Risk identification and analysis in the hospitality industry: Practitioners' perspectives from India

Abstract

Purpose

This paper aims to identify the key risks which are endemic to the hospitality industry and considered as important by hoteliers in today's growing global context, with particular reference to the Indian context. It also seeks to propose a generic model for risk management.

Design/methodology/approach

Primary data collection using questionnaires and semi‐structured qualitative interviews with hospitality professionals was supplemented by secondary research in the field of risk and uncertainty management.

Findings

To secure competitive advantage and develop business resilience, it is becoming increasingly important for hospitality organisations to shift their focus from merely responding and reacting to crises and emergency situations, to proactively identifying, analysing and assessing risks while formulating their business strategies. The paper identifies the most commonly addressed areas of risk in the Indian hospitality industry, which include competition, seasonality of business and changes in customer preferences and demand.

Practical implications

Practitioners, researchers and educationists in the hospitality industry will find the implications of this study useful in the context of the present complex business environment which is fraught with risks.

Originality/value

Given the dearth of research in the field of risk and uncertainty management in the hospitality industry, especially in the Indian context, the paper explores various aspects of hospitality operations prone to risk and proposes a framework for identifying the key risks in hospitality organisations. It also puts forward a generic model of the process of risk management.

Citation

Bharwani, S. and Mathews, D. (2012), "Risk identification and analysis in the hospitality industry: Practitioners' perspectives from India", Worldwide Hospitality and Tourism Themes, Vol. 4 No. 5, pp. 410-427. https://doi.org/10.1108/17554211211277851