes a difficult task for academic writing. When writing an introduction, some approaches are best avoided. Avoid starting sentences with “The purpose of this essay is . . .” or “In this essay I will . . .” or any similar flat announcement of your intention or topic. Read more: Center for Writing Excellence>Tutorials and Guides>Essay Development>Guidelines for Writing Academic Essays. Level One Heading Replace the level one heading with the words for your heading. The heading must be in bold font. Headings are a necessary part of helping your audience track the sub-topics discussed in the body of the essay or report. Be sure to indent the first line of each paragraph between five and seven spaces by pressing the Tab key one time on the keyboard. In addition, remember to double space the entire paper using the double space functionality in Word. This template is already formatted for double spacing. Read more: Center for Writing Excellence>Tutorials and Guides>Software Tutorials and Guides>Formatting Tutorial for APA. In addition, keep in mind an academic essay should contain at least five paragraphs, which includes the introduction (introductory paragraph), the body (which is generally at least 3 paragraphs), and the conclusion (generally one paragraph). Most well-developed paragraphs contain at least 3-5 sentences, one of which is the topic sentence. Limit each body paragraph to one sub-topic. 3 Level Two Heading Replace the level two heading with the words for your heading. The heading must be in bold font. Conclusion The closing paragraph is designed to bring the reader to your way of thinking if you are writing a persuasive essay, to understand relationships if you are writing a comparison/contrast essay, or simply to value the information you provide in an informational essay. The closing paragraph summarizes the key points from the supporting paragraphs without introducing any new information. 4 References This is a hanging indent. To keep the hanging indent format, triple click your mouse on this line of text and replace the information with your reference entry. You can use the Reference and Citation Examples (Center for Writing Excellence>Tutorials and Guides>Reference and Citation Examples) to help format your source information into a reference entry. The reference page always begins on the top of the next page after the conclusion. Risk Management Methods, Part I Grading Guide MGT/455 Version 4 Risk Management in the Hospitality Industry Copyright Copyright © 2016 by University of Phoenix. All rights reserved. University of Phoenix® is a registered trademark of Apollo Group, Inc. in the United States and/or other countries. Microsoft®, Windows®, and Windows NT® are registered trademarks of Microsoft Corporation in the United States and/or other countries. All other company and product names are trademarks or registered trademarks of their respective companies. Use of these marks is not intended to imply endorsement, sponsorship, or affiliation. Risk Management Methods, Part I Grading Guide MGT/455 Version 4 Edited in accordance with University of Phoenix® editorial standards and practices. 2 Risk Management Methods, Part I Grading Guide MGT/455 Version 4 Individual Assignment: Risk Management Methods, Part I Purpose of Assignment This assignment provides students with the opportunity to identify areas of risk, potential loss, and methods that reduce risk for a selected department within a resort. Resources Required Security and Loss Prevention Management, Ch. 3 Grading Guide Content Met Partially Met Not Met Total Available Total Earned 7 #/7 Partially Met Not Met Comments: The student selects a specific department within the resort – either Front Desk management, Housekeeping management, Restaurant management, Facilities management, or Recreational services. The student analyzes the risks the department faces and risk management methods that may be recommended. The student determines the objectives of the department's risk management program. The student identifies the type of risk and the immediate action needed for each risk. The student analyzes and evaluates risks and potential losses associated with them. The student creates a summary of the findings. The paper is 1,050 to 1,400 words in length. Writing Guidelines The paper—including tables and graphs, headings, title page, and reference page—is consistent with APA formatting guidelines and meets course-level requirements. Met Comments: 3 Risk Management Methods, Part I Grading Guide MGT/455 Version 4 Writing Guidelines Met Partially Met Not Met Total Available Total Earned 3 #/3 10 #/10 Intellectual property is recognized with in-text citations and a reference page. Paragraph and sentence transitions are present, logical, and maintain the flow throughout the paper. Sentences are complete, clear, and concise. Rules of grammar and usage are followed including spelling and punctuation. Assignment Total Additional comments: # Comments: 4 ...
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Final Answer

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Running Header: RISK MANAGEMENT

1

Front Office Risk Management
Student Name
Course/Number
Due Date
Faculty Name

RISK MANAGEMENT

2
RISK MANAGEMENT

There are three major risk management methods namely risk control, risk finance and
risk transfer. These can be further classified into loss retention and risk transfer with loss
retention composing of both risk finance and risk control. Loss retention simply refers to the fact
that the losses incurred will be accrued by the resort or hospitality establishment. Loss transfer
involved risk transfer where a resort can transfer losses acquired to other parties. When risk
control is used, it is meant to reduce the cost of losses that can be acquired by reducing the
frequency and possibilities of these losses happening. Risk finance, on the other hand, refers to
the different methods used to obtain funds that will be used to cover losses acquired. An example
of risk transfer can include covering the resort facilities with insurance before any losses happen
(Mauri, 2013).
Implementing risk management resources is one of the hardest tasks; therefore, it would
be of great importance that a few things are taken into consideration. These resources must be
designed to focus on the business processes; therefore, they must be complementary to effective
risk analysis and be the basis of the risk information analysis methodology of an organization. It
is also important that i...

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