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N221 : Business Management
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N221 : Business Management
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Course Code: N221
University: Coventry University
MyAssignmentHelp.com is not sponsored or endorsed by this college or university
Country: United Kingdom
Question:
For this assignment, you are required to analyse the differing types of business events and explain the concepts ol strategic planning. project management and risk management in business event planning. The overarching question to be addressed in this essay is ‘why is it knportant to take a strategic planning and project management approach. which includes risk management to business events 7 The questions below are provided to guide students in answering this overarching question:
What are they differing types of business events and why are they held?
What is strategic planning?
What is project management?
Why is risk an important aspect of project management?
How do these concepts relate to business events?
Answer:
Introducation:
Business Management requires a lot of planning and processing which can be executed efficiently by professionals’ only. In order to manage business events and organize them in a proper manner, one needs to be having a plan ready with them so that they do not face any difficulties further on. This assignment will give us a fair idea about the different business events that are organized and the reasons behind and further on, elaborate the different factors we need to keep on mind while organizing business events and managing them proficiently.
Literature Review:
A lot of research has been done already on the different types of business events and the amount of work they require to be executed perfectly. Hard (2017) stated that any event being sponsored by a corporation in order to target its employees and clients with the goal of aligning the aims of an association with the events activities can be called a business event. To execute any business event, one needs strategic planning and there are various ways in which a person can do strategic planning. It all depends on the purpose you are planning for, the stage at which the organization is in terms of development, the culture of the staff, and the kinds of issues being faced by the organization currently (McNamara, 2010).
Another important factor is of Project Management. Nokes and Kelly (2007) stated that what differentiates it from just ‘management’ is that it holds the final deliverable and a given time period, which is different from management which is a continuous procurement. Due to this a project professional requires a wide range of skills which is elaborated further in this essay.
Differing types of business events and why are they held
When a business firm is looking for some new methods to engage their employees and clients, they organize different kinds of business events for them The reasons why the associations are organizing such business events are to entertain or reward the members of their staff, launch new products, establish partnerships, and many more.
Seminars/Conferences:
The main motive behind organizing a seminar or a conference is to impart ideas, apply solutions or advance their proficiencies by addressing the target audience while gathering them at one place (Hanchar, 2018). Seminars are usually shorter than conferences where seminars last only for a couple hours, conferences can stretch for a course of two days or more.
Product launches:
These are done in order to promote the new product the company is releasing or to secure new clients. These events are usually held to get maximum media coverage and create a buzz surrounding the upcoming product’s release. They are also held on a larger level with a grand party, dinner, renowned guests, etc. depending on the business.
Trade Shows:
The main goal of a tradeshow is to create leads and form partnerships. Companies can enhance their profits by forming promising business relations. Trade shows provide the startups and reputable firms with a brilliant chance to raise awareness about their ventures and develop their networks. Sometimes, organizations also host or sponsor a trade show to strengthen their image as a business leader.
Appreciation Events:
Reniee (2017) states that such events aim to appreciate their employees’ accomplishments or form a tight connection with their trustworthy clienteles. These events are more relaxed in nature and give the event host an opportunity to build a rapport with their guests outside the traditional norms of office. People can also learn about mutual business primacies with the help of these events.
Executive Retreats and Incentive Trips:
While business development and planning are the main agendas of a corporation, weightage is also given to recreational activities and incentive trips to keep the staff entertained and reward them and to maintain the corporation’s reputation. They are often held at exclusive destinations in luxury resorts to gain visibility.
Strategic Planning
Strategic Planning is a process in which the leaders of an organization foresee a vision for the future of their company and create goals and objectives for their organization. They establish a procedure which will ensure the attainment of these goals and objectives. This procedure includes a sequence in which their goals will fall in order to reach the specified vision. Therefore, strategic planning can be defined as a process which clarifies the success general purpose of an organization, and the results they intend to achieve along with planning out the ways in which these results will be attained. It is an administrative management activity which is used to set priorities, utilize the energy and resources and strengthen the operations of the firm.
