Impact Assessment: World Business Forum 2020, Sydney Event

This report provides an evaluation of the World Business Forum 2020, focusing on the event's impacts on the economy, society, and the environment. The report begins with an introduction to the forum, highlighting its objectives and key speakers. A literature review establishes the framework for analyzing the event's potential effects, drawing on academic research regarding event planning and its consequences. The core of the report analyzes the economic, social, and environmental impacts, considering both positive and negative outcomes, and includes a detailed table from Workshop exercise 4. It examines the impact on stakeholders, including Sydney residents, the government, business executives, and the tourism sector. The report concludes with a discussion of appropriate management strategies to mitigate negative impacts and leverage positive outcomes, also considering the trade-offs between different types of impacts and different stakeholder groups. The report emphasizes the integration of technology and human capital and provides insights into creating competitive advantages and promoting innovation.

Running head: WORLD BUSINESS FORUM 2020 1
Event Evaluation: World Business Forum 2020
Name
Institution

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Event Evaluation: World Business Forum 2020
Introduction
In the coming year, Sydney will be the host of the highly anticipated World Business
Forum. The annual global event is expected to draw a lot of impacts not only to the Australian
businesses but also to other businesses across the world. In Sydney's 2020 World Business
Forum, eight renowned world-class business thinkers will be the main speakers of the event. The
eight include Dr. Janet L.Yellen, Michael Phelps, Guy Kawasaki, Martin Lindstrom, Zoe
Chance, Tal Ben-Shahar, Ann Handley and Tasha Eurich. The aforementioned business leaders
will offer comprehensive talks to more than 2000 senior business executives representing more
than seven hundred top business companies in the world. 2020's forum speakers will offer topics
concerned with the economy, performance, strategy, innovation, decision making, leadership,
marketing and change management respectively. The theme for the event will be "People and
Technology Working Together". The main objective of the World Business Forum 2020 is to
acquaint business management staff with various techniques they can integrate human capital
and technology. The forum will also be focussed on techniques that would help companies create
competitive advantage, improve their marketing strategies, implement more efficient and
profitable operational processes and promote an innovative culture. The two-day business forum
will also help the attendees challenge and critique their leadership skills, interact with top
management executives, learn from top business thinkers, and get effective tools to grow their
businesses. Moreover, the forum would enable the participants to reflect and rethink about their
leadership and management styles. Scheduled to happen from on 27th to 28th May 2020 in ICC
Sydney, the annual global event will aim at growing global businesses through the integration of
technology and human capital. The Sydney event has been preceded by other similar events in

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New York, Munich, Milan, Miami, Mexico, Madrid, London, Lima, and Bogota. This report
attempts to analyze the impacts of the Sydney event, which are expected to be synonymous to
those that happened in the previous events.
Literature Review
Event planning and evaluation involve critical analysis of relevant literature. The
outcomes and impacts of events correlate with the planning. According to Taks, Chalip & Green
( 2015), strategic plans lead to planned event outcomes. The scholars, however, assert that in
many cases, the impacts and outcomes of an event are random and may not be expected. Ideally,
planning events enables the involved relevant stakeholders to know and develop some level of
certainty about the related outcomes of such events. In a study done by Boo & Busser (2005),
planned events and festivals in the tourism sector have a positive impact on the host’s outcome.
Planning requires the event organizers to strategically arrange the order of events in any event.
Gelder & Robinson (2009) assert that event managers are faced by the problem of adjusting
marketing strategies to suit their service provision. Moreover, planning entails the allocation of
various resources that would be utilized throughout the event. In planning, the consequential
outcomes of the event are also accounted for. For instance, if there is a likelihood of an event to
pose negative impacts to the local community, a good plan ensures that various abatement
strategies are already put in place to mitigate the harmful effects. Good planning entails
considering various methodologies to be used in dealing with any consequence, positive or
negative. More often than not, good event planning of results to positive outcomes because the
involved plans have already done a cost-benefit analysis about the event. Considering that
planning involves the employment of funds, the planning is taken as an investment and thus, the
outcomes are expected to yield economic gains (Jimenez-Naranjo, et al., 2016). Therefore,

