Unlike any other project, London Olympic was not a usual project but had many requirements associated with sports, organization, venues and infrastructure, financing, ticketing, tourism as well as branding. In addition, the key requirements of this project were the construction of venues as well as infrastructure, development of public transportation systems and the finances. Although, it was one of its kind’s project, but at the end, London made it. The success of this project can simply be noted from the fact that the entire project was delivered on time as well as within the financial budgets and resources. Moreover, significant contribution was made by thousands of volunteers, no such issues and threat was experienced throughout the entire event as well as the opening and closing ceremonies were highly admires across the world. Some key facts and outcomes are presented below; Numbers of Athletes – 10,568 219 million viewers Economic Impact – GBP 16.5 billion Spending by Visitors – GBP 760 million These findings lead to understand that the London Olympics did not only gained the worldwide attraction, but was also one major source to strengthen the UK’s economy (Olympic ORG, 2012). Project Risk Management: Security and Geopolitics: It is a fact that planning, organizing, executing, controlling and monitoring such a huge and mega project is not a piece of cake. Especially when it comes to the manage thousands of visitors and tourists in one specified location and venue is always a critical job for the organizers. More so, in recent years, the terrorism activities have increased to the greatest extent. Similar was the case with London which had experienced the 7/7 bombing few years before this mega event (House of Commons, 2007... ... middle of paper ... ...ailable at: http://www.olympic.org/Documents/Reference_documents_Factsheets/London_2012_Facts_and_Figures-eng.pdf Olymponomics, 2008, London 2012: Olympic Risk, Risk Management and Olymponomics, Accessed on 29th May 2014, Available at: http://olymponomics.wordpress.com/2008/09/29/london-2012-olympic-risk-risk-management-and-olymponomics/ Söderlund, J. 2004. Building theories of project management: past research, questions for the future.International Journal of Project Management, 22 (3), pp. 183-191. Srivannaboon, S. and Milosevic, D. 2006. A two-way influence between business strategy and project management. International Journal of Project Management, 24 (6), pp. 493-505. Van Der Merwe, A. 2002. Project management and business development: integrating strategy, structure, processes and projects. International Journal of Project Management, 20 (5), pp. 401-411.
Close, Paul, David Askew, and Xin Xu. The Beijing Olympics the Political Economy of a Sporting Mega-event.. Hoboken: Taylor & Francis, 2006.. 34-35
Since 776 BCE, the Olympics have been a way for people of different cultures to come together and compete in friendly competition. In 1892 the first modern Olympics were held in Athens, although it had been over a thousand years since the last game it still had brought together an assortment of different religions and ethnic groups together. Many factors shaping the Olympic Games reflect the changes that have taken place in our world since the last game in 393 CE in Greece such changes include woman’s suffrage, global economy, world wars, and proving competency.
The Current Scale and the Economic Importance of the Sports Industry Over 100 years ago the scale of the sports industry has increased gradually. Not all sports have followed in the same path or footsteps. A slow increasing level of control has been affecting the sports industry since 1960Â’s. Mainly standardisation and commodification of sport. More money has been put into the industry equivalent with the efforts that the sports organisations have put in, to increase their potential at the professional end of the scale, and the voluntary end they remain sustainable.
Jugdev, K. (2012). Learning from Lessons Learned: Project Management Research Program. American Journal of Economics and Business Administration , 4(1), 13-22.
It was estimated that the Olympic Games 2012 would involve more than 11,000 athletes and officials, 1 million visitors from around the world, and 4 billion television audiences, or more. Therefore, it was important to ensure that the Games preparations were ready on time, delivered high standard sports facilities to the sports professionals while controlled spending within budget.
With over two hundred countries participating, the Olympic Games is easily considered as one of the largest multisport event known to history. The Olympics are held at a different country, and even more rarely at the same city. For a country to be chosen to host the Olympics, the country’s National Olympic Committee (the country’s representatives for the Olympics) nominates a city (from the country they represent) that they think has potential in hosting the Olympics nine years prior to when they wish to host the Olympics. It is a two year process that consists of: Application Phase, Candidate Phase and the Election of the Host City. The country that wins the election is given seven years to prepare for the Olympics. (International Olympic Committee, n.d., p. xx-xx) The hosting country expends billions of dollars, usually money they don’t have, preparing for the Olympics. Then the question is raised 'why would a country go through so much trouble and spend an outrageous amount of money to host this event?' Throughout this discussion paper it will address all the pros and cons for a country to host the Olympics. It will also see if a smaller sports event can produce the same benefits the Olympic offers with less cost and risk.
