Hospitality Operations and Risk Management

Question: Discuss about the Hospitality Operations and Risk Management. Answer: Operational Plan and execution A company is an association of collecting news, data, and Management. A Company can be controlled by one person or multiple persons. A company should have many departments and the work is distributed by every department (Cox, n.d.). The specific departments do their work. Administration department is one of them. The department of admin is the soul of any company. The departments activities are concerned regarding record keeping forfinancial planning billing personnel, logistics and physical distribution. The employee who undertakes these above activities are called as office administrator or office manager. Candidates are required to have an latest skill set in the application of software such asMicrosoft Word,Exceland Access for many administrative positions require the candidate to have. The administrator of the office has the responsibility to ensure the functions of a company. He/ She give the whole structure of working process or data to the employees (Stevenson, 2012). After the office administrator there is office manager who also plays a big role in an administration. Office managers role requires the candidate to possess a higher skill and qualification skill set more than other administrative vacancies; competency in human resources, strong administrative experience, reporting skills, delegation, managing processes and the ability to communicate to other members of the organization are the skills and qualifications included. There are many sectors within the administration of office that people can work under,office manager andoffice administratorbeing the most important associated roles. An employee can undertake hundreds of different job and roles vacancies that within an organization. Human resourceadministrators are in power for managing the company's human capital. Administration of payroll and benefits are the main duties that a worker under human resources will perform, while recruiting for the organization. An secretaryis given responsibility with supporting their upper-level executives with the creation of statistical reports, written memorandums and scheduled meetings. A Legal officer is an employee that works really with lawyers and different employees inside the appearing of law. For a condition of a genuine secretary working for a lawyer, their basic obligations and obligations are to be stacked with the affiliations recording system, finding crucial information in centrality to the present case, to execute their present points of confinement with front line headway to complete and address business issues. Gantt Chart Tasks People Responsible February 1-7 February 8-14 February 15-21 February 22-28 February 29- Mar 6 March 8-14 March 15-21 March 22-28 Mar 28- April 4 April 5-11 April 12-18 April 19-25 Apr 26- May 1 Budget Management 03 Preparing income statements 05 Preparing Balance sheets 05 Assessment with the annual audit 05 Maintaining financial files and records 05 Working model 08 Machine for fine tunning 55 Manual for Instruction 15 Test project for Instructors Rough Draft of Report Acad Drawings Finalization Overall Contest Presentations Final Report Due Contingency Plan An unexpected event or situation that affects the professional image, financial health or market share of an organization a contingency(Brownlow, 2000). It is generally a negative event. An unexpected disrupts can harm a companys orientation. That is the reason why companies make contingency plans for many upcoming situations, so the management of an organization has a immediate flow pre-researched plan of action. Management of a god business means planning for the time when things go wrong, as well as right. Serious incidents and disasters such as , fire, or the death of a key employee flooding are relatively rare, but they do happen. After the survival thrive ensuring the business continuation, is known as Contingency Plan (Allin, 2012). Contingency Plan Template Number Risk Impact and consequences Contingency actions Responsibility 1 Financial analysis Impact on Stock Price:- Financial statements have a drastic effect on the stock price of a company. Many investors look at the financial statements when making investment decisions. If information is presented in a financial statement that is better or worse than expected, it can make the stock price go up or down. Based on information from the financial statements to make assumptions investors often use financial ratios. Financing Decisions:-Trade-related edifications can out like way impact how to control it is for a business to get financing. On the off chance that an association is attempting to take out a business actuate, the credit capable will all around need to take a gander at the money related edifications of that affiliation. In the event that the data on the cash related verbalizations is not complimenting, it might conflictingly influence the reason for the limitation of the relationship to secure cash. Credit masters all things being equal in a general sense need to place resources into affiliations that have mind blowing budgetary numbers. Pull in New Investors:-Trade-related verbalizations out like way effect pulling in new budgetary experts. Right when an organization together issues new