Home Video Game Industry Analysis Essay - 862 Words

Subject: The Home Video Game Industry: Industry Analysis History In 1949 the video game was thought of for the first time by an engineer named Ralph Baer but it would be years before video games would enter the spotlight.1 In 1972 Steve Bushnell started the first gaming company Atari. Until 1978 there were very few games for the home system. In 1982 Atari releases a newer version and sales start to sore. In 1985 Nintendo enters the market with the NES. Nintendo still outsells both companies 10 to 1. In 1995 Sega releases Sega Saturn three months before the projected date and there are not enough games released because of this and sales are dismal. The same year Sony releases the Playstation at $100 less than expected with a†¦show more content†¦Opportunity exists when entry into the market is preceded by all others in the industry. Industry trends are leaning towards older population who appreciate graphics and complexity of games and have the resources to pay more for those games. Many gamers are ready to upgrade systems as new technology emerges. Threats to the industry include strong market competition, rapid development of technology, the cost of technology and the rating system given to games. Sub-markets are also gaining popularity including the handheld market and online gaming, which threaten market share. Business and Corporate Strategy Corporate and business level strategies for this industry are equivalent. The inferred industry mission is to provide entertainment through interactive technology. The industry as a whole falls into the maturity segment of the life cycle. Generic competitive industry average is differentiation among games, graphics, and abilities/extras of the game console. In the beginning the strategy focused on the hardware to make profits.3 The strategy has shifted to software for increased growth. Functional strategies include; superior quality in game graphics and well built hardware. Games have evolved from single applications to cartridges to CD-ROM. Graphics have evolved similarly from 8 to 16 to 32 bit. Threats stated in the SWOT analysis can be minimized by staying at the forefront of theShow MoreRelatedEssay on Week 5 â€Å"Case Analysis: Video Game Console Industry in 2012†1266 Words   |  6 PagesWeek 5 â€Å"Case Analysis: Video Game Console Industry in 2012† Grantham University BA490 Business Policy and Strategy Case Analysis: Video Game Console Industry in 2012 Page 1 Executive Summary The video game console industry is a very competitive segment. This segment requires a keen eye on product development as well as strategic product marketing and a rather large logistics arm to ensure rapid distribution to targeted areas. Video game industry in the US, whichRead MoreVideo Games And The Video Game Industry1344 Words   |  6 Pages In the year 2016, the video game industry hit an important milestone. As seen in this 2015-2019 analysis, the industry hit a market value of over $100,000,000,000: (â€Å"THE GLOBAL GAMES MARKET REACHES $99.6 BILLION IN 2016, MOBILE GENERATING 37%†). Just like today, 1983 was looking great for the future of video games. However, unlike today, 1983 did not go great for the video game industry, it went awfully. In 1983, the video game industry crashed and has not fully recovered to the value of the marketRead MoreThe History Of Video Gaming1218 Words   |  5 PagesThe history of video gaming goes back to the 1940’s when aca demics began designing simple games, simulations and artificial intelligence programs for computer science research. The first video game was invented in 1947 by Thomas T. Goldsmith Jr. and Esti Ray Mann in the United States (James n.d.). Mainstream popularity of this industry only occurred four decades ago, in the 1970’s, with gaming beginning to revolutionize in all forms. Many university graduates and businesses were becoming intriguedRead MoreAnalysis Of Video Game Consoles And The Two Companies876 Words   |  4 Pagescompanies? Please explain. My groups chosen IT market sector is video game consoles and the two companies we have chosen are Microsoft and Sony. We chose these two public companies because they are the largest ones when it comes to the creation of video games and video game consoles. Microsoft represents the Xbox series which is one of the largest game consoles in the world while Sony represents PlayStation which is also one of the largest game consoles in the world. We picked these companies because IRead MoreVideo Game Industry Analysis Essay1698 Words   |  7 PagesIndustry background The video game industry (formally referred to as interactive entertainment) is the economic sector involved with the development, marketing and sale of video and computer games. It includes video game consoles, game software, handheld devices, mobile games and online games. The video gaming industry has been growing exponentially in recent years. The growth is expected to leap-frog in the future. Following chart shows the projected market share by 2010 of different segmentRead MoreNetflix Paper1440 Words   |  6 Pagesmonthly subscription service and in January 2007, Netflix