RISK MANAGEMENT AND NEW TRENDS WITHIN EVENTS

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Acknowledgement

I would take this opportunity to thank my research supervisor, family and friends for their support and guidance without which this research would not have been possible.

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I, [type your full first names and surname here], declare that the contents of this dissertation/thesis represent my own unaided work, and that the dissertation/thesis has not previously been submitted for academic examination towards any qualification. Furthermore, it represents my own opinions and not necessarily those of the University.

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Abstract

In this study we try to explore the concept of “Risk management” in a holistic context. The main focus of the research is on “Risk management” and its relation with “Event management”. The research also analyzes many aspects of “risk management” and tries to gauge its effect on “event management”. Finally the research describes various factors which are responsible for “risk management” and tries to describe the overall effect of “Risk management” on “Event management”

Table of Contents

ABSTRACTIV

PEST ANALYSIS6

Political Analysis:6

Economic Analysis:7

Sociological Analysis:8

Technology Analysis:8

MANAGING THE RISK9

Objective setting and event identification10

Risk assessment, response and control10

Risk assessment11

Response11

Risk control12

Communication and monitoring12

REFERENCES14

Chapter 2: Literature Review

The event management industry is the practical application of the project management skills for the development and management of events, festivals and conferences.

The process of managing an event consists of studying the elaborations of the thing, recognizing and identifying the potential spectators, formulating the concept of the whole event, making proper planning of the logistics of the event to support the event, and organizing the technological facets of the event before completing the modes of the potential event. The analysis after the occurrence of the event and making sure the return on investment becomes a crucial factor for the event management industry. (Hubbard 2009)

The growing number of events and the festivals as a profitable industry all over the globe implies that the management is not an unplanned thing to do so. Festivals and events, e.g. the local festivals, can make a huge influence on the societies & in a few cases, the whole nation.

This industry now has events of all magnitudes i.e. ranging from the management of the Olympics down to managing a meeting at the Breakfast, for a few managers. A lot of industries, generous companies, and groups of interest will organize events of some magnitude so as to market them, develop associations with partner companies, raise funds, etc. (Hubbard 2009)

The management of the events is a huge and profitable industry, which growing at a rapid pace, with mega events and shows being organized at regular intervals. Astonishingly, there is no validated research study to analyze the development of this market. This industry areas like the MICE (Meetings, Incentives, Conventions and Exhibitions), seminars and conferences sporting and musical events.

The logistics area of this industry is paid less than the sales/sponsorship side, though some may say that these are two different industries. Like all other industries, there are a few risk factors in this industry.

Companies like these organize events of every type for all styles, and attract all types ...