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events planners are obligated to plan the events effectively to achieve positive impacts that
would yield into gains for the community.
According to Arnegger & Herz (2016), global events are characterized by different types
of effects for hosting countries or cities. To thoroughly analyze the economic impacts of global
and mega-events, the two scholars primarily investigate economic gains by Azerbaijan after
hosting the Eurovision Song Contest (ESC) in 2012. According to the pair, the country earned an
approximate amount of 3.3 million euros after the event. The money was gained from the
expenditures spent by international and local participants and attendees of the event. Events
usually pose positive and negative impacts on the social, political, environmental and economic
structures of the host community. In the 2002 FIFA World Cup event in South Korea, it is
estimated that the South Korean government collected 1.35 billion dollars, 307 million dollars,
713 million dollars from sales, incomes, and value-added to South Korea (Lee & Taylor, 2005).
Most people believe that the main reason that motivates a country or a city to host a mega or
global events surrounds the improvement of the hosts’ economy (Malfas, Houlihan & Theodorai,
2004). The scholars assert that it is a common belief that the local communities' economic and
living standards usually improve after hosting mega and global events. Event hosting is
attributed to direct and indirect benefits accrued to the host community. For instance, the
community benefits from sponsorships, deals, ticket sales, and job creation. For instance, the
general rates of unemployment in Barcelona fell from 18.4% to 9.6% due to the 1992 Olympic
Games in the city (Brunet, 1995). This shows the positive economic outcomes impacted by
hosting global and mega-events.
In many cases, global and local events produce positive impacts on host societies and
communities. When local individuals participate in local and global events, they are likely to

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gain considerable knowledge about various disciplines of life. Event participation among the
residents improves the residents' well-being as well as their individual qualities of life (Yolal, et
al., 2016). Besides personal benefits, Yolal and his colleagues attest that participation in local
and global events is also instrumental in improving the community in general. The scholars
assert that individuals and communities can derive both social and educational benefits from
events. In global and local events, residents get the chance to interact with a different set of
people. In these interactions, the participants share their beliefs, attitudes, and perceptions about
the phenomena and concepts they face in their day to day lives. According to Chang, Wray &
Lin (2014), individuals learn new opportunities from these social interactions. Weber et al.,
(2012) assert that many people are motivated by the socialization, event novelty and
entertainment to attend events. The scholars further link global and local events to enhanced
social relationships. Through these events, individuals learn new unexploited opportunities and
are likely to use them in their future business practices. Moreover, global events lead to
leveraging the local societies and communities through media coverage, event ceremonies, and
celebrations and education about and in the event (Misener, et al., 2015). In the 2010 FIFA
World Cup in South Africa, psychic income and social income were among the main benefits
reaped by South African locals (Gibson, et al., 2014). However, global events may impact anti-
social behaviors such as drunkenness, rowdiness, and recklessness to the host society (Deery &
Jago, 2010). However, in some cases, some global and local events may pose harm to the well-
being of society. In a study focusing on the Adelaide Grand Prix, (Faulkner, 2003) asserts that
the Adelaide community was adversely affected by the event. The scholars report that there were
many incidences of car accidents in the region which happened as the local drivers tried to

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emulate the drivers in the Grand Prix. Although events may pose social benefits to the local
communities, the social costs may sometimes exceed the social benefits of these events.
Global events have some impacts on the environmental conditions of the host areas. In
the recent years, the need to plan events that are consistent with maintaining the environment of
the host region has led to new developments such as International Standard ISO 20121 for
Sustainable Event Management (Collins & Cooper, 2017). For many years, event planners in
capitalistic countries had failed to consider environmental implications of their events due to the
seemingly low monetary weights as compared to economic impacts. In a model three-day music
festival observed by Andersson & Lundberg (2013), economic impacts are seen to be of less
importance throughout the festival. The scholars assert that in for many years, environmental
impacts from events have been considered to be of less important when compared to economic
impacts. This has been the reason behind the occurrences of events that compromise the
environment. Recent government and international bodies demand that event organizers must
consider the environmental impacts of their projects before staging their events. The law requires
that all upcoming events must be consistent with positive environmental impacts.
Impacts of the World Business Forum 2020
Events are exemplified by certain social, economic and environmental effects to the host
countries and cities. Considering that these impacts are either positive or negative, it is
appropriate for good event managers to facilitate, exploit and accentuate the positive impacts and
conversely avoid and circumvent negative impacts (Fredline, et al., 2003). For the 2020 Sydney
World Business Forum, there are certain impacts that the Sydney community must indulge. The
table below describes in details some of these impacts. Relevant stakeholders are required to