started offering on-demand video streaming over the internet. Since then, Netflix has enjoyed huge success to the point that it has become one of the largest online providers of movie rentals in U.S. Netflix has been able to fend competition from Blockbuster and Wal-Mart. The company is enjoying a strong reputation as an innovator in the home movie industry and it has been growing at a significant rate. From the third quarter of 2009 to theRead MoreCase 11 - Video Game Consoles Industry Discussion1530 Words   |  7 PagesCompetition in Video Game Consoles: The State of the Battle for Supremacy in 2008 DISCUSSION QUESTIONS 1. What are the strategy-shaping business and economic characteristics of the console segment of the video game industry? What is the industry like? The video game industry is the economic sector involved with the development, marketing and sale of video games. It encompasses dozens of job disciplines and employs thousands of people worldwide. It includes video game consoles, game software, handheldRead MoreThe Industry : Video Game Entertainment1399 Words   |  6 Pageshttp://www.nintendo.com Industry: Video Game entertainment Company history and background: In the gaming industry you probably heard of â€Å"It’s -a -me -Mario† which is Nintendo’s trademark character. Nintendo started off as a Japanese card game maker into electronic gaming in a way the term today we call console gaming. What started as a Popeye concept kind of safe the girl game which is titled Mario vs Donkey Kong became a hit in retro arcade gaming came to the convenience of playing at home which is whatRead MoreBusiness Analysis: Microsoft’s Main Resources and Capabilities 1038 Words   |  4 Pageshaving â€Å"a computer on every desk and in every home, running Microsoft software.† Nowadays, the company is one of the most beneficial companies in the world and also one the largest information technology company. a) What are Microsoft’s main resources and capabilities which make it a market leader in computer software development and marketing? Let’s starts with a reference: according to Robert Grant: â€Å"In fats-moving technology-based industries, basing strategy upon capabilities can help firmsRead MoreBlockbuster Business Analysis1092 Words   |  5 Pagescontents 1 Introduction The rental movie market is a high competitive and dynamic market, dominated for several years by Blockbuster, with its pioneer business model of delivering convenience to the costumers looking for home entertainment. The company was a model for the industry during the 80’s, 90’s, but with the new age of online movies, the consumer behavior changed drastically, and other companies, as Netflix and Redbox, providing online content and innovative services, started to dominate this

Finance - 3464 Words

The Developing Manager [Writer Name] [Institute Name] [Date] The Developing Manager Introduction The efficient management of any organization is the central driver of the constant achievement of the business and it is influenced by both the internal and external factors of the organization. It is vital that the Top Management aims to display successful leadership amp; management in organisation concurrently and in view of other duties amp; responsibilities. The Report aims to enhance the understanding regarding leadership amp; Managerial skills. This report will discuss the practices and management principles, will perform the review regarding potential as prospective manager, display managerial skills in the business amp;†¦show more content†¦The combined Business communication is the vital to achievement at QinetiQ North America. When QinetiQ utilize the news media to advertise their competitive advantage to general public, their aim was to be receiving the favourable response from general public. The combined Business communication in text indicates to the planning p rocess, functioning and assessing unified messages which develops Stakeholder relationship and develops the Brand Recognition (Dyck, 2008). At QinetiQ, the performance of Interpersonal communication move is normally in the type of a combined process team where the members like the scientists, Engineers and other professional of team interrelate with each other in order to distribute superior Quality products amp; services. Due to the result of QinetiQ, combined Business communication practice, they are rewarded a contract from Defence Department in order to assist their armed robotic vision for unmanned road vehicles. Organizational Culture and Change: Changing an organisations culture is not easy and many will attest to the fact that it does not happen overnight. QinetiQ N.A. strategic plan was to send a clear message to the public by utilizing the media to show that they are making changes in the company to gain a competitive advantage over their competitors; by changing the leadership at the top. This was accomplished when a new senior vice presidentShow MoreRelatedFinance1352 Words   |  6 Pagesfinancial manager differ from the traditional financial manager? Does the modern financial managers role differ for the large diversified firm and the small to medium size firm? 