Risk Management Case Study: Canadian Wonderland
Risk Management Program: Paramount Canada's Wonderland
Background Information
Tornoto's, Paramount: Canada's Wonderland (PCW) is located just outside the city of Toronto, Ontario. This particular outdoor theme park provides guests with over 200 attractions (Victoria Falls High Divers and Arthur's Baye Stunt Show), wild rides (Shockwave TM and Drop Zone Stunt Tower), a wide selection of roller coasters and a 20-acre water park for the whole family. The park is open starting near the end of May and stays open until the end of September or early October depending on the weather. This theme park would definitely be a time to remember, but before this amusement park lets anyone through the gates, there are many risks that should be dealt with.
In order for the PCW to be fully operational, they would need to develop a risk management program. This will ensure safety for both the customer base as well as the people involved with amusement park's daily operations. The individuals that run daily operations would range from the chief executive officer; to the employees working the gates; to the performers in the stunt shows. In order to develop a risk management program, there are six main areas that must be covered in order to avoid, reduce, retain, and insure PCW. These six areas include: determination of objectives, identification of risks, evaluation of risks, consideration of alternatives and selection of the risk treatment device, implementation of the decision, evaluation and review. By going through these areas in detail, PCW will be in a greater position to deal with possible risks.
Determination of Objectives
There have been an increasing number of accidents occurring throughout the amusement park industry. Risk management should be considered for every amusement park, including Toronto's, Paramount: Canada's Wonderland. Furthermore, not only does risk management help reduce tension in everyday environment, but it also can be considered value-added as patrons will have a renewed feeling of safety when visiting PCW. Since safety for patrons and maintaining a profit are the greatest objectives for PCW, then a properly conducted risk management program will help to achieve this. If the safety of patrons is maintained, PCW will maintain a profit because the public will be satisfied and keep returning. Moreover, this objective of safety is an obligation for PCW to provide society with utmost protection from injury; therefore, legal legislation installs businesses...