A project is a temporary endeavour undertaken to create a unique product or service. They are goal oriented, have a definite start and finish time, must be done within cost, schedule and quality parameters. Projects involve the coordinated undertaking of interrelated activities (Project Management: Achieving Competitive Advantage). According to Tom Peters, “Projects, rather than repetitive tasks, are now the basis for most value-added in business”. Based on this, it is clear that projects are of utmost importance to businesses in both the service and the manufacturing industries.
Major Sporting Events and Their Effect on the Regional and National Economies The term 'economic impact' used in isolation is interpreted in different ways in both short and long term. Therefore, UK sport has adapted the following definition within its major events strategy: 'The net economic change in a host community that results from spending attributes to a sports event or facility'. (Turco and Kelsey 1992) I will look at how Major Sporting events within the U.K; boost the local, regional and national economy. I will use examples of sporting events held within the U.K and assess whether or not they have been beneficial to the local, regional and national areas Stimulate and reinforce sports development [IMAGE]
Getting to host the Olympics is a game in itself. It begins ten years before the opening ceremonies and cities must compete nationally to represent their country as a candidate. Local committees are run by private business interests that stand to gain from the construction and tourism brought in with the events. Financial management and good preparation are important in establishing a successful Olympic event. It is necessary to separate short-term effects from l...
The data has been assimilated by primary and secondary sources of research. 2. Literature review – general theories 2.1 Sporting events, mega-events and the Olympics – definitions Olympic Games are a sporting event that has been created with a view to bring in champion athletes from different nations on one ground and foster the spirit of oneness. There are a series of events that last for a couple of days showcasing various competitions amongst athletes specializing
The olympics are a world wide event that are watched by millions of people. Not only are the olympics are televised and watched through a screen, but hundreds of thousands witness and attend the events, meaning great impacts on the city hosting them. With an explosion of spending, tourism, and marketing, the Olympics offer good effects on its host city and its economy. It is well-known that the Olympics are incredibly large, and bring people from all corners of the world together.
” The Olympics aren’t just hosted in your local community pool or your childhood ski resort, they require the development of world-class and reusable sporting venues. Few cities have these complexes, but most cities do not, meaning that they will need to be built. This makes the process for choosing an Olympic host country very critical because of how it might benefit and effect the future of the country. Many people can argue that billion dollar stadiums that are built, crumble before the end of the Olympic year. In 2010, the Vancouver Olympic Centre, where curling events took place, has been renamed to the Hillcrest Centre, has started a local curling club, is now an ice rink, has indoor and outdoor swimming pools, and is a community gathering place.
Over the course of my professional life, I have become increasingly involved in project management roles. Doing so has made me aware of the many varied challenges that can face projects and the project managers who are charged with bringing them through to completion. The success or failure of projects, in whatever economic, political or social field, rests not just on the quality of the project’s goals, but also on the abilities of those involved in the project – and above all those who are managing it – to bring it to successful completion. To do this, project managers need to be equipped with a very wide range of skills, many of which are unrelated to the type of project itself. So, for example, a project manager of an engineering project must not only have engineering
When planning a new project, how the project will be managed is one of the most important factors. The importance of a managers will determine the success of the project. The success of the project will be determined by how well it is managed. Project management is referred to as the discipline that entails the processes of carefully planning, organizing, controlling, and motivating the organization resources so as to foster and facilitate the achievement of specific established and desired goals and meet the specific criteria of success required in the organization (Larson, 2014). Over the course of this paper I will be discussing and analyzing the importance of project management.
Project management involves all activities that encompass scheduling, planning, and controlling projects. A successful project manager ensure that an organization’s resources are being used both efficiently and effectively. Most projects need to be uniquely developed require a sense of customization and the ability to adapt to any posed challenges. The scope of effective project management includes defining what the project is and what is being expected to be accomplished. Projects are imposed to fulfill a certain need and project managers must have the ability to create the proper definition. Goals and the means used to attain those goals have to be clearly stated. Project Managers must also have the ability to plan