Globalization and Event Management - Assignment Example

Name) (Instructor) (Institution) (Course code) (Date) Question 1 Globalization is a process of growth of interdependence among the national and international industries and businesses all over the world. This growth in market interdependencies has resulted to great impacts in different pillars of the national economy. Several kinds of models have been designed to explain various processes of globalization. Many analysts contend that globalization possibly started in the nineteenth century. On the other hand, event management involves marketing, management and design of events. Additionally, it concentrates more in trying to understand the experiences in event planning and how to manage them. Globalization has greatly influenced event industry in that it addresses methodological challenges that are associated with events. In particular, it addresses issues such as energy, infrastructure, transport, security, information technology and communication which mostly play a critical role in event management. Like in project management, event management aims at maximum exploitation of its abilities of events for it to attain its success of its anticipated goals. Globalization has reformed the event industry in the past few decades. It has resulted to a positive impact on the global economies, societies and industries, resulting in significant increase in the number of international organization and its membership. This is because events play a very important role in increasing desirability and awareness on the destinations especially in event tourism. It is through globalization that people get information of different places they desire so as to start travel arrangement for book travel. Also, it guides those who look for something new from places they have visited before to repeat visitation at the right time. Nevertheless, the accompanying political, economic, technological and industrial trends and events must always be updated continuously as there is a regular advancement in global connectivity. The biggest challenge facing event industry is the management of event practices that conduct global events for them to find solutions to event management solutions. This is because it is complex to adapt to ever changing world economy and link it to global event management for the particular global industry. (336 words) Question 2 Event management involves handling occurrences, incidences or occasions such as parties, conferences, meetings, seminars, sports etc. On the other hand, project management involves the management of activities which takes place over a long time, needs quality and cost. Project management deals with management of both intangible and tangible activities while event management deals with tangible activities only. Though project management and event management are applied differently, they share many characteristics in their methodologies making them to be interdependent in many cases. Most of the event management features are useful in project management. Both the activities require people to carry out tasks efficiently to realize success in the long run. There are such activities such as setting of tables, presentations, speeches, lunch etc. which are common in both event and project management. Planning, analysis and timing of events are other important characteristics of event management that must be involved in project management so as to realize results and approval at the end of the project. Moreover, event managers’ skills and project managers’ skills are basically the same. They both need on a set budget in which work is set to specific objectives and goals that must be achieved within a specified duration of time. Both managers have several sets of skills in which they select the best choice that best suit the type of job to be done. The application of different experts and professionals such as consultants and lawyers in event management is also a crucial characteristic that should be used in project management (254 Words) Question 3 For the success of event, project management techniques are applied in most cases. Most often some events involve a lot of money and many people such as festivals, rallies, weddings and many other event types. This requires a more advanced level of planning for its success. Therefore control is needed to ensure that things and activities are done in the right way. Therefore, project planning techniques which greatly benefit the event management activities include; project scheduling, budgeting and controlling cost and risk management. For instance, project scheduling is putting in order how different series activities of the project are to be completed. The dependency and duration of each event determines the time the whole project takes to be completed. Project scheduling is an essential factor that is used in the event management to arrange the activities in an event to achieve the desired results. Project scheduling is also useful in planning the time scale of an event in a more effective way event management. Another technique which is used project management that directly benefits event planning and execution is budgeting and controlling cost. In this process, a calculated financial plan of action which comprises all expenses predicted to be involved in the process and also the expected income. Budgetary planning develops a financial budget as part of the process of project planning. The process is done in regular intervals throughout the project and is often used as a control so that the results are achieved as planned (247 words) Question 4 Success is the primary factor in every event manager. They involve project elements that are taken into keen consideration by the event management team to increase the chances of success of the project. Several project and event analysts categorize success factors in many different ways. One of the methods is of our concern is operation perspective of event management. Other factors include stage of the project, stake holders, internal and external factors, process factors, human factors, technical factors and organizational factors. It is necessary to observe characteristics regarding documentation and control possibilities, information transparency, and storage and exchange information during the event management process. This helps in offering the event organization team a guarantee to comprehensive sustenance for all participants and activities involved in the whole event management process. Information technology support is also included in the event management process, from the idea stage to the event integration and finally execution and conclusion of the event. All these factors help in the smooth running and coordination of operations in the event management process. Furthermore, risk management is increasingly becoming an important factor to be considered in event planning. The common approaches of event management concentrate mostly on economic evaluation after event has been finished successfully. However, it is a basic requirement for the control measures to be carried out in all phases of process of event management. Therefore, sufficient alternatives provision and documentation of relevant methods of control needed so as to guarantee the appropriate event management support (248 words) Question 5 In an event process and environment, there are risks that are associated with adverse conditions that pause danger to the failure of the event planned objectives. The event manger or event planners should therefore consider various activities, work and tasks to accomplish appropriate event deliverables and any kind of risk that may threaten the final anticipated results of the event. Both financial and non-financial impacts of each particular risk is well analyzed and documented, and perhaps categorized into different sections for better understanding and reference. Different project management models such as SLEPT and PEST are applied in the process of risk analysis in event management. Such models help to identify and prevent of risks such as political, economic, legal, technological and social risks that are likely to occur before the event concept is finalized. These risk management techniques also help to prevent both controllable and uncontrollable risks. Though uncontrollable risks are difficult to foresee, the risk management models help to identify as many likely risks as possible obtained from documented past encounters. The individual