Risk Assessment in Event Planning

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TABLE OF CONTENTS

INTRODUCTION3

1.First Case study: “Love Luton Festival “4

Reasons for taking account of risks assessment4

2. Second case study: “Gloucestershire’s cheese rolling event cancelled after threats of violence”5

Reasons for taking account of risks assessment6

Recommendations7

INTRODUCTION

In modern economies, many different types of events are organised and event planning has turned into a profit-driven industry. Over the last 20 years, the events industry has continued to expand. Thanks to structural changes in such economies, there have been increases in leisure time and disposable income, leading to a proliferation of events. The event Industry has had a great positive impact on society, the economy and the environment. In order to achieve their goals, a wide range of organisations, whether governmental, commercial or charitable have used events for strategic reasons. Moreover, companies have become increasingly aware of the role of promoting their brand and increasing their market share. According to Richard Foulkes, former president of the UK International Special Events Society (ISES): Businesses recognise a need for deeper engagement with customers and staff so they’re investing more in events. Other forms of marketing provide broad brushstrokes, whereas events target specific groups and enable focused customer conversion. The UK events sector currently contributes around £36.1 billion a year to the economy and, according to lobbying body Business Visits and Events Partnership (BVEP), is forecast to grow to £48.4 billion by 2020. However, realising an event in practice is not as simple as it seems; mainly because many factors influence the success of an event. Risks assessment must be considered in event planning, more particularly risk management processes, in order to carry out event management better. Two case studies are examined in this paper. In order to emphasise the importance of event management and more specifically risks assessment, this essay first focuses on the ‘Love Luton Festival’. This is followed by an analysis of ‘Gloucestershire’s cheese rolling event cancelled after threats of violence’. 1. First Case study: “Love Luton Festival “

We have seen that the event industry is growing because governments, the corporate sector, and community organisations need events to achieve their goals. But, events are particularly susceptible to risk, and managers have to be aware about that, because sometimes, mishaps happen. You can lose a lot of money, and a relevant example of this is the ‘Love Luton Festival’ (which celebrated the arrival of the Olympic Torch in July 2012) : they lost £394,000. They had to sell 20 000 tickets in order to break even, but only 5000 tickets were sold for the two main concerts, that is to say a quarter. Among this amount, 2,500 tickets for the two concerts Olly Murs and The Wanted had been bought. It was £30 for each before the price had halved. Ticket prices were reduced from £30 and £32.50 to £15 in June to combat low sales. Moreover, the financial is the result of the low tickets sales but also of sponsorship, high production costs, and poor weather. The last-minute announcement that Lewis Hamilton should have carried the Olympic Torch through Luton town centre is another significant factor: it created additional costs due to extra security. According to a council spokesperson, when tickets were not all sold out, they talked to local people who told them that ticket prices were too high, particularly for families, and those with very young children. They did a market research though; experts undertook that, and they said that the original prices would have attracted levels of interest that would have make the event financially viable. Reasons for taking account of risks assessment

Therefore, they have to prove management competency long before the event starts. If they had taken into account more risks...
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