The Importance Of Events Management

Managing successful events implied that events managers need to face numerous challenges from business management field including human resource, financial, and risk management (Goldblatt, 2014). Enormous research have identified the essential knowledge and skills for events managers, Coulson and Coe (1991) noted that the ability to communicate, flexibility and a clear understanding of the organisational goals should be possessed by future events managers, as well as Perry, Foley and Rumpf (1996) mentioned that the managers’ vision, followed by leadership, adaptability, communication, marketing and skills in the organisation with people management, are required knowledge in their research (Bowdin et. al, 2012). In this essay, whether the skills

(2012) noted, capital is a vital part of resources of events management, and Goldblatt (2014) stated the primary reason cause unsuccessful events planning is fail in financial management. Because financial decisions occurred alongside the event, as a result, the skill of maximising the effectiveness of money resource in the events management is considerable for events managers. The key skills in effective financial management includes creating an accurate budget and maintaining sufficient balance, different financial strategies should be applied according to different objects of the events , for those for-profit events, selling products is the event organisers’ purpose such as the new product launch of Apple Inc., which the income exceeds costs. For more general events that for the purpose of leisure, however, budgeting is one of the most difficult challenges from the start of the events planning, which based on limited information and assumptions (Goldblatt, 2014). Hence the event managers need strong capability of analysing the previous events’ financial history with the current economy environment, to estimate the total cost appropriately. When conducting the event’s plan, maintaining a balance in the financial account requires the event managers make effort in aspects of reducing the cost and increasing revenues, which test the event managers’ skills in making the best of fund. In 2008, China successfully held the 29th Olympic Summer Games under the global economic crisis, which achieved a balance of more than 1 billion yuan by the National Audit Office’s supervision, but with the existed problems of over-budgeting and underutilisation of some projects and materials, which still conducted the fund-raising under effective control (BOCOG, 2010). In a result, an effective financial management needs rational anticipation on the problems (budgeting) and making the most use of the resources (keeping financial balance). In addition, the costs of