A PROPOSAL ON THE IMPACT OF DISASTER RISK MANAGEMENT ON THE HOSPITALITY BUSINESSES IN LAGOS STATE


A PROPOSAL ON THE IMPACT OF DISASTER RISK MANAGEMENT ON THE HOSPITALITY BUSINESSES IN LAGOS STATE  

Abstract 

This study is on the impact of disaster risk management on the hospitality businesses in Lagos state. Using the thrive Place Limited and Avoire Voltic Nig, Lagos state as a case study. The following objectives will be used for the analysis: To ascertain find out the disaster risk management skill employed in the thrive Place Limited and Avoire Voltic Nig, Lagos state, to ascertain the impact of disaster risk management on the profitability of the thrive Place Limited and Avoire Voltic Nig, Lagos state, to find out the challenges of disaster risk management in the thrive Place Limited and Avoire Voltic Nig, Lagos state and to ascertain the impact of disaster risk management in the thrive Place Limited and Avoire Voltic Nig, Lagos state. More so, percentage and degrees of the responses will also be used in the analysis. Here, the ratio of those whose responses will not in the affirmative will be found and conclusions will be drawn there upon.  Representations of the level of responses will be made in tabular form.The Statistical Package for Social Sciences (SPSS) software will be used to test the hypotheses

Chapter one

Introduction

1.1Background of the study

There is evidence to suggest that in many countries there has been an increase in the rise of natural disasters occurring natural hazard rise due to environmental or one thing of the other (World Bank 2016). Natural disasters are complex and multifaceted events resulting from mismanaged and unmanaged risks that reflect current condition and historical factors (Candice, L. (2010). Disaster risk is collective in its origin and remain a ‘public,’ shared risk that makes finding individual, and often community solutions, difficult (Abdullahi A. (2018). A disaster is said to take place precisely because the losses originated by a given event overwhelm the capacity of a population (local, regional or national) to respond and recover from it. Disaster rise emerges from the interaction between a natural hazard the external risk factor and vulnerability the internal risk factor Ernst & Young. (2017).

Disaster Risk Management in Nigeria has been established as a public sector function within each sphere of government. But disaster risk management goes beyond pure line function responsibility. Disaster Management Act (Act 57 of 2012) as an integrated, multi-sectoral, multi-disciplinary approach aimed at reducing the risks associated with hazards and vulnerability. It therefore needs to become an integral part of the development planning.

The hospitality (hotel) industry has been identified as one of the most important sectors that have a positive correlation to the country’s economic development. The hospitality industry has been identified as one of the most important sectors that have a positive correlation to the country’s economic development. One of the major benefits of the hospitality industry in any economy is the provision of employment and a top foreign exchange earner (Kusluvan, 2003). The industry consists of a number of diverse sectors including hotel and restaurant, travel agencies, tour operators, transportation, restaurant, food and beverage, and attractions which require a variety of occupational skills. However, hazards of all kinds exists, accidents do happen even on holidays and there exists a strong ethical imperative on the part of tourism service providers to ensure that plans are in place to cope with at least the most common uncertainties. Risk is the uncertainty associated with a future outcome or event (Banks, 2004). Risk is a concept that denotes a potential negative impact to an asset or some characteristics of value that may arise from some present process or future event (Douglas & Wildavsky, 1982). Rejda (2008) defines risk management as the process through which an organization identifies loss exposures facing it and selects the most appropriate techniques for treating such exposures. Some of the risks a firm faces include; market risks, credit risks, liquidity risks and operational risks (Nocco & Stulz, 2006). Market risk refer to the impacts of on and off-balance sheet positions of a financial institution. The movements in market rates or prices such as interest rates, foreign exchange rates, equity prices, credit spreads and commodity prices result in a loss to earnings and capital ratio (Nocco & Stulz,2006). Interest rate risk is the potential negative impact on the Net Interest Income and it refers to the vulnerability of an institutions financial condition to the movement in interest rate. There appears to be a mixed consensus on where the economy is headed. The hospitality industry has had to read to reductions in corporate travel, canceled conventions, employee layoffs, declining consumer confidence, corporate reorganizations, and insurance coverage volatility. Hospitality companies are challenged with optimizing business risks and strategically managing costs in order to stay competitive in the industry. Meeting these challenges results in increased pressure on business decision makers. In addition, many new types of risks are facing hospitality companies and other related businesses. During the winter and spring months of 2000 and 2001, both commercial and residential energy consumers throughout the nation were exposed to soaring energy costs. For businesses and communities in Lagos and Abuja, this cost increase was further complicated by mandatory power blackouts ordered by government officials.  For hotel companies, these energy issues affected every point of guest service from check in at the front desk to ascent in an elevator, and room the utilization of meeting space to food and beverage operations and safety. Hotel owners and managers had to continuously reevaluate their energy risk management strategies, including alternative sources, disaster recovery plans, financing, and hedging strategies.