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avoid negative impacts and accommodate positive outcomes that may arise from the annual
global event.
Positive impacts Negative Impacts
Economic The sale the forum’s tickets will
generate revenue.
The money spent by visitors
will be earned in the form of
visitor expenditure.
The planning of the two-day
event is likely to increase
Sydney residents' general
incomes due to new jobs
created.
Relevant journal articles:
Gratton, C., Shibli, S., &
Coleman, R. (2005). The
economics of sport tourism at
major sports events. Sport
tourism destinations, 233-247.
Price tensions in Sydney due to the
increased demand for the capital's
facilities.
The risk of incurring more costs in the
event than the general
Relevant journal articles:
Jones, C. (2001). Mega‐events and
host‐region impacts: determining the
true worth of the 1999 Rugby World
Cup. International Journal of Tourism
Research, 3(3), 241-251.
Social Education from the interactions,
excitement about hosting the
forum,
Relevant journal articles:
Lee, C. K., Lee, Y. K., &
Wicks, B. E. (2004).
Segmentation of festival
motivation by nationality and
satisfaction. Tourism
Management, 25(1), 61-70.
Fears about potential terrorist attacks,
cultural degradation in Sydney,
Increased traffic along the roads
Relevant journal articles:
Waitt, G. (2003). Social impacts of
the Sydney Olympics. Annals of
tourism research, 30(1), 194-215.
Environmenta
l
Reduced paperwork and litter,
Adoption of environmentally
friendly technology, human
capital advocacy against
environmental degradation
Anti-environmental tech policies,
noise, natural resource depletion.
Relevant journal articles:
Bennun, L., Regan, E. C., Bird, J., van

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Relevant journal articles:
Garcia, F. A., Vázquez, A. B.,
& Macías, R. C. (2015).
Resident's attitudes towards the
impacts of tourism. Tourism
Management Perspectives, 13,
33-40.
Bochove, J. W., Katariya, V.,
Livingstone, S., ... & Pilgrim, J. D.
(2018). The Value of the IUCN Red
List for Business Decision‐
Making. Conservation Letters, 11(1),
e12353.
Stakeholders
A Sydney City Residents
B The Government of Australia
C Senior Business Executives
D Tourism and Hospitality sector
E Aspiring Entrepreneurs
F Security
Economic Impacts
The economy of Sydney is likely to be greatly impacted by the forthcoming global event.
Apart from revenue and profit gains, events and social conventions may also reduce social costs
(Organ, et al., 2015). The forthcoming World Business Forum in Sydney is likely to lead to
increased revenues from the sale of tickets and the visitors' expenditure. For the event, tickets
will be sold in various packages. A single ticket will cost about 2,190 dollars, One ticket in a 3-
corporate package will cost 2,050 dollars while a ticket in a 5-corporate will cost 1950 dollars
("World Business Forum Sydney 2020", 2019). Expecting to host more than 2000 people, the
two say event would thus amass a considerable income from ticket sales. However, a few
negative economic impacts may happen to the Sydney locals. The event would lead to increased
prices of goods and services in Sydney. Moreover, the costs incurred in planning the forum may
exceed the benefits.

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Social Impacts
Sydney society is also expected to be subjected to various cultural implications.
According to the City of Sydney website, the city will host thousands of businessmen and
women from diverse countries each aiming to gain from the interactions during the forum (2020,
2019). The interactions in this particular forum are likely to impose both positive and negative
impacts to the Sydney community. Positive impacts include the education the participants will
derive from the forum. For Sydney locals, they may also feel excited about hosting the event. On
the other hand, negative impacts include slow traffic in Sydney roads, cultural degradation
among Sydney's people as well as fears of potential terrorist attacks during the period. According
to Toohey & Taylor (2008), residents of the hosting community may be subjected to euphoria
due to heightened fears of terrorist attacks.
Environmental Impacts
Many event planners have historically failed to consider environmental impacts.
However, the Sydney 2020 event is likely to consider some environmental factors before the due
date. Considering that next years theme will be to integrate human capital and technology,
various environmental-friendly policies such as reduced paper waste and the use of
environmentally friendly technology materials may be adopted. The numerous environmental
warnings we get today in our societies should tell business organizations that it is time to act on
ways to conserve the environment (Corporation, 2019). The World Business Forum 2020 should
aim at conserving the environment. However, the forum may end up suggesting profit-oriented
policies that would end up threatening environment and biodiversity.