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(1985), long-term finance provi ders are more likely to focus on the matter whether the financial structure in the company is sound or not and the durability of profitabilityrather than temporary profits that a potentiallyRead MoreFinance, Economics, And Finance Essay1245 Words   |  5 Pagesalso studied business, management, economics, and finance. These courses impressed upon me the importance of the financial sector in the economy. Finance professionals have the unique responsibility of managing assets and analyzing risks to ensure the future success of a company or organization. It is difficult to overstate the importance of this role, as the financial crisis of 2009 showed. It is due to my understanding of the importance of finance and investment, coupled with my longstanding interestRead MoreFinance : Finance A Carry Trade1144 Words   |  5 PagesIn finance a carry trade is a strategy that consists of borrowing at a low interest rate currency to fund investment in higher yielding currencies. (Moffett) Th e country in which the investors borrow from is called the funding country and the country where the investment occurs is called the target country. (4) Carry trade is also termed currency carry trade; this strategy is speculative in that the currency risk is present and not managed or hedged. (Moffett) Although there are several complicatedRead MoreFinance, Banking And Finance Industry2170 Words   |  9 Pagescomplete your transaction and move on with your day. The last thing on your mind is how that transaction is taking place. You don’t care what happens behind the scenes as long as your money is where it needs to be and is safe. 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It comes by a business after it makes profit and is kept separate to use in other ways such as expanding the business by developing new buildings or certain areas, buying new

Empowering Community at Grassroorts Free Essays

We had 16 youth representatives from Nepal, Bangladesh, Sir Lankan and India. (Unfortunately, Pakistan Participants were not given visa, though the clearance from the Ministry was given. Secretariat has already sent the protest note to the all concerned. We will write a custom essay sample on Empowering Community at Grassroorts or any similar topic only for you Order Now ) This workshop took place as a part of Core Group new mission statement. For this workshop, we brought together youth of South Asia who are willing to work as community facilitators at the grassroots. The workshop main Contents were: SAP Perspective on Globalization Conflict and Conflict Transformation Non-violent process Cycle of Violence/Breaking the cycle of violence Case study discussion : Role of teacher, student and parent Consensus building demonstrative exercise Community Facilitation process Role of facilitator Participatory process Prepare two day workshop and prepare one sample activity sheet Prepare One year plan Globalization: Introducing the theme Regional brought the SAP perspective: need for SAP mission, SAP mission in the context of globalization. Role of youth in it. He explained in simple language the character of the present globalization. Normalization, Prevarication and Mechanization. Each one of them was picked up with example and also small role lays, how this three are playing havoc with the lives of people. Mr.. Rammers built on the perspective on globalization further with the group by undertaking group exercise and examples. Linking further with Globalization and conflict. Looking deeply into globalization and its impact on the daily lives and also its national and International dimension. He moved from conflict to conflict transformation process. Rammers presented detail analysis and made participants understand through group exercises. The role of Democratic Globalizes in challenging the process and model of development and how one can go about it in tackling the issues. Consensus building demonstrative exercise Living in pluralistic society and participation of community in the decision making process is important. Nobody should feel left out. Working with the community and arriving at a decision is a difficult process. It takes time and requires patience. There are many ways to make decision, if you want to work in groups. Voting, raising hands have limitation and creates problem. Majority and minority decision making leaves out people dissatisfied. Giving equal share, keeping people together, helping group to grow. It is about the value, democratic view. Why it is preferable, as it helps n taking people along with you. Group Exercise: RSI. 50 from each person was collected from the group (Total RSI. 850). The group was given the task that they need to arrive at a decision â€Å"collectively’ how the amount needs to be spent. Everyone needs to agree with it and there is should be Consensus. What are things they need to do for facilitating? Aware in using words Listening attentively Respect for each other. Everyone (Cooperates) help to facilitate Reminding the group to be focused : About the Time and goal Follow the process To be aware of actions when we facilitate