Events Management: Analysis of Risks and Mitigation Strategies Report

This report provides a comprehensive analysis of events management, focusing on various types of business events such as conferences, tradeshows, meetings, conventions, corporate events, product launches, incentive travel, and congresses. It delves into the significance of strategic planning and project management within the context of event organization. The report emphasizes the importance of risk management, discussing its role in identifying, mitigating, and resolving potential issues that can impact the success of business events. It explores the relationship between risk management concepts and business events, highlighting how effective risk management can reduce uncertainties, foster transparency, improve communication, and prepare for adverse events. The report draws on examples from various industries to illustrate the practical application of these concepts, offering insights into the challenges and opportunities in events management.

Running head: EVENTS MANAGEMENT
Events Management
Name of the Student
Name of the University
Author Note:

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Table of Contents
Introduction..........................................................................................................................2
Types of business events.....................................................................................................2
Strategic Planning................................................................................................................4
Project Management............................................................................................................5
Importance of risk management..........................................................................................6
Relation of risk management concepts to business events..................................................7
Conclusion...........................................................................................................................8
References............................................................................................................................9

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Introduction
As opined by Eriksson & Kovalainen, (2015), a critical trend seen within the framework
of the contemporary business world is the fact that the business corporations are taking the help
of different kinds of business events for the active conduct of their business activities. Experts
are of the viewpoint that these events offer the opportunity to the business corporations to
undertake meaningful interactions with their key stakeholders and also covey the required
information regarding the strategic directions followed by the corporation as well (Fenich, 2015).
However, at the same time, it needs to be said that there are various kinds of risks involved in the
same process as well, which in turn adversely affect the success or effectiveness of these events.
Thus, it becomes essential for the business corporations to not only adequately identify the
different risks that they are likely to face for the organization of the different business events but
also to take the help of adequate risk mitigation strategies for the effective mitigation strategies
for the resolution of the same (Fenich, 2015). The purpose of this paper is to undertake a critical
analysis of the different business events taking into account the diverse risks which are
associated with the same and also the risk mitigation strategies that the business corporations can
use for the mitigation of the same.
Types of business events
There are several types of business events that are maintained by the multitude of
business organization active within the international markets. These include the eight major
types of business events as having been discussed in this section. Rogers and Davidson (2015)
opine that the significant types of business events refer to the conferences, tradeshow, meetings,
conventions, corporate events inclusive of the corporation and the association events, the various

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product launches, the incentive travel events and the congresses held by the business
organizations.
The conferences that are held within the business fields refer to the events that enable the
concerned attendees to convey the messages that have been highlighted due to the opinion areas
that are highlighted within the given conferences (Davidson, 2018).
The tradeshows that are held at the various business organizations deal with the trade-
related activities that are undertaken by the concerned organizations as well. The tradeshows
tend to be dealing with the display of the various products and the services that are marketed by
the company (Davidson, 2018).
The meetings that are highlighted within the business organizations refer to the
conditions that deal with the gatherings of the concerned people who have been dealing with the
achievement of the goals that are set by the concerned management of the organization
(Davidson, 2018). The meetings within the given organization help in the proper maintenance of
the communication with the internal and external stakeholders of the organization.
The conventions, on the other hand, refer to a combination of several events that are
conducted by a business organization. These events tend to help in the proper communication
that needs to be highlighted for the stakeholders of the organization (Fenich, 2015).
The corporate events are inclusive of the corporation events as well as the associated
events that are conducted by the given organization. The corporation events that are undertaken
by the companies in discussion refer to the internal events that are used to discuss the
organizational policies (Appelbaum et al., 2017). The association events, on the other hand, refer
to those that include the participation of the organizations that belong to the same industry.

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The product launches within the organization refer to events that are related to the
launching of the products that are manufactured by the company (Qian et al., 2019). The events
are generally held for the retailers and the clients of the organization.
The incentive travels help in the increment of the sales of the organization by the
employees who have been meeting challenging objectives in due course of their engagement
with the concern (Davidson, 2018).
The congresses refer to events of the longer duration that are used to communicate with
the stakeholders of the organization over a particular issue that is faced by the organization
(Davidson, 2018).
Strategic Planning
The strategic planning refers to the processes that are followed by the organizational
leaders in the overall development of the organizational vision as well as the future concerning
the project management (Fenich, 2015). The strategic planning within the organization helps in
the identification of the organizational goals that are set by organizational management (Kerzner,
2019). The strategic planning within the organization also helps in dealing with the risks that are
incurred by the various business entities presented within the international markets while
managing the project events.
The hotel industry named Hyatt Regency Sydney, for example, had been known to
implement the strategical plan its training and development program all across its operation
wings in a way that the lower level employees working in contract with the firm can be trained to
complete their tasks in an ethical and effective manner (Investors.hyatt.co, 2019). The risks of