shares of stock, it will all the more than likely go on money related articulations to potential monetary stars. The potential scientists look at the budgetary verbalizations to perceive in the event that they need to place cash into the association. Low purpose of premium numbers could unfavorably influence the measure of analysts willing to place cash into the Company (Bessler, Drobetz and Grninger, 2011). Finance department is the most important department for any company. this department operates the lose, profit of any company. so if finance department has any problem so the company need to deduct the problems from the grassroots. The company should build good relationships with the shareholders. The company can save their money by stoping some of the benefit like vehicle allowance, food allowance, firing some high post (salary base) persons The company has to attract to the new investors by giving them a good perk and benefits (Amonhaemanon, 2014). 2 Historic data analysis Historic data is one of the proofs of any company. it is the witness of that time when the company has started. it can have a government papers, investment papers, share holders papers, company licences etc If there any loss of Historic data then the company should be fined by various sectors. The historic data should be controlled by the expertise of the companies. it should have a different copies in computers or in hardcopy. this files should be maintained very organised. 3 Annual loss data The loss of computer code because computer code must be rewritten by highly skilled and highly paid software developers. Statistics on data loss are sparse. Data loss incidents can be hardware- or software-related. Consequently, a consideration of both is necessary to estimate the magnitude of data loss (FY2004 Annual Meeting Financial Loss, 2005). For a data recovery plan to be meaningful, it must ensure the "right" data. Data that is required by critical business processes and necessary for recovery Depending on the analyst one reads, data is growing at a rate of between 70 to 100% per year in most corporations. Databases measured in terabytes are becoming commonplace Significant percentage (some argue as much as 80%) of the data recorded on hard disk drives is never mentioned again. This is relevant to databases as well as files, developing significant talk of the possibility of abbreviating data extraction timeframes by "presaging" static or not changing data at the extraction center. Communication Plan A communication is needed for every sector, with every person. Without proper communication a business can never be succeed. From a day to day communication to big news about the organization a communication is necessary for everyone (Gaskill, 2013). Good communications can start a good planning. As a 1st step of communication its necessary to understand the audiences. Then to execute the message and listen what they want. Communication Plan Template Information Communicated by Communicated to When communicated How distributed Recruitment Management HRM or Human Resources Management When the company need recruitments and there are vacancies on various posts (Gashi, 2013). The HRM department distribute these vacancies as per the eligibility of the candidates and in which departments the man power needs. Leave Management Team Leaders When there are any holidays or any CLs or any personal reasons. The employees if have any personal reasons they have to inform the companys management before some days of the leave (Tomlinson, 2003). As per the management want. but if any employee has any serious issue like family members death or his/her marriage then they would get the preferences first. As per knowing the manpower the company distributes the leaves. Annual Program Management Officially announced to everyone in the company On the annual sports day or annual federation day On that particulars day. Informed by few days before to the staffs. Conclusion Every department is important for every company. To control and keep a good relation with all the administration of the organization need to control the whole num of employees in a good way. HRM, OM, and AE, PE these departments play the most important role for any organization. If the organization is the body then these are the parts of that body. References Allin, L. (2012).Contingency plan. Victoria, BC: Raven Books. Amonhaemanon, D. (2014). The Impact of Stock Price and Real Estate Price Shocks on Consumption: The Thai Experience.International Journal of Financial Research, 6(1). Bessler,W., Drobetz, W. and Grninger, M. (2011). Information Asymmetry and Financing Decisions*.International Review of Finance, 11(1), pp.123-154. Brownlow, H. (2000). Always have a contingency plan.Anaesthesia, 55(5), pp.489-518. Cox, V. (n.d.). Leadership Operational Plan for Difficult Times.SSRN Electronic Journal. FY2004 Annual Meeting Financial Loss. (2005).Anthropology News, 46(6), pp.23-23. Gashi, R. (2013). Strategic Human Resources Management: Human Resources or Human Capital.AJIS. Gaskill, R. (2013). Disclosing Medical Mistakes: A Communication Management Plan for Physicians.permj, pp.94-94. Stevenson, S. (2012).The operational plan. Sioux City, Iowa: Stevenson, Inc. Tomlinson, H. (2003). Leaders Leadership: Leadership Teams, Team Leaders and Middle Managers - BELMAS 2002.Management in Education, 16(5), pp.6-9.