Reminding and summering the agreements Justifying the one opinion and giving reasons for opposing Avoid distraction or deviating from the Goal Lesson learnt Facilitator listens and needs to interpret properly Combination of ideas and Linking Collective ideas for our goal It requires lots of team work Respecting one another Facilitator to know-What and How Rules and regulations(No exceptions) Cooperation (We should know how to work in groups) Cycle of Violence Typography focused on the Non-violent process. Taking Journey by making effort to make group understand the Violence, the Cycle of Violence and how to break the cycle of violence. Typography also made group work on the case study. Where student in a school had a problem with the teacher. The group then divided into three groups: Parents, teachers, Students and came out with different perceptions that each stakeholder had. Gandhi thought is revolutionary Mr.. Alabamian, known as born atheist. Influenced by Gandhi values and he has been practicing nonviolence. He came all the way from Piscataway to share his knowledge and wisdom to the youth. He gave a Historical perspective of nonviolence movement in India and how Gandhi embroiled the people by feeling pulse of the national Gandhi thought is revolutionary. Gandhi was traditional, was a visionary and revolutionary personality. A rare combination. He carried the traditional wisdom, had vision and courage to act on it. The activism inside him made Gandhi a revolutionary personality. He went on with saying that Human become enemy of nature and how the Globalization is creating conflicts. SAP PLANS Towards the end of the workshop. Typography said, muff need to continue to work what you are doing. We expect you to integrate the learning. They need to identify the specific area and community. Participants were given assignment of Preparing a model two day workshop for their areas. And out of all the activity planned for two days they pick up one activity and come out with One activity sheet. Narrating details of how that was to be done. All participants were also asked to prepare One year calendar plan of activities. Bangladesh 1 . Mr.. Mohammad and Mr.. Talked came from Bangladesh. Both male participants were shy in the beginning. Language was the problem as they knew only Bengali language. Mohammad was able to understand some English and communicate the other was not able to understand at all. 2. Participation Level: Can be said as fair. They plan to meet Anastasia and discuss with him. They also plan to interact with the community. They plan to organize programmed like games, cultural programmed etc. They will also organize programmer based on the learning from the workshop. Yearly chart of activities has been prepared by them. Sir Lankan 3. Ms. Kilogram and Mr.. Roman from Sir Lankan actively participated in the process. Both of them prepared separate plans and both seem to be clear about what they will do. Ms. Kilogram prepared chart having columns of Content) With whom(Target Group) What (support needed) 4. Mr.. Roman came up with â€Å"Building up a Non-violent community’s mini project proposal with project aground, Target group, Resources required, objectives and time line. Nepal 5. Mr.. Jaywalk and Ms. Klan both of them Jointly made a plan sheet which included org workshop, Radio programmer and having program on the human rights day. Both were active in the session 6. Mr.. Jaywalk came from Gate organization and is working in grassroots. Klan is with Antenna foundation. Both have showed the commitment. India 7. From India we had two Ms. Maya and Ms. Bin from attractant, Lax Ashram (Our co-coordinator Radar Bath place. 8. Ms. Maya was more vocal and shared experiences and raised questions. Bin was quiet but sensitive. She knew about the issues. Both made presentation in Hindi. They were married and working with community. 9. Ms. Sarnia and Vandal came Visitants network organization. Santa is young, enthusiastic and willingness to learn new things. She has field experience and is adventurous. 10. Vandal is matured, stable and good field workers. Good understanding capacity. Both were married and worked with the community. 11. Mr.. Kennedy is interesting young person from Maniple, North East, India. His recommendation came from HIM. Keen learner. Eager to facilitate. He has gone to the field of Est. Parish and was charged up with what he saw. His plan talked of exposure, helping the organization. He has good links with Nehru Yuba Kinder (Youth network of Goof India). His link organization will be HIM. 2. Mr.. Hammered represented HIM in the Workshop. â€Å"Culture of peace† is the programmer that he will be coordinating for HIM. He is enthusiastic learner. He also contributed his translation skills for the workshop. 13. Mr.. Regenerated was recommended by HIM. He is actively engaged with the community on the land and livelihood issues for several years. He had good interaction with Regional and is eager to be part of Jan Straight 2012. Susann is the organization and has developed good cadre in Andorra Pradesh. 14. Mr.. Sham is active youth workers. He is with â€Å"Peace Film Fest† which is traveling film festival reaching out to educate the community on the issue of Nonviolence, Justice and Peace. 15. Mr.. Dharma and Krishna came from South India. Danna is active worker in Thumbnail. He is too eager to take forward the learning to the field. It was good to have Krishna in the workshop. SAP has invested good amount of resources in building the capacity. He will be closely working with Bijou to coordinate SAP south India. Krishna has made plan for follow up and a yearly calendar prepared. Visa Barbarity April 18, 2011 How to cite Empowering Community at Grassroorts, Papers

