Risk Management for Enhancing the Revenue Growth of Tourism Businesses belong the Andaman Coast of Thailand during the COVID-19 Pandemic
DOI:
https://doi.org/10.55164/ecbajournal.v15i4.261320Keywords:
Risk Management, Revenue Growth, Tourism Entrepreneur, AndamanAbstract
This research aims to 1) study the implementation of risk management in business operations of tourism enterprises belong the Andaman Coast of Thailand and 2) examine the influence of implementing risk management on the revenue growth of the tourism enterprises. Mixed-methods research methods were used. Data was collected from 30 key informants using in-depth interviews and from 419 tourism entrepreneurs belong the Andaman Coast of Thailand using a questionnaire. The qualitative data was analyzed using content analysis and the quantitative data was analyzed using descriptive and inferential statistics, including frequencies, percentages, means, standard deviations, and OLS regressions. Research results revealed that there was a moderate level of implementation of risk management in the business operations of the enterprises. Results from OLS revealed that the implementation of risk management had an influence on the revenue growth of the tourism enterprises especially risk prioritization and risk management framework development. In regard to recommendations, key tourism enterprise management and stakeholders should be made aware of the importance of the implementation of risk management principles and take their importance for successful business operations, seriously due to the need for tourism enterprises to have a systematic approach and method to cope with the changes and crises that might occur in the future.
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