RISK MANAGEMENT

Risk Management in Event Industry

[Name of the Institute]

Risk Management in Event Industry

Introduction

The event management is the application of project management practices for the creation and development of festivals, events and conferences. The organization of events includes the study of the complexities of a brand, an image, identifying the target audience, develop the event concept, planning the logistics and coordination of the technical aspects before actually execute the proposed activity. Besides the post-event analysis and must guarantee a return on investment, these issues have become important guides to industry events. The recent growth of festivals and events, as worldwide industry means that management can no longer be free of risks. With the increase of different events, various event management companies have been established in recent year. With the increase in such organizations, there is an increase in risks, threats and uncertainty.

Significance of Risk Management in Event Industry

In order to effectively plan and manage mega-events, it is crucial that they be evaluated on a regular basis as if you “don't measure it, you cannot manage it”. Using a risk reduction approach, if there is a high likelihood of an adverse impact taking place, and then there is an obligation to take early action to minimize such impact.

Risk communication is a process-related measure, like public participation, with a substantial influence on people's risk perception since it favours fully informed and rational decisions. The process of communication involves both conveying and interpreting information on the dimensions of the hazard, and the relationship between the source and the probability of the event. The presentation of the information has a notable influence on risk interpretation and perception, because the same message can be framed positively or negatively. The effect is comparable to transmitting uncertainty; in the case of a reasonable degree of scientific knowledge, the public interest is driven to the unknown instead of to the known facts. Positive framing, or highlighting ways to avoid the hazard or mitigate its effects, helps people to assume necessary risks, like in sessions of chemotherapy, strengthening the positive effects against those negative. With the use of negative framing communication the adoption of low cost protection measures while avoiding a positive impact may be strengthened. This class of presentation has more effect on individualistic subjects than on cooperative subjects (Bouder, Slavin, Lofstedt, 2007, pp. 112-114).

As the consequences of such activities are so serious for a host destination, considerable ...