Florida Case Study Final File

Course code: ITM215 Name of Assignment: Risk Management (Florida Case Study 1) Student Name: Kukadiya Chintan Pradipbhai Student Id: A00156827 Name of Professor: Matthew Van Milligen Submitted Date: 19 th Oct 2023

Student Name: Kukadiya Chintan – A00156827 Rank Risk Description Impact Probability Severity Action Target Score 1 Health-Related Issue: With a sensitive digestive system, planning a vacation in Florida during the Canadian winter may cause Health and well- being issues that impact exceeds the budget cost and unexpected medical emergency that may spoil vacation entertainment. 6 4 24 Bring homemade healthy food (especially for children) and other food items. Visit your family doctor before going on to trip as well as keep all required travelling medicines prescribed by your doctor. Reduce Impact = 3 (Impact = 3) keep in touch with a doctor virtually, manage regular eating time, and list all travelers' dietary plans (Food List. Save emergency contact number. Reduce Probability by 2. (P=2) 3 x 2 = 6 6 2 Transaction-Related Issue: Planning a vacation on a cash basis and using a certain amount of cash– Not using any Plastic Cards (Debit/Credit). 8 7 56 Bring a Debit or Credit Card. Book your accommodation in advance before going on a trip. Reduces Impact= 4 (Impact = 4) Browse accommodation online and communicating with the place's manager/customer support team via phone or email in advance is not mandatory or requires a plastic card for a security deposit. 16

5 Avoid Communication Risk: The family should discuss a clear plan for accommodation Before going on vacation, which could lead to accommodation and many other problems. 6 4 24 Don’t stop the discussion at any point before going on a vacation. Before going on vacation, discuss and clearly communicate with each member on every point about vacation. Reduces Impact= 3 (Impact = 3 ) Make an advance plan for accommodation before going on vacation. Reduce Probability by 2. (P=2) 3 x 2 = 6 6 6 Rental a car-related risk: Prefer a full-size car instead of an intermediate car because of the small difference in price between the full-size and the intermediate car. 7 5 35 Due to the constrained amount of money, book an intermediate car in advance (weeks or even months ahead) at the cheapest rate which can help you save money. Reduces Impact= 4 (Impact = 3) Plan your journey routes in advance and check for accommodations with adequate parking facilities, also Verify free or visitor parking areas which can save your parking money. Use your negotiation skills while booking your car and parking slots. Reduce Probability by 2. (P=3) 3 x 3 = 9 9 7 Traveler check’s related Risk: As mentioned, there is a constraint of $3,000 8 6 48 Inquire about any associated fees, visit your bank, and talk with your branch manager if he/she offers 6

cash on first-week spending, deciding to carry $2,500 as traveler's checks and only $500 in cash may lead to inconvenience payment risk during the journey because traveler's checks not being as universally accepted as cash or cards. you a traveler’s check without fees. keeping them in a secure, water-resistant pouch or wallet. Reduces Impact= 5 (Impact = 3) Note down the checks' serial numbers and keep the necessary information to report and replace the stolen checks. Reduce Probability by 4. (P=2) 3 x 2 = 6 8 Choosing one location impacts enjoyment risk: Spending the majority of the vacation time, (specifically ten days,) at a single type of location, a theme park, may have an impact on the overall enjoyment of the trip. 5 3 15 Plan alternative activities or a list of backup activities and research other locations where you can go easily and enjoy your vacation. Talk to locals for advice on weather conditions and alternative activities. Book your tickets in advance to avoid long lines and ensure entry even during peak seasons. Reduces Impact= 3 (Impact = 2) 2 x 3 = 6 6 9 Parking Related Issue: Using their own car for going to the airport without a reserved parking spot in advance and parking a car for a long time (two weeks) at the airport may cause some risks such as not finding a parking space, 6 4 24 Reserve a parking spot at the airport in advance. Visit the garage and check your car properly like oil changes and tire inspections, to reduce the risk of vehicle issues during the trip. Reduces Impact= 4 (Impact = 2) 4