Risk Assessment for Fine Dining at Hyatt Hotel

Introduction

Risk assessment planning provides a scope to the organisation to identify the exiting risk and develop suitable strategy for mitigating the risk so that it is possible to complete the project proficiently (Chen, 2018). The main aim of the project is to provide Fine Dining facilities to the customers where the staff members and managers are well educated and efficient to deliver high quality service to the customers in the Hyatt Hotel.The study focuses on identifying the risks during the project and its probability so that the impacts of the risks can be addressed, and the project managers can mitigate the existing risks strategically.

Project pre-completion and post-completion risk

Major project constraints

In order to develop the strategic planning to complete the project, there are several constraints in the project for which the staff members and the project managers may face difficulties to implement their strategic planning for completing the project successfully and these constraints need to be addressed through risk assessment (Kerzner, 2017). The major constraint to meet the aim of the hotel is lack of resources including financial and human resources which can raise problems in completing the project strategically. In this case, it is necessary for the managers to reallocate the organisational resources innovatively which will be helpful for designing the service so that the customer’s satisfaction can be maximised well. Lack of financial resources is one of the major constraint for which the managers sometimes fail to hire new efficient and experienced staff at the hotel for delivering quality service through Fine Dining strategy as well as due to lack of resources, it would be difficult for the managers to manage the ambience and interior decorator of the hotel where it is necessary for the managers to provide neat and clean environment, attractive design and quality service to the customers to fulfil the project aim. In this regard, lack of management in the human resources is another constraint for which the staff members and others cannot manage their service quality due to poor knowledge and understanding about the customer’s preferences, lack of interaction and inefficiency of the staff members, which may deteriorate the chance of completing the project strategically.

In addition to the above constraints, quality, cost, time, lack of scope, risk in managing workplace are the major constraint in managing the project efficiently (Keeganand Meijerink, 2019). In this regard, another main constraint of completing the project successfully is changing preferences of the customers and lack of understanding of the employees and the staff members about the actual needs and requirements of the customers. It would be difficult for the staff and managers to acknowledge the actual needs and preferences of the customers as it is necessary to have clear understanding about customer’s choices and preferences so that the managers can serve better Fine Dinning service to the customers. Without having adequate knowledge about the customer’s preferences, it would also be hard for the manager to meet the high-quality standard of the services in Hyatt Hotel. Time is another constraint which also needs to be managed through developing proper Gantt chart, otherwise it is difficult for the managers and the staff members to complete the project within time. Risk of quality management, and internal conflicts are other constraint which raise difficulties to manage the organisational environment as well as creates problems in developing effective teamwork for partnership working as these are necessary in Hyatt Hotel to serve the Fine Dining facilities cooperatively and collaboratively. Through developing effective strategic planning and resource allocation, it is necessary to diversify the risk and manage time to complete the service design efficiently for opening the service of Fine Dining in the Hyatt Hotel so that the managers can promote the service properly and strengthen their customer base successfully in long run.

Risk assessment

Risk management strategy

In order to mitigate the above-mentioned risks, it is necessary for the project manager to develop effective strategic planning (Harris, 2017). First of all, it is necessary to reallocate organisational resources and provide adequate finance so that the project sponsor can handle the project of opening the Fine Dining facility in Hyatt. Apart from that, the investment for interior decorator is also necessary for the project sponsor so that there is adequate finance for developing attractive internal environment which helps to retain he customers in near future after the successful completion of the project. In addition to these, proper management of the project managers needs to be improved so that the manager can develop suitable workplace for the employees and other staff members where they can work collaboratively. Lack of cooperation is one of the major issues which have direct impacts on the quality of the service in the hotel and in order to mitigate this risk, the managers need to enhance cooperation and provide rewards for partnership working practices. Arranging general meeting as well as providing training and development program are also necessary for the project managers so that the efficiency of the staff members can be improved. This in turn helps the employees and staff at the hotel to understand their individual’s job role as well as group aim to serve the customers in a better way. Another issue of lack of quality and in this regard, the project managers and leaders need to improve logistics and operations for utilising fresh raw materials and provide quality food and beverages to the customers that provides an opportunity to the hotel manager to satisfy the customers and retain trustworthy consumers for long run (Cagliano, Grimaldi and Rafele, 2015).

In addition to these, lack of knowledge about customer’s needs and preferences is one of the major post completion risk of the project where it would not be possible for the staff members to understand the actual choice of the customers and in this regard, the managers should incorporate training program and conduct in depth study about the healthy life style trend and preferences and food choice of the customers so that the staff can serve the customers as per their requirements. Poor communication and internal conflicts are on the pre-completion project risks, where the managers need to implement Information and Communication Technology (ICT) as well as use telephonic conversation for improving communication so that all the members can collaborate with each other and share their experience to improve their quality of service of Fine Dining. The managers also requires to improve efficiency of the staff so that they can build strong relationship, trust and loyalty among the customers through presentation of quality food, managing customers service and offering attractive interior decoration in the hotel so that it is possible to minimise the above mentioned risk of the project and complete the project successfully by serving more customers with the Fine Dining service in Hyatt hotel.

Conclusion

It can be concluded that, the above-mentioned risk assessment is helpful to identify the existing risks of the project of Fine Dini in Hyatt hotel and the risks are lack of communication, poor quality, high cost and low finance, inefficiency of the staff and internalconflict. It is necessary for the project manager to handle the team members, provide training and implement technology as well as invest for interior decoration and improving the service quality so that the project can be complete successfully within effective time.

Reference List

Cagliano, A.C., Grimaldi, S. and Rafele, C., 2015. Choosing project risk management techniques. A theoretical framework. Journal of Risk Research, 18(2), pp.232-248.

Chen, B.S.Y., 2018. What makes restaurants successful? Hospitality Insights, 2(1), pp.10-12.

Harris, E., 2017. Strategic project risk appraisal and management. London: Routledge.

Keegan, A.E. and Meijerink, J., 2019. Conceptualizing human resource management in the gig economy: Toward a platform ecosystem perspective. Journal of Managerial Psychology.

Kerzner, H., 2017. Project management: a systems approach to planning, scheduling, and controlling. New York: John Wiley & Sons.