risks’ impacts are assessed so that appropriate strategies of risk management are implemented accordingly to prevent each risk from occurring. The risk management process is a continuous process that occurs throughout particular stages of the event and event management. The risk management committee also has a responsibility of addressing risk issues which have been identified and make estimates of their consequences. (235 words) Question 6 It is very important for business holders to prepare business plans before executing business ideas. Nevertheless, owners of small businesses do not normally comprise human resource planning in their overall business process. This is because most of these small and medium size businesses require few employees or none at all. Experts maintain that it is necessary to forecast the employee needs properly. Failure to forecast the personnel needs of an organization, can negatively impact the overall success of the business. Furthermore, the success of a business is associated to the efforts and performance of the employees working for that particular business. Business failures and underachievement occurs as a result of failures in the place of work. It is so costly for the organization to hire wrong employee or fail to anticipate the necessity of hiring needs. Therefore, it is important to have a well-established and a competent human resource management system in an organization involving several employees so as to plan determine the resources needed to achieve the anticipated goal by the organization. Some of the roles carried by human resource management team include staff recruitment, strategic hiring and staff turnover enabling the organization to avoid emergency hiring requirements. A good example of a successful firm that has grown tremendously to emerge among top in the world is Microsoft Corporation. It started as an idea of two people to a multi-billion company. Its director Bill Gates states that the success of any management system is majorly dependent on the employees’ quality (251 words) Question 7 Event personnel are trained to be competent in various specific tasks that they undertake during the event. It is always difficult to often find similar events since each event is exclusive in its own way. Therefore, the human resource need to be diverse from one event to the other the competence levels and teamwork that is involved in employment and event management are mostly less appreciated. Particularly, equality among the employees is difficult to achieve as some staff are likely to be overworked in the case of emergency incident. Such issues should be taken into consideration since reliance on a small number of employees reduces productivity of the organization. In large events organizations, it is important for employees to be flexible and be ready to adapt to various abnormal and new encounters which might not have been covered during the training. However, it is often likely for some employees to resist these changes leading to difficulty in achievement of anticipated goals by the organization. To eliminate the problem resistance to change, it is necessary to consider improving the staff morale. Despite its great importance to the organization, employee morale is difficult to quantify. Workers who have less or no interest on a responsibility are likely to be unproductive. This is because they will not bother to find a solution in case they encounter a challenge. Therefore, failure to address the issue of employee motivation leads to incurrence of extra cost by the event organization either through high staff turnover or inefficient workforce (252 words) Question 8 The term 'value for money’ is a term that is commonly used to determine whether a business organization has attained the required benefit from the products it both provides and acquires, within its available resources. Some features of 'value for money’ (VFM) may be specific, hard to measure, misunderstood and also intangible as used for pricing in the market. Therefore, proper understanding of VFM is needed when deciding whether consumer requirements have been well considered or not. Furthermore, VFM does not only take into account the prices of goods and services in the market, it also considers the resource use, mix of product quality, fitness for purpose, judgment and timeliness so as to determine whether they form the desired value. Value for money is an important aspect that has gained imperative consideration in the last few decades especially after the depression. It had been already been forecasted that it should be seriously even before the beginning of the slowdown. The spending power of most families in developed countries have declined or stagnated despite the increase of domestic income which favored only a small fraction of the citizens. Consumers’ value of their needs is always higher than the value of money they have, therefore, they have to spend money on basic necessities. If the amount they have is not enough, then the consumers will depend on pricing to choose the best alternative. In many developing countries, the consumers are so value conscious in market product pricing. On the other hand middle- and upper-class consumers in both developing and developed countries (259 words) Question 9 Long customer queues remains to be a challenge to the service industry despite the great advancement in technology. The main cause of these long lines is poor queue management. The result is this mismanagement is lost sales, loss of loyalty, lower customer satisfaction and the leave the premises unhappy. Some strategies that have been devised to minimize these long service lines include setting up the service environment in a way that the employees serving the customers are able to see the customers well. This therefore helps them to gauge their serving speed therefore minimizing the queues. Also customers should be encouraged to come during the slack time since it is the time when there are less people to be served. The management should also develop long term plans to counter the rise in customer number as the service business grows with time so as to minimize expected long queues likely to occur in future (154 words) Question 10 In value-based pricing takes into consideration the value of goods or services, in opposition to the total cost incurred on its production or service delivery. In order to accomplish this, the company involved calculates the value of goods and services that will be generated for the consumer. This pricing technique is mostly used currently because of its efficiency. This is because the value is likely to originate from elements such as stability, happiness or increased efficiency. On the other hand, cost-based pricing uses costs of production as its pricing basis. In this pricing technique, the company uses its calculated costs to find minimum and maximum prices for the particular goods and services. When the market conditions are competitive under the minimum prices, then the company reacts by lowering its cost to lower the minimum price levels or the floor. In a normal situation, it is often advisable for the company to price its products and services in between the established minimum and maximum prices. Companies that produce masses of goods apply this pricing technique in pricing its products. There are other reasons as to why value-based pricing techniques is considered to be more effective as compared to cost-based pricing technique. The main weakness of cost-based pricing is that the sum of desired profits margin and the cost might result in exceeding the customer pricing point by varying the pricing points. The situation therefore demands for struggle so as to invest well in marketing in order to sell the benefits of the goods or services (254 words) Question 11 In economics, value means the benefit measure provided by a product or service to an agent of economics. It is often measured by use of currency units, and expressed as the amount of money an individual customer is willing to pay for a specific value of goods of services. Value is different from pricing and therefore value can be determined by each individual consumer but the same cannot apply to pricing. This is because a consumer decides to buy a good or service when the value of the good or service exceeds the market price. In manipulation of value and pricing aspects, the consumer and the producer reveals what they are willing to pay and receive for the product respectively (120 words) Read More