Critically evaluate the need for risk management in the event industry Essay

Critically evaluate the need for risk management in the event industry - Essay Example Risk management, as it relates to the event administration, may include action items such as fire evacuation procedures or it may be a minor problem from rowdy guests. Risk management, basically seeks to minimize the prospect of money or other forms of finance that can be utilized ineffectively or abused. It increases the profit margin for the company, by making sure that all resources are utilized safely, logically, and efficiently. Though, the actual process of risk management varies from company to company but in general, it requires support of owners, together with the management team, in order to filter the overall process and attain the lowest degree of risk possible. (What is risk management, 2003) As risk management is an integral part of any kind of business, it is also an essential component and a specific prerequisite for successful  event management. It combines many management disciplines, such as change management, knowledge management, strategy and leadership. Risk management can be considered as an informal decision making course that seeks to generate certainty from uncertainty.   The importance of risk management in the event industry has developed with the growing complexity and specialisation of service supply. Though, it does not prevent snow conditions from forcing event managers to cancel a festive marquee event, but not understanding and effective execution of useful risk management strategies can result in disastrous situations. Risk management, without any doubt, is significant part of the planning process. Analysing the risk, allows a firm to recognize the degree to which potential risks might impact the events. Risks can be measured in accordance to their possibility or likelihood of happening and they can also be considered in terms of the impacts of the risk or its consequences. Examining a risk and preparing risk matrices enable the managers to

Individual Report Assignment Example | Topics and Well Written Essays - 2000 words

Individual Report - Assignment Example The GDP growth rate of the Czech Republic is quite moderate taking into consideration the recent economic downturn. Inflation rate is also moderate, and indicates that the economic environment in the country is favourable for international development. Exchange rate is subject to regulations on behalf of the national government. Taking into consideration projections that the national currency will gradually appreciate, the decision to enter the Czech Republic market should be reviewed. The limitation of this report can be referred to lack of some specific facts about the US-company’s operations, and understanding of the industry in which it operates. Due to this limitation, further research is required. There should be carried more detailed analysis of external environment, including: political, social, technological, legal, and environmental factors. The large US-based multinational company that manufactures and sells its products in a number of other countries, including China and the UK is evaluating opportunities of international expansion, namely to the Czech Republic. The aim of this report is to provide the Chief Executive Officer and Board of Directors with analytical overview of the economic situation in the Czech Republic and provide recommendations regarding expansion of the business to this country. The remainder of the report is comprised of several sections, whereas the literature review section provides theoretical overview of key macroeconomic indicators and how these indicators can be used in order to evaluate economic health of a specific country or region. The next section provides overview of the current economic situation in the Czech Republic based on the macroeconomic indicators such as GDP, inflation rate and exchange rate. Section â€Å"Interpretation† presents analysis of the historical and actual macroeconomic