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Discussion and Conclusion
The upcoming event will demand lots of efforts from the Australian government, public
and other relevant stakeholders. The tourism sector, for instance, will need to clock double shifts
during the World Business Forum 2020. To raise their visitors' awareness and comfort, an
integration of all relevant stakeholders hosting the event would be of utmost importance
(Giampiccoli, Lee & Nauright, 2015). All sectors ranging from the residents, the government,
security agencies, and the tourism and hospitality sector should co-operate in harmony to create a
good environment for the visiting senior business executives. This would demand a lot from the
Australian government's administration.
Sydney's 2020 Business Forum event may also pose both negative and positive outcomes
for the people of Sydney. Whereas the event may lead to high economic yields to Sydney locals,
the forum may simultaneously adversely affect the socio-cultural settings of the people.
According to Raj & Musgrave (2009), despite the positive impacts in the economy of the hosts,
certain structures such as the social and cultural factors are adversely affected. The scholars
assert that in the UK, the event industry has greatly flourished to an almost 11 billion sterling
pounds sector. The growth of this sector means that the events industry positively impacts the
economy while at the same time adversely affect the socio-cultural settings of the people. In
Sydney, the World Business Forum may significantly boost the economy. Courtesy of the event,
many thousands of Sydney's locals may get new employment within the city. The airlines in the
area may enjoy large profits due to increased flights into the area. Hotel, restaurant and
hospitality sectors too may greatly advantage from the new visitor's expenditures. Taxi cub
drivers may also have a good business time during this period. However, these advantages
should not hinder us from seeing the socio-cultural risks the event may pose to the Sydney

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people. According to Hughes (2018), incoming visitors are a major cause of antisocial behaviors
to local host communities. New anti-social behavior such as crime, robbery, and drug trafficking
may emerge in the city. Other social impediments that may arise from the business forum.
The big gainers of the business forum will be the thousands of participants that will
attend the event. Although the participants are likely to part with more than two thousand dollars,
their benefits from the event will be higher their costs. If the event would be profitable, the
Australian government and its Tourism and Hospitality sector may gain monetary benefits. New
employees in Sydney are the other group of gainers courtesy of the business forum. On the other
hand, the security agencies will be greatly stressed without considerable gains. Although new
security personnel may be employed in the process, the police working in Sydney will be
overworked during the period. Considering that the police would not earn any extra amount
despite their tedious exercise, they can be termed as the losing group of stakeholders due to the
event. The other group of losers may be Sydneys locals. The incoming visitors may jeopardize
the culture, traditions, and ideologies of the Sydney people. According to Kim, et al., (2015), the
‘hallmark' global events may pose many social risks to the hosting society. The Sydney society,
therefore, should e prepared to face negative social impacts that will arise from the business
forum. Some of these impacts will be subtle, even unrecognizable by many individuals. Some of
these subtle negative social impacts include slow trafficks and crowded streets.
Integration of all the involved stakeholders for the Sydney 2020 Business Forum event
would be very critical for the efficiency and sustainability of the event. National and local
authorities should ensure that the event runs smoothly. Relevant event planners should function
to reduce the costs incurred in the event and simultaneously increase the event's yield towards

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the people. However, the stakeholders may not be able to mitigate some negative impacts such as
protecting the Australian socio-cultural structure from being manipulated by incoming visitors.
To conclude, the much anticipated World Business Forum 2020 in Sydney is likely to be
very effective in improving people's welfare and their economies. The forum is likely to catalyze
the realization of new business ideas and innovation as well as help business managers to make
clear informed decisions. Marketing and other business strategies are also likely to be improved.
To Sydney residents, the forum would benefit society by providing new jobs and also by
educating the people during the interactions with various business leaders. However, the business
forum may impose various negative impacts on the city's community. Some of these negatives
include crime, slow traffick and overcharged commodities. To reduce the risks of negative
impacts, relevant stakeholders are asked to co-operate and integrate.