Risk Management in Tourism - Events and Hospitality - myassignmenthelp

Question: Discuss about theRisk Management in Tourism, Events and Hospitality. Answer: Introduction This study provides a detailed analysis and description of the factors that might influence the level of risks associated with service industries such as tourism, events or hospitality industry. The risk management team of such industries develop appropriate risk management strategies to cope with the emerging risks and situations that may cause the threat to the general, personal as well as public safety. These industries hold a major position in the social, political and economical growth of a particular area or country. Thus, it is important to identify critically and analyse the factors causing a crisis and disaster situations as well as those that influence the level of risk or danger in these situations. Further, this study will help to go through the risk management and treatment options that can help reduce the level of risks that might occur in fields of tourism, events or hospitality industries. Factors that influence the level of risk at Tourism, Events and Hospitality Industry Tourism Industry Analysis Tourism plays one of the major roles for social and economical development. It is considered as one of the many leading driving forces of universal trade (Auer and Stone, 2014). The World Tourism Organization (2003) measures threats based on the security and safety of travellers, hosting groups, visitors and employees working in tourism from these following different sources: The Human and Institutional Environment factors: Common breaking of law (theft, assault, burglary, fraud, theft, pick pocketing, deception) Violence that are targeted and indiscriminate (rape, eve-teasing, harassment, etc.) Common organized criminalities (extortion, coercion, forced labour or slave trading etc) Terrorist attacks and unlawful actions, kidnapping, hijacking etc Political unrest, civil conflicts etc The scarcity of protection service facilities (Berk, 2015). Tourism and Other Related Services: Tourism Industry and other similar industries e.g. transport industry etc can endanger a visitors' personal safely and physical security or can harm them economically by: Inadequate standards for safety in tourism departments and establishments Lack of necessary defence against illicit actions, criminalities and negligency at tourism services. Fraud or deception in business transactions. Dissent with contractors. Disagreements among the employees in the industry (De Keukeleire, Descheemaeker and Reynders, 2015). Individual Travellers: According to Rashid and Robinson, Travellers might risk their personal safety in the following ways identified: Getting involved in dangerous activities or reckless driving etc Travelling with bad physical condition, and if health further deteriorates during travelling Creating conflict among neighbours with inappropriate behaviour and misconduct and violating state laws, engaging in unlawful activities. Performing unlawful activities (taking drugs etc) Travelling to unsafe places Missing personal belongings, money, important documents due to absent mindedness and carelessness. Physical and Environment Oriented Factors: The physical and environment oriented factors which influence risks of the travellers: The natural characteristics of the place or the general climate in the area does not suit the visitor They do not carry sufficient medical supplies for the trip. Carelessness in consuming eatables or drinkables while travelling thus violating personal hygiene. Travellers are exposed to various risky environments caused from physical and natural hazards and disasters. (Jangid et al. 2015). Factors that influence the level of risks at Events industry The governments and businesses are getting lots of opportunities, challenges and revenues from the events industry (Morgan, 2015). But the risk involved in such events is in constant growth. It reflects a wide variety of present-day courses as well as introduces new dangers. Cyber attack and crimes related to terrorism Environment menace Disasters caused by nature Technological glitch or mishaps Fluctuation of global power Economic threats and pandemic breakouts. Factors influencing level of risk in events industry It is possible to classify the risks involved in events industry into the following two categories Those which are man made in some way Those which are outside the scope of instant controlling i.e. the factors which cannot be handled directly or indirectly but they can decide