EVNT3003 Lecture Notes - Lecture 4: Operations Management, Risk Management, Operational Risk
Document Summary
Risk (cid:862)the chance of exposure to the adverse consequences of future events. (cid:863) (chappelet, 2001) The process of identifying risks, analysing risks, and controlling risks. Risk (cid:373)a(cid:374)age(cid:373)e(cid:374)t (cid:272)a(cid:374) (cid:271)e defi(cid:374)ed as (cid:862)the process of anticipating, preventing, or minimising potential costs, losses, or problems for the event, organisation, partners, and guests . Often perceived as a function that is carried out once an event has been conceived, designed and organised. Risk management, however, should be thoroughly embedded in the event design and throughout its development and production process to ensure the risks associated with the event are managed effectively and cost efficiently (silvers, 2008, p. 3). In order to be successful, events must: happen at a pre-determined date and time, within a prescribed budget, operate smoothly and safely, meet objectives. Risk in the event context: (cid:862)the likelihood and consequence of the special event or festival not fulfilling its objectives. (cid:863) (cid:894)alle(cid:374) et. al. , (cid:1006)(cid:1004)(cid:1004)8(cid:895)