With the growing importance of tourism worldwide, any disruption to arrivals can seriously undermine business competitiveness and sustainable development. Even a single disaster event has the potential to cause widespread damage and economic disruption, affecting private and public investments in tourism destinations and the country’s image and reputation, while posing a threat to the lives of tourists, workers and surrounding communities. Many hotels do not have the systems and processes in place to assess and reduce their risk to disasters, or to become prepared if and when they occur. These are important to increase resilience and enable business continuity and viability. To improve disaster risk management capacities and to strengthen resilience in hotels and at tourist destinations (https://www.preventionweb.net)

Based on the background the study wants to investigate the impact of disaster risk management on the hospitality businesses in Lagos state. The study will use the thrive Place Limited and Avoire Voltic Nig as a case study

Statement of the problem

There are critical issues and challenges affecting Nigeria’s hospitality industry competitiveness and sustainability as tourist destination. Hospitality industry in Nigeria has had difficult times over the years, particularly prolonged period of lackluster performance in the 1990s (Akama, 1990; Ikiara, 2001). Ikiara, for example, describes performance in the 1990s as erratic. The global economic crisis in 2008 only made inbound international tourism business more challenging. Then in the recent past is the threat of terrorism in which Nigeria has lost both its citizens and the tourists to the Boko-Haram pandemic. This has resulted to frequent travel advisories from the source countries like Britain, USA, Australia and Europe in general (Mayaka &Prasad, 2012). This has brought down the tourism sector in Nigeria as divers Militia group have sprang-up in the south-west and other part of the country to its lowest point ever. The prolonged poor operations have characterized the last two decades, raising the concern of key stakeholders. It is important to investigate and find out the risk management practices that are being employed and how this has impacted on the performance of the sector

Objective of the study

The objective of the study will be sub-divided into general and specific objective, the general objective of the study will examine the impact of disaster risk management on hospitality businesses in Lagos state. Using the thrive Place Limited and Avoire Voltic Nig as a case study. The specific objectives are;

1. To ascertain find out the disaster risk management skill employed in the thrive Place Limited and Avoire Voltic Nig, Lagos state

2. To ascertain the impact of disaster risk management on the profitability of the thrive Place Limited and Avoire Voltic Nig, Lagos state

3. To find out the challenges of disaster risk management in the thrive Place Limited and Avoire Voltic Nig, Lagos state

4. To ascertain the impact of disaster risk management in the thrive Place Limited and Avoire Voltic Nig, Lagos state

Research question 

1. What is the disaster risk management skill employed in thrive Place Limited and Avoire Voltic Nig, Lagos state?

2. What is the impact of disaster risk management on the profitability of the thrive Place Limited and Avoire Voltic Nig, Lagos state?

3. What are the challenges of disaster risk management in the thrive Place Limited and Avoire Voltic Nig, Lagos state?

4. What is the impact of disaster risk management in the thrive Place Limited and Avoire Voltic Nig, Lagos state?

Research hypotheses

The research is guided by the following hypotheses

HO1: there is no significant disaster risk management skill employed in thrive Place Limited and Avoire Voltic Nig, Lagos state.

H1: there is significant disaster risk management skill employed in thrive Place Limited and Avoire Voltic Nig, Lagos state

HO2: there is no significant impact of disaster risk management on the profitability of the thrive Place Limited and Avoire Voltic Nig, Lagos state

H1: there is significant impact of disaster risk management on the profitability of the thrive Place Limited and Avoire Voltic Nig, Lagos state

HO3: there are no challenges of disaster risk management in the thrive Place Limited and Avoire Voltic Nig, Lagos state

H1: there are challenges of disaster risk management in the thrive Place Limited and Avoire Voltic Nig, Lagos state

HO4: there is no significant impact of disaster risk management in the thrive Place Limited and Avoire Voltic Nig, Lagos state

H1: there is significant impact of disaster risk management in the thrive Place Limited and Avoire Voltic Nig, Lagos state

Scope of the study

The scope of the study covers the impact of disaster risk management on the hospitality businesses in Lagos state. The study will be limited to the thrive Place Limited and Avoire Voltic Nig, Lagos state

.

