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Managing Financial Risks Within Event Industry - Essay Example
Finance & Accounting
Pages 12 (3012 words)
MANAGING FINANCIAL RISKS WITHIN EVENT INDUSTRY By Institution Date Managing Financial Risks within Event Industry Abstract The event industry remains one of the most risky industries in the world. Statistics show that the levels of failure and poor performance have increased significantly over the past decades…
The methodology revolved around a survey of past and recent literature on financial risk management in the event industry. The study found out that cost-cutting measures and strategic investment are key strategies that feature in many of the risk management methods in literature. Introduction The element of risk in the event industry is one of the factors that continue to attract the concern of managers, financial analysts, and financial managers. The industry is one of the most challenging in the sense that it concerns itself with fluid and flexible systems that are dependent on uncertain realities in the field of investment (Robinson, Wale, & Dickson, 2010). As such, the event industry has a higher element of risk when compared to the other industries. Many companies have suffered significant losses, drops in financial positions, and even permanent closures due to the unpredictable and risky aspects of the industry (Raj, & Musgrave, 2009). The element of risk arises due to multiple factors including hostile operating environments, rising costs of logistics, changing preferences of the clients, and adverse regulatory practices (Pelham, 2011). ...
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