Risk assessment models in the tourism sector
Author:Simanavicius Arturas, Edmundas Jasinskas and Biruta Svagzdiene
JEL:L83, M21, D81, G32.
DOI:
Keywords:tourism, tourism risk, business risk, assessment models.
Abstract:
One of the most prominent contemporary success stories is tourism. This industry began to
significantly increase only in 1960, and during the last 50 years, tourism revenues and
number of outgoing people have increased by a number of times. Therefore, the tourism
sector is highly attractive to new business initiation and development of its dynamic
growth, new activities, new trends and technologies, new markets and rapid changes.
Purpose of the article - to analyze the prevailing risks in the tourism sector and to identify
the business risk assessment models.
Scientists pay big attention to risk analysis. A series of risk analysis theoretical,
methodological and practical studies are made, but for the tourism risk scientistseconomists
do not pay attention in practice. Tourism risk assessment models, analyzed in
the article, showed their adaptability to tourism industry.
Performed tourism economic risk assessment models showed that in the tourism risk
classification it is appropriate to use a procedural approach, which is related to the tourism
product identification stages. It would be logical to link the identification of risks to the
tourism services in stages, as in each stage prevails certain risk groups
The aim of the article - to analyze the tourism risk assessment models and on the basis of
analysis to develop further tourism risk assessment model. Article originality is associated
with the prepared tourism risk assessment model that is versatile and can be used in
different countries in assessing the risks of tourism.