During the strategic planning process, Lam (2015) states that the most common tools do not even consider the risk factor and this flaw can lead either to the selection of an incorrect strategy or to the absence of a significant strategy to business.
Although, strategic planning has a lot of benefits, it helps the organizations in being aware of the future prospects and challenges their company may face. It makes them understand the kind of resources they will need to grasp these opportunities and overcome these challenges. Finley (1999) researched that the individual also gains a sense of direction and guides them through the common mission. It creates a set of principles and liabilities and helps the corporation in limiting the time spent on crisis management. There are various outlooks on how to best do strategic planning and it all depends on the kind of practitioners that is adopting this methodology.
Project Management
Lock (2007) states that the activity of starting, strategizing, implementation, and winding up the work of a team to accomplish targeted goals and achieve success in specific time duration is called Project Management. A project is a temporary design to generate a different product, goods, result or service which should have a defined beginning and the end with the purpose to achieve different targets and the objectives, in order to bring about beneficial developments or values. This nature of the projects seems to be in contrast with trade that is usually repetitive or permanent functional works to manufacture goods and services. In working, the management of these different manufacturing approaches needs the development of different technical work and management planning.
The foremost challenge of the project management is to accomplish all the targets of the project in the given period of time. The information is already given in the documentation of the project management, given at the very start of the process of development. Zwikael and Sadel (2007) stated that:
The main things are the time duration, budget, scope and quality whereas the secondary and more serious step is where the challenge is to start the allocation of the needed things and implement them to achieve objectives which are pre-defined. (pp. 755-767)
The work of the project management is to give a whole project that should go with the customer’s objectives. In some cases the work of project management is to design and reframe the customer’s brief so to positively be able to show the customer’s target. After the targets of the customer are clear they may create an impact on all the decisions made by the different people who are a part of the project like the project managers, project designers, project contractors, sub-contractors etc. Harrison and Lock (2004) stated that if the objectives of project management are not well defined or are described too tightly it will result in an adverse effect on decision making.
Why is risk an important aspect of project management?
In such present situations, because of the worst economic situations as well as aggressive competitions, firms have to experience different risks on the same moment. While, the degree of such risks might differ rather risks commonly influence the output of your task. Debono (2006) states that management of risk appears to be the solo manner for being protected by the risk of projects and risk seems to be any annoying situation or event, which might direct it to the letdown of the event or project. Kezner (2013) states that there are various forms of risks like cultural, political, social, etc. and large number of the risks might be regulated by carrying out the management of risk.
Management of risk or risk administration is generally a method in that we discover, mitigate, evaluate, and recognize the risks, which might influence the project. Kezner (2012) states that risk administration appears to be a significant segment of the project administration that when carried out competently moves further to the triumph of the project. Risk administration seems to be a strategy of action, which includes of different measures that are executed for making sure for the elimination of the risk. When you are tackling with irrepressible risk, then you might establish these strategies of action, which might lessen the impact of such risks as you, might not completely be free from these risks. Management of risk is executed from the administrators of risk that are quite known of each of the risk related with any specific project or business as well as various manners for diminishing them. Basically, huge counts of project administration centers are providing courses of risk management regarding the administrators of project. The subjects not just assist you for being aware of the forms as well as traits of project risks rather too different methods employed for handling with such risks. Majeed (2012) states that the risk easing method for being employed is based on traits of risk of project experienced from your staff; hence you should be quite obvious in establishing a strategy regarding the struggling against risks.
Management of risk appears to be a necessity of the management of project. It elevates the possibilities of your victory to a larger degree. Below are few of the advantages of establishing as well as applying a well-organized strategy of risk administration although executing any other project.