the fate of the event whether it will be successful or a failure. Man-made factors: Minor technical glitch, e.g. power failures, disruption of machine or instruments etc can be of serious threat to the safely and security of workforces, audience or even the participants. Involvement of crimes such as fraud or theft can cause an event to be a major failure. Another set of risks that can be seen in this industry is cost overrun. Mainly large scale events or mega events involving greater infrastructure are more prone to cost overrun (Sto?rmer, Schmeiser and Maas, 2015). Factors which cannot be directly managed or prevented: There also exist a number of risks or threats which are beyond the scope of immediate control and management: The events industry has been a direct target for the terrorist attack in the past. There are a number of incidents in the history which supports the fact that there is chance terrorism might strike on the events planning or staging events industry. Natural disasters can also be a potential threat for the events industry (Campos-Soria, Marchante-Mera and Ropero-Garca). Earthquake, heavy flood or storm can be the cause of disruption of an event and might prevent it from executing successfully. Natural disasters have caused damage in the event industry in the past (Yang et al. 2014). Another factor that can influence the risk in event industry can be pandemic outbreaks or civil turmoil. Factors that influence the level of risks in Hospitality industry:- The hospitality industry is a sub division of the other broader category of industry which is the service industry. Within this industry there are a number of operations included. Few of them include hotel and restaurant industry, lodging, event planning and organising, theme parks, etc. A hospitality unit such as a restaurant, hotel, or an amusement park comprises of a number of units (Morgan, 2015). Factors influencing risks in hospitality industry:- Traditional risk factors: High costs of energy Threats of power failures or technical disruption Non-delivery or delayed delivery by outsourced partners or suppliers Theft, fraud, burglary or employee dishonesty Accidents and injuries of travellers due to illness, furthermore vandalism of personal property caused by carelessness of the customers Damage of property due to fire Breakdown of equipments The hospitality industry is exposed to various newly emerging risks which are not included in the chain of traditional risks. Traditional type of risks has direct impact on the customer service, food and beverage quality. But there are other slightly uncommon risks which are often overlooked in the industry (Jackson and Kwansa). Hotel managers and hospitality risk management teams but be aware of these types of threats by constant evaluation of their risk management strategies (Sto?rmer, Schmeiser and Maas, 2015). The hospitality industry risk managers have the threat of pandemic at the top of their minds. Aside from pandemics, the other risks that can threaten the hospitality industry are: Risks of property damage Risk in reputation Brand management risks Terrorism attack and political risk. Risk treatment option to manage crisis and disaster situation of a tourism industry, Hospitality Industry and Events Industry Risk Management options for Tourism Industry Crisis can be defined as a situation that has a long term negative effect on the operation of a business or products. Risk management can be referred to as a process which act as a guide to prepare the organization to recover from disasters. (Mathew et al. 2012) Crisis can be occurred in a tourism industry due to following facts- Poor establishment of a safety standard. Poor asepsis and disregard for environmental viability. Absence of defence against the activity which is unlawful activities and crime. Trickery in commercial transaction. Disagreement of contractor. Industrial conflict amongst the staff of the organization (Card, Ward and Clarkson, 2015).The process of crisis management in a tourism industry can be defined as identifying and assessing the disaster or risk to the organization and taking decision to recover from that crisis which should be logical as well as systematic (Frevert and Potter, 2011) The risk management treatment of a tourism industry should include the following- The management should care for the safety of visitors and also for employees of their organizations. They should develop a secure system which would be helpful in communicating with persons. The tourism industry should establish a security system for securing travellers and employees from disaster (Frevert and Potter, 2011). The management should train their employees to work efficiently during the recovery operations. They should supply sufficient resources to manage recovery operation. The industry should have procedure to get back to the normal business operation after disasters have happened. (Dionne, 2013) The process of crisis management of a tourism industry is described below- Communication and consultation This process is fundamental to the risk management. Appropriate communication ensures that the stakeholders are focussed and