In addition, the paper also provides the reader with a detailed evaluation of events stakeholder management.
Many countries around the globe have seen growth in their events industries with the industry contributing handsomely to the respective country’s Growth Domestic Product (GDP). An event is a short-term organisational phenomenon that is bounded both in space and time that features in a calendar on a regular basis (Smith, 2012). Despite the fact that events are temporary, Hede (2007) asserts that they are overseen by professionals that are well trained and operate in business networks that are very complex. Event managers always take into account the impacts associated with holding an event all through the planning process of the event as well as after the event. The minds of the policy makers and funding organisations are also taxed so as to justify whichever negative externalities and public spending associated with the event (Hede, 2007).
The study of the impacts of events in the present world has been driven by the need to evaluate the negative and positive impacts holding events has, justification of public spending on events as well as leveraging the best probable gains for the hosting community, usually referred to as legacy. Today, Conway (2009) argues that literature regarding event impacts is limited due to the fact that events are often one-offs hence developing a concrete body evidencing the same has been slow. There has been a tendency to predict the economic impacts of events rather than analyse the impacts after the occurrence of the event. As a result, there are a number of claims to certain economic impact studies as well as methodologies. Furthermore, these studies and methodologies provide very little or no detail regarding the negative impacts of holding events as well as their unevenly distributed benefits in the society or