Assists you in evading any huge tragedy
Improves your incomes by saving your outlays
Offers you emotional contentment
Make sure the effective end of project
Offers you economical edge across others
Rises the accountability and responsibility’s sense
Assists you in discovering fresh chances
When you have not still presented a strategy of risk management in case of your project then it is recommendable that you must execute it as you get to know this as it might not require sufficient time in case of risks for becoming tragedies.
Conclusion:
Business events require a lot of planning and management. Without proper management, the chances of your business event being a success become very low. In order to plan and execute the business events, one requires a number of factors so that the implementation goes smoothly. For these purposes, strategic planning, assessing the risk factor, project management are important concepts which can be related to business events as well. For any business event to be free of errors, one needs to have a strategic plan ready so that they can plan everything step-wise and also come up with the procedures needed to implement those steps. So that just shows how improvement strategic planning is while organizing any business event as it ensures the smooth functioning of the event. Hartman (n.d.) states that project management is a concept without which any business event won’t be successful and to head the whole event and manage it efficiently, project management is supposed to be applied along with assessing the risks that can come up during the course of event. After learning about all these concepts, it is clear now that we must make use of each of these and then go about with the event. Potter (2017) states that if one hasn’t assessed the risk factor during the project management of the business event, then one might find it difficult to manage the other steps efficiently. The smarter and safer way is to always weigh out everything beforehand which all comes under the strategic planning and project management.
References:
Debono R. (2016, April). Project Risk Management. Retrieved from https://pdfs.semanticscholar.org/presentation/02bf/fa85ee01b3a81ac839913f8dfbee5d8bd9e4.pdf
Finley, P. (1999). Strategic Management. Harlow: Pearson Education Ltd.
Hanchar, T. (2018, April 10). The Top 10 Most Common Types of Corporate Events. Retrieved from https://www.gevme.com/blog/top-10-common-types-corporate-events/
Hard, R. (2017, March 05). The Most Common Types of Corporate Events. Retrieved from https://www.thebalancesmb.com/corporate-events-common-types-1223785
Harrison, F. and Lock, D. (2004) Advanced Project Management: A Structured Approach. 4th Edition, Gower Publishing Limited, Aldershot, 80.
Hartman, D. (n.d.). Examples of Strategic Event Planning. Retrieved from https://smallbusiness.chron.com/examples-strategic-event-planning-12708.html
Kezner, H. (2012, June). Project management tips [Video File]. Retrieved from https://www.youtube.com/watch?v=2AnmsPNLaY&list=PLBAB9055490726BB0&index=2&hd=1
Kezner, H.R. (2013). A systems approach to planning, scheduling and controlling, Project Management, 11ème edition, 2013, pp. 871-949.
Lam, J. (2015). Strategic Risk Management: The Next Frontier for ERM. Retrieved from https://texastricities.nacdonline.org/files/ChaptersLayout/ChapterContent/TexasTriCities/Strategic%20Risk%20White%20Paper_2015.pdf
Lock, D. (2007). Project Management, 9th edn, MPG Books Ltd.
Majeed, M. (2012, April). Risk Management: an Important Part of Project Management. Retrieved from https://project-management.com/risk-management-an-important-part-of-project-management/
McNamara, C. (2010, September 30). What is Strategic Planning? Retrieved from https://managementhelp.org/blogs/strategic-planning/2010/09/30/what-is-strategic-planning/
Nokes S. and Kelly, S. (2007). The Definitive Guide to Project Management, 2nd edn, Prentice Hill, Financial Times.
Potter, B. (2017, August 21). The Five Principles of Project Management for Event Planners. Retrieved from https://www.mpiweb.org/blog/article/five-principles-successful-project-management-event-planners
Rennie. (2017, January 9). Your Guide to the Different Types of Corporate Events. Retrieved from https://www.bbblanc.com/your-guide-to-the-different-types-of-corporate-events/
Zwikael O. and Sadel, A. (2007). Planning effort as an effective risk management tool, Journal of operation management, Vol. 25, pp. 755-767.
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