committed towards the process of tourism risk management. Monitoring and reviewing Establishment of context- In this step a framework is established for activities of risk management. In this some criteria are also developed in order to compare them to the risk. Identifying risk- It is defined as a systematic process where all the risks are identified which will be needed to manage. Analysing the risk- In this step the risks are analysed in order to find consequence of those risks. According to this analysis the criteria to recover from the risks are also developed. Evaluation of risk- In this process the risk is arranged according to their degree. Previous criteria for risk management will provide necessary information and depending on this current criteria have to be developed. Treatment of risk- In this step the industry assesses them to find out whether they have all the resources to implement the risk management criteria. After this process the risk management process is implemented (Frevert and Potter, 2011). Risk treatment option to manage Crisis and Disaster situation in an event industry: Event industries are responsible developing and creating large events like ceremonies, festivals, concerts etc (Gjerald and Lyngstad, 2015). The steps to be involved in the risk management of an event industry are described below- Identification of activities due to which risk can be occurred- In this step the activities in an event management industry which can cause risk is identified. Identification of risks which are associated with every activity- This step is to check whether or not any risk is associated with any activity which the event industry handles. Determining the chances of occurrence of disaster and the consequence of those disasters- This step determines the degree of severity of any risk. And also determines how they will affect the operation of the business Giving priority to the risks- In this step the management gives priority to the risks according to their degree of severity. Formulation and implementation of strategy for management of risk- There are some common strategy to manage risk like- avoidance of risk, retention of risk, transfer of risk, reduction of risk. Periodically reviewing and monitoring the risk- This is the last step in which the strategies which are adopted to recover from risk are reviewed and monitored periodically (Frevert and Potter, 2011). Risk treatment option to manage risk and disaster situations in a hospital industry: Risk management in any hospital industry is a complex process. It involves identification, assessment, and resolving risk in each area of the hospital industry. The role of risk management is a difficult process because it involves implementing new act to protect the patients and employee from risks and this process should be affordable for the industry (Mathew et al. 2012). The practices for managing risk in a hospital industry are described below- Assessing risk proactively The manager in the risk management department should assess the risk to identify the risk before it causes damages. The manager should also identify the risks that might be encountered in the operation of the business. Assessing risks help managers to make score upon the risks. They can also detect the frequency with which the risks can result from damages. Based on this assessment the managers can establish practices that would be beneficial to protect the industry from damages. Hardwiring practices for risk mitigation In order to be able to maintain an environment with low risk the manager needs to ensure that the practices which are adopted for risk mitigation are according to the standard policy. For better implementation of these practices the staffs and providers of the industry need to be educated and trained. They should provide alert in the health record to remind the staffs about the practices of the of risk management. Prioritizing of risk The manager of risk management department needs to prioritize the risk according to their degree of damage and frequency. It is a difficult task because it needs to assess and prioritize all actual risk and as well as risk which might be encountered in the business operation. Establishing a comfortable culture If all the responsibility belongs to only the manager of the industry, then this would be too much difficult for the manager to detect each and every risk associated with operation of the business. So the other staffs and providers also cooperate with the manager to find out the risk. People would feel comfortable if they can speak up about their problem which would be beneficial for the industry to detect the risk. For this the environment of the hospital industry need to be comfortable to all the members. Safety of patient is the main responsibility any hospital industry. So for this the members of the hospital industry need to make the patients and their family members feel easy so that they can easily speak up about their problem they are facing in the service provided by the hospital (Zhang, Morse and Li, 2015). Reference List Auer, J. and Stone, G. (2014). 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