StudentShare solutions
Triangle menu

Managing Financial Risks Within Event Industry - Essay Example

Nobody downloaded yet

Extract of sample
Managing Financial Risks Within Event Industry

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). In order to shield themselves against the adverse effects of the global markets, many players in the industry have devised various financial management strategies that range from cost-cutting measures to enhancement of the efficiency of processes within the industry. Some of the financial management strategies have proved highly effective while others fail to produce significant results in terms of reducing the element of risk (O'Toole, 2002). However, the dominant methods of risk management are related to the need to develop both long term and short term strategies that can help revamp the state of the economy in ways that are both effective and strategic (Robinson, Wale, & Dickson, 2010). The methods employed by the different companies often serve as the competitive advantage as they enable the companies to operate at higher levels of profitability in ways that safeguard against negative effects on the business environment (Anderson, 2010). As such it becomes necessary to regard the operations of these companies within the manner in which they enable the determination of value and other systems of performance. Renowned companies in the event industry such as 3D Exhibits, Aspen, BroadStreet, Event Marketing Strategies, and EWI World Wide have managed to survive adverse market conditions through a range of strategies that enhance and strengthen their internal systems. In order to survive inflationary pressures and the effects of competition, some companies have changed their ways of operation by diversifying into various fields. Companies have added the range of services as a way of increasing the flow of revenues while reducing the overheads incurred in the running of the business processes (Robinson, Wale, & Dickson, 2010). As such, it becomes important to consider the fact that most of the strategies connected with the objective of lessening the element of risk are determined in accordance with the type of the event company. Other determinants are the level of competition, the nature of the market, and other external and internal factors that relate to the determination of performance within the industry (Robinson, Wale, ...Show more


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…
Author : flatleydestany
Managing Financial Risks Within Event Industry essay example
Read Text Preview
Save Your Time for More Important Things
Let us write or edit the essay on your topic
"Managing Financial Risks Within Event Industry"
with a personal 20% discount.
Grab the best paper

Check these samples - they also fit your topic

Event Analysis
Furthermore, the management and support from the local communities and governmental authorities have led to conducting the event successfully. The report will provide a brief overview of the city of Hue where the festival is being conducted each year. Furthermore, it will evaluate the technical, site and logistical requirements that will be useful for this festival.
10 pages (2500 words) Essay
Managing Financial Resources in Health and Social Care
Costing has five fundamentals that should be adopted in any costing exercise. 1.1 Principles of costing Stakeholder engagement Under this principle, all stakeholders should be identified, concentrate on the ones that would be positive or negative towards your targeted goal.
10 pages (2500 words) Essay
The management of financial risks in the telecom industry
In addition, new technologies such as broadband and internet have transformed the techniques by which telecommunications companies conduct business in view of the fact that they now need substantial finances in terms of accreditations and infrastructure. Moreover, certain external factors such as natural disasters and terrorist attacks, cross-border transactions, development of new markets and so on have added to the existing risks in all industries paving the way for greater financial risk management.
8 pages (2000 words) Essay
Managing Financial Systems in the Hospitality Industry
According to the report finance ensures a balance between risk and profitability. Today finance focuses on the analysis of risk and the return on investment and the investor’s time. Finance redefines what is real and what is quantifiable. The goal of financial management is to increase shareholder’s wealth.
8 pages (2000 words) Essay
Managing information security risks in global financial institutions
The dissertation looks forward to answer the numerous issues associated with the Information Security risk and also provide Risk management strategies that the financial institutions can implement in
60 pages (15000 words) Essay
Financial risks
Translation Exposure is also known as accounting exposure, which is used to measure the impact of fluctuation of international currencies on the balance sheet of a company. Whenever the currency appreciate (over valued) or
2 pages (500 words) Essay
Identify and critically evaluate the most significant suitability issues affecting Events or the events industry. What are the prospects for the future
According to Raj, event management is defined as the capability and the control of the process of purpose, people and place. It follows a principle that events are ‘happenings with
12 pages (3000 words) Essay
A campaign plan for a Creative Industry event about art industry. The presention to be prepared in report format
an Stewart, the piano player; Mick Jagger, the vocalist; Keith Richards, the vocalist cum guitarist; Bill Wyman working on bass; and Charlie Watts working on the drum. Jones founded the band yet; Richards and Jagger took over the leadership of the band as they were the bands
10 pages (2500 words) Essay
Contract and Event Management
If carried out properly, the event/ceremony can get quite unmanageable and there might be unpleasant scenes and unruly people; thereby undermining the very essence of the
8 pages (2000 words) Essay
IDP( Managing Financial Resources and Decisions)
The business seeks to enhance customer satisfaction by offering many ways in which our customers can place their orders to suit their convenience. Our flower shop is located in London, which is a prime location for this type of business. The
19 pages (4750 words) Essay
Hire a pro to write
a paper under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Your email
Comments (0)
Click to create a comment
Let us find you another Essay on topic Managing Financial Risks Within Event Industry for FREE!
Contact us:
Contact Us Now
  • About StudentShare

  • Testimonials

  • FAQ

  • Blog

  • Free Essays
  • New Essays
  • Essays

  • The Newest Essay Topics
Join us:
Contact Us