Introduction
The development of a hotel is a critical initiative. Particularly, this relates to its effect on the tourism sector. Usually, such development projects require a comprehensive analysis. Adequate investigations are necessary in these initiatives. These assist in the processes of decision-making and policy formulation. Therefore, for projects to create the desired effects there is an eminent significance of the analysis.
Communication of the results of these investigations to the relevant audience is appropriate. In this case, the report discusses potential factors involved in the development of hotel X.
The paper explains the various processes of identification of particular risks associated with the project. Apart from this, it discusses the mechanism of risk ranking applied in the process. Lastly, the paper highlights on the monitoring mechanism applicable for various risks identified in the project.
Identification of the Associated Risks
There are several risks involved in the development of hotel X. The risk-recognition process entailed the application of a diversity of initiatives. This assisted in the outlining of diverse risks. For instance, there was a classification of areas deemed to be affected. These included both the negative and positive impacts. The classification assumed major categories such as environmental, human, social, economic and aesthetic factors.
The development of the risk matrix occurred in consideration of the following outlined categories. Some of the detrimental construction processes of hotel X were identifiable through this mechanism. The pollution from operations onsite had negative impacts to the communities and the general biota surrounding the area of development.
Economic impacts involved the huge expenditures incurred. These involved procuring of appropriate materials and the sponsoring of the development processes and human resources. Another risk identification process involved the engagement and participation of the public. Through this initiative, the project development team came up with a needs assessment criteria.
Therefore, the various thoughts on the project from the public emerged. Indicatively, the process enabled the identification of other implicit effects of the project. The classification of the risks followed a matrix method or criteria.
Empirical processes involving real time data analysis and interpretation also include other methodologies applicable. Principally, this concerned the physical risks likely to be encountered by humans and the entire environment from the development process.
An application of case profiling procedures was eminent in the development process. The methodology led to the identification of unique or distinct risks associated with the entire process of the development of hotel X. These processes revealed critical lessons and considerations appropriate for the development initiative. For instance, the categorization of the risks enhanced the vital operations aimed at mitigating potential risks.
Ranking of the Risks
The development of hotel X occurred within different stages. Ideally, these diverse stages involved the emergence of distinct risks. Therefore, the first ranking methodology involved the classification of the severity of the risks. The process occurred through active identification, calculation, and approximation of various levels of severity associated to every specific risk.
The intensity of human complaints linked to particular risks was very critical. Majorly, this is because the project development team applied the intensities in the risk ranking process. The intensities were applicable in the approximation of the different levels of severity attached to each of these risks. In such initiatives, the human population provided a critical platform for the identification of these risks.
Perception and believes held central roles in the procedures of ranking all the risks. Other than the risks associated to humans and economy, the ranking of environmental risks involved the application of empirical procedures.
The ranking process revealed that the project did not pose any serious or potentially detrimental risks in the larger environment. Perhaps, this explains the decision to continue with its consecutive development.
Monitoring of the Risks
Monitoring of the risks occurred through diverse processes. For example, the application of total quality management practices was important. The initiative helped in the development of basic benchmarking and compliance guidelines. Quality assurance and other control processes became operational through the implementation of strategic management practices.
The project team also engaged in the initiation of critical surveys within the communities surrounding the project area. The aim was to conduct a general population survey aimed at assessing the opinions of the public.
Specifically, these concerned their perceptions on the quality of service and the level of impacts of the risks. In addition, the process also related to the severity of specific risks perceived or already identified to be emergent from the entire hotel project.
Summary and Conclusion
Various development processes are associated with different risks. It is vital to identify, rank and monitor the potential risks linked to particular development s. However, these procedures require a comprehensive and transformative approach. In this case, the tourism industry is set to gain immensely from the initiative.
For instance, it is possible for the stakeholders involved in the development process to mitigate the impacts of severe risks. Consequently, there are potential economic benefits drawn from these processes. Generally, the initiative provides several merits to the overall tourism industry.