A PROPOSAL ON THE IMPACT OF DISASTER RISK MANAGEMENT ON THE HOSPITALITY BUSINESSES IN LAGOS STATE



TYPE IN YOUR TOPIC AND CLICK SEARCH.






RESEARCHWAP.ORG

Researchwap.org is an online repository for free project topics and research materials, articles and custom writing of research works. We’re an online resource centre that provides a vast database for students to access numerous research project topics and materials. Researchwap.org guides and assist Postgraduate, Undergraduate and Final Year Students with well researched and quality project topics, topic ideas, research guides and project materials. We’re reliable and trustworthy, and we really understand what is called “time factor”, that is why we’ve simplified the process so that students can get their research projects ready on time. Our platform provides more educational services, such as hiring a writer, research analysis, and software for computer science research and we also seriously adhere to a timely delivery.

TESTIMONIES FROM OUR CLIENTS


Please feel free to carefully review some written and captured responses from our satisfied clients.

  • "Exceptionally outstanding. Highly recommend for all who wish to have effective and excellent project defence. Easily Accessable, Affordable, Effective and effective."

    Debby Henry George, Massachusetts Institute of Technology (MIT), Cambridge, USA.
  • "I saw this website on facebook page and I did not even bother since I was in a hurry to complete my project. But I am totally amazed that when I visited the website and saw the topic I was looking for and I decided to give a try and now I have received it within an hour after ordering the material. Am grateful guys!"

    Hilary Yusuf, United States International University Africa, Nairobi, Kenya.
  • "Researchwap.org is a website I recommend to all student and researchers within and outside the country. The web owners are doing great job and I appreciate them for that. Once again, thank you very much "researchwap.org" and God bless you and your business! ."

    Debby Henry George, Massachusetts Institute of Technology (MIT), Cambridge, USA.
  • "Great User Experience, Nice flows and Superb functionalities.The app is indeed a great tech innovation for greasing the wheels of final year, research and other pedagogical related project works. A trial would definitely convince you."

    Lamilare Valentine, Kwame Nkrumah University, Kumasi, Ghana.
  • "I love what you guys are doing, your material guided me well through my research. Thank you for helping me achieve academic success."

    Sampson, University of Nigeria, Nsukka.
  • "researchwap.com is God-sent! I got good grades in my seminar and project with the help of your service, thank you soooooo much."

    Cynthia, Akwa Ibom State University .
  • "Sorry, it was in my spam folder all along, I should have looked it up properly first. Please keep up the good work, your team is quite commited. Am grateful...I will certainly refer my friends too."

    Elizabeth, Obafemi Awolowo University
  • "Am happy the defense went well, thanks to your articles. I may not be able to express how grateful I am for all your assistance, but on my honour, I owe you guys a good number of referrals. Thank you once again."

    Ali Olanrewaju, Lagos State University.
  • "My Dear Researchwap, initially I never believed one can actually do honest business transactions with Nigerians online until i stumbled into your website. You have broken a new legacy of record as far as am concerned. Keep up the good work!"

    Willie Ekereobong, University of Port Harcourt.
  • "WOW, SO IT'S TRUE??!! I can't believe I got this quality work for just 3k...I thought it was scam ooo. I wouldn't mind if it goes for over 5k, its worth it. Thank you!"

    Theressa, Igbinedion University.
  • "I did not see my project topic on your website so I decided to call your customer care number, the attention I got was epic! I got help from the beginning to the end of my project in just 3 days, they even taught me how to defend my project and I got a 'B' at the end. Thank you so much researchwap.com, infact, I owe my graduating well today to you guys...."

    Joseph, Abia state Polytechnic.
  • "My friend told me about ResearchWap website, I doubted her until I saw her receive her full project in less than 15 miniutes, I tried mine too and got it same, right now, am telling everyone in my school about researchwap.com, no one has to suffer any more writing their project. Thank you for making life easy for me and my fellow students... Keep up the good work"

    Christiana, Landmark University .
  • "I wish I knew you guys when I wrote my first degree project, it took so much time and effort then. Now, with just a click of a button, I got my complete project in less than 15 minutes. You guys are too amazing!."

    Musa, Federal University of Technology Minna
  • "I was scared at first when I saw your website but I decided to risk my last 3k and surprisingly I got my complete project in my email box instantly. This is so nice!!!."

    Ali Obafemi, Ibrahim Badamasi Babangida University, Niger State.
  • To contribute to our success story, send us a feedback or please kindly call 2348037664978.
    Then your comment and contact will be published here also with your consent.

    Thank you for choosing researchwap.com.