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navigation problem and behaving non-professionally with the clients are dealt with the help of
strategic planning.
Project Management
Project Management is known to be considered as the business practice concerned with
the initiating, planning, executing, controlling as well as closing the project work taken up by the
event management firm to achieve the specified and desired goals of the firm (Kerzner, 2018).
Along with this to meet the specific success paradigm at the stipulated period of time is also
considered to be an aspect of the project management. In this connection, it was examined with
the help of the study that the synergy of risk management is associated simultaneously with the
project management. This is because the working of the projects concerned with the event
management includes a lot of risks (Fenich, 2015). The project risk in project management is
recognized to be an uncertain condition that may take place while implementing the event. Based
on the Critical Chain Project Management Theory, the project management of events includes
five major phases that help in the setting up of the structure and implementing the efforts in the
same (Heagney, 2017).
The first out of the five stages are recognized as the project initiation, where the required
resources to the project are allocated, and the financial requirement of the same is decided and
budgeted. The second stage is determined as project planning, where the project is planned based
on the resources designed for the event in the concern that the event is turned successful in an
effective as well as efficient way. The next stage is considered to be the project execution, in
which the event that is to take place is brought to start as per the planned resources and
strategies. Each working individual allocated with their own part of tasks and activities is
expected to complete the same on the stipulated time so that no discrepancies that would occur in

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the event. The fourth stage of project management is stated as project monitoring as well as
controlling. In this stage, the event is continuously kept an eye upon to ensure that no task is
being delayed or carried in an unethical manner. The final stage of the project management is
termed to be the project closure. This stage predominantly specifies whether the event project
was a success or a failure.
Importance of risk management
As stated by Kock & Georg Gemünden, (2016), the synergy of risk management is
considered to the business strategy that allows the mangers of the project to identify the potential
strength and opportunities of the event project. Not only this, but it also helps in undermining the
threats as well as the weaknesses associated with a project. In light of this, it can be stated that
the synergy of risk management ensures that the event project is handled keeping in mind the
potential risks of the project. Thus, the sufficient identification, mitigation as well as avoiding
and solving the problems are carried out recognizably in a project through the help of risk
management. These pieces of evidence terms that risk management is an integral part of the
aspect of project management.
Moreover, it was stated by Bromiley et al., (2015), risk management is a process wherein
it is considered to be a vital part because it significantly allows a business entity to control the
high risks that are associated with the financial, political, social as well as cultural ramifications.
In the concern of creating the plans and processes, a business is to proceed with; the business
entity necessarily needs to study and identify every internal and external risk that the same may
have to undertake in the near future. Take, for example, the automobile organization of Tesla had
significantly managed the lack in its financial resources in the year of 2018 and managed the

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same effectively with the help of monetary expansion project in the same year itself
(Ir.Tesla.com).
Relation of risk management concepts to business events
As critically opined by Slovic (2016), the risk management process is determined to be
effective only when the same can yield a significant amount of benefits to a business
organization. In this connection, the concepts of risk management relating to the synergy of
business events are determined as described.
In the first place, the concepts of risk management help in reducing the uncertainties that
are linked with business events. This is because the business entity would be able to understand
the risks that they can indulge with on a prior basis before the starting of the business event. This
will help the firm to set the mitigation plans for the risks before-hand and can use the same at the
time when the risk would occur in the firm. Take, for example, the retail industry of Woolworths
was the company analyzed the risk of implementing the robotic technologies into its AI process
before beginning the project (News.com.au).
Secondly, the risk management concept helps in the synergy of fostering greater
transparency to all the connected stakeholders as they are known towards the activities and
processes to be undertaken in the business event or project. This, in turn, will help the event of
the business to be effectively communicated with the help of the board meeting within all the
level of employees in the organization creating a transparency in the same (Fenich, 2015). For
example, the apparel industry of Rip Curl had been known to communicate the financial needs
of the organization through the means of internal communication in the concern of dealing with

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the project of changing its working infrastructure and clothing materials as well (Ripcurl.com.au,
2019).
Moving to the third related to the risk management concept in a business event, the same
is recognized as better communication as well as co-ordination being fostered between the
stakeholders (Fenich, 2015). This is because the data information being shared about the project
event will need all the stakeholders to involve in the event project to take up the necessary
activities allocated to every stakeholder. Take, for example, the retail industry of Sainsbury’s
where communication is significant to manage the risks in the planned events of the industry.
This is because the retail industry works into an extensive operational and departmental sector,
where ineffectiveness in the communication would lead to discrepancies in the work of the firm
(Sainsburys.co.uk, 2019).
Last, but not least, the synergy of the risk management process helps in better and
significant preparation for the possible adverse business events (Fenich, 2015). This is because
risk management strategy helps a business entity to understand the pros and cons associated with
the undertaken project and set up the strategic plans and processes to maintain and manage the
project.
Conclusion
Hence, to bring to a vital conclusion, it can be stated that business events are positively
related to the different concepts related to strategic planning as well as project management. It
was also examined with the help of the study that the project events can be effectively managed
by the help of the risk management strategies that help in the practical and recognizable
preparation of the project. The report also came to a finding that the risk management concepts

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relate to the different business events as it helps in the determination of the pros and cons of the
events project.

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References
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enterprise systems on managerial accounting. International Journal of Accounting
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Bromiley, P., McShane, M., Nair, A., & Rustambekov, E. (2015). Enterprise risk management:
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Davidson, R. (2018). Business Events. Routledge.
Eriksson, P., & Kovalainen, A. (2015). Qualitative methods in business research: A practical
guide to social research. Sage.
Fenich, G. (2015). Planning and management of meetings, expositions, events and conventions.
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Wiley & Sons.

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Kerzner, H. (2019). Using the project management maturity model: strategic planning for
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