A Spotlight On...Managing Risk and Uncertainty

Risk and uncertainty are inherent characteristics of all businesses. Changing customer demands, operational constraints, and external pressures all pose significant risks and require strategic management. To succeed in the ever-changing world of international hospitality, today’s professionals must have a keen ability to navigate it – our Master of Science program module Managing Risk and Uncertainty is preparing students to manage the unknown in business and beyond. 

Lecturer Mikhail Romanenko gives us a sneak peek at what students gain from this module: 

1. Students learn to think strategically and consider all possibilities 

In this module, students learn about the strategic risk management process and how to use it to identify, evaluate, and prioritize a variety of risks, particularly reputation risk. As a result, students become more risk literate and able to make strong and informed decisions.  

The module will guide them on when to use personal judgment and when to apply an analytical approach, through studying both organizational risk management processes and behavioral psychology.  

2. Students acquire real-world experience through real-life learning  

The entire master’s degree program is designed to be highly experiential. We aim to give students as much information and experience as possible through guest speakers, case studies, and real-life learning simulations. Students also hold internships with many top names in the industry as a key part of the program, which helps to bring the in-class learning to life. 

Through the twists and turns, students learn very practically how to better anticipate and mitigate risks.

One real-life learning example is when students are asked to create their own risk management plan for an unknown outdoor class activity. Students are given only basic information about the event and what to expect as they prepare their plan, which simulates uncertainty. Very little ever goes as planned during the activity, but through the twists and turns, students learn very practically how to better anticipate and mitigate risks. 

I cannot think of another module that would allow behavioral psychology, probability, enterprise risk management and practical experiences to come together so integrally!

3. Students become more self-aware, analytical decision makers  

In this course, students are expected to dissect, critique, and even improve the tools and techniques presented in class in order to develop their critical thinking and decision making skills. This helps equip students for success, both personally and professionally, as strong decision making skills and the ability to manage risk and uncertainty are vital life skills that can help students along their career path, and analytical, calculated leaders are needed across all industries. 

This is a dream course to develop and teach. I cannot think of another module that would allow behavioral psychology, probability, enterprise risk management and practical experiences to come together so integrally!

Learn more about the Master of Science program 

Whether you are a recent hospitality graduate with a hunger for more or an established manager who wants to broaden your horizon, deepen your knowledge of hospitality with this intensive academic program that can open up doors to pursuing a PhD. Choose from three different pathways to choose: Hospitality Management, Hospitality Management and Digital Value Creation, and Hospitality and Design Management. 

Download our free brochure for more information on our campuses, course details, fees, eligibility, and application process.