Chapter 5 discusses Analyzing and Prioritizing Risks

Project description
Chapter 5 discusses Analyzing and Prioritizing Risks

Read Monsoon Cup Case Study (below)

Incorporate all of your risk management, MBA and hospitality knowledge in other areas to this point.

Questions to address include:

1. Analyze risks and create risk categories
2. Develop probability impact scales (critical, significant, negligible)
3. What risks need response plans? (Note you do not need to develop the response plans, simply note which risks need response plans.)

The Monsoon Cup Case Study

PulauDuyong had never been known as a tourist destination. It was not as popular as the nearby islands that tourists frequented. It was an ordinary island that had

been inhabited by fishermen for generations. It was known as the centre of Islamic civilization and where the boat building industry started for the locals at one

time. Pulauduyong had never been anything more.

Kuala Terengganu is strategically positioned along the South China Sea as a port of call for cruising boats from Northeast Asia to south Asia and Australasia. The

current marina of PulauDuyong, Kuala Terengganu, is the only operating mainland marina on the east coast of the Malaysian peninsular.

In July 2005 the prime minister of Malaysia, Tun Abdullah Amad Badawi, set foot on the island and PulauDuyong changed forever. Tun Abdullah envisioned a bright future

for the island. The Monsoon Cup was born. The Monsoon Cup was an integral part of the prime ministera??s vision to develop the state of Terengganu.

This prestigious international regatta was to serve as a catalyst for sustainable development of the economy through the positioning of PulauDuyong as a maritime and

sports tourism destination. Moreover, the setting up of the Terengganu Sailing and Maritime Academy enabled the development of local talent through knowledge transfer

generated via the event.

The Monsoon Cup has not only catapulted sailing into the Malaysian mindset but is also the catalyst in promoting Terengganu, both as a tourist destination and in

developing marine-based business activities. Economic opportunities in the services and manufacturing sectors flourished as well. Among them are hotels, tourism,

restaurants, boat building, food supplies, textiles and souvenirs. The Monsoon season that was once seen as a threat is now widely viewed as a business opportunity by

the locals.

The Monsoon Cup is a leg of the World Match Race Sailing Tour (WMRT). The Monsoon Cup has also brought some of the worlda??s most famous people together.

The lure of this prestigious event has had celebrities, royalty and VIPs all gracing the shores of PulauDuyong. Many have gone back mesmerized by the sheer magnitude

and charisma of the Monsoon Cup. PulauDuyong has morphed from a small quiet fishing island in Terengganu to a world-class host to Malaysiaa??s second biggest sporting

event.

Source: Brand Advantage, Sydney, May 2012