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How to Plan an Event: Event Planning Steps, Tips & Checklist

Need to know how to plan an event? If you’re planning a big event like a conference, we can help you successfully create, structure and lay out your event plan. This blog will cover everything you need to consider when planning an event, including event planning steps, tips and an easy-to-use event checklist.

What Is Event Planning?

Event planning is the process of putting on and managing a variety of events, from something as small as a meeting to as big as a convention and everything in between. When event planning you’ll be taking into account every aspect of that event, whether it’s a birthday party or a networking event.

That means you’ll be estimating budgets, creating timelines to schedule the event, reserving the site and any panels or speakers involved, getting necessary permits, food, transportation and more. If the event has a theme, you’ll develop that, too. Plus, you’ll be in charge of securing the needed resources to make the event a success.

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Event Plan Template

Use this free Event Plan Template for Excel to manage your projects better.

What Is an Event Plan?

An event plan defines how an event will be executed. It addresses all the components of an event such as the start and end dates, budget , venue, marketing, attendees and more. The scope and complexity of the event plan vary depending on the size of the event, but the fundamental challenges remain the same.

Organizing all those disparate parts, especially for larger events, requires powerful project management software. ProjectManager is award-winning project management software that lets you plan, manage and track your event to ensure it’s a success.

Our powerful Gantt charts help you list all your tasks and the associated resources and costs, assign them to your team and set milestones to track your progress. The whole plan is visible on a project timeline and can be saved by setting a baseline. Now you can track the planned progress against your actual progress to make sure you’re on schedule. Get started with ProjectManager today for free.

Event Plan Example

Most of us have some experience planning an event, be it at home, work or in our community. For this article, let’s focus on large events.

A conference is a common type of large event, so for our event management purposes, let’s talk about a TEDx conference that we were involved in to illustrate how to plan an event. This example is a good scenario to explain the structure and challenges of planning a big event, along with the benefits of planning an event with project management software .

Let’s break down the other components of setting up an event. They’re summarized below:

Event timeline: First, establish a timeline for your event. This timeline should include pre-event planning, event execution and post-event activities.
Budget: Estimate your event costs and create a budget. Your available budget will influence many event management decisions such as your venue, the marketing and advertising methods, etc.
Venue: The event has to take place somewhere, and that involves logistics management , food and beverages as well as the décor.
Marketing: Once you’ve selected a venue, you need to start drawing people to it through a marketing program that can include a website, social campaign, email and print work.
Advertising: Hand in glove with marketing is advertising. That can include radio, TV, newspaper and magazine advertisements.
Volunteers: A big event needs a big crew of people to get it off the ground and run smoothly. That means volunteers, which means writing contracts, defining their roles, setting up meetings and determining schedules.
Speakers: You must have a keynote speaker or a group of speakers to attract an audience. This involves contracts, curators to select the talent, a program, bios and rehearsals.
Sponsors: All of this costs money, and a big event’s budget is supplied by its sponsors. This again involves contracts, marketing and logistics.
Production: The production involves creating contracts as you work on creating an audio-visual recording of the proceedings, as well as a sound and video broadcast during the event.
Stage: The event takes place at a specific venue and on that venue is a stage on which the event proper will be presented. That usually incorporates a projector, screen, microphones, internet connection, batteries, cables and more.
Attendees: Don’t forget about the people attending the event! You’ll need communications to inform them of event information, payment processes to collect fees, emails to stay in touch, directions, badges and access points.

Related: 10 Free Event Planning Templates for Excel & Word

Free Event Plan Template

This free event plan template for Excel is a great tool to start assembling the information you need to create an event plan. It can be customized to add your event details.

event planning template for Excel by ProjectManager

The Event Planning Process: Event Planning Steps

We covered a lot on event planning, so let’s break down those tips into concrete steps. These event planning steps will guide you toward success. Let’s continue with our conference example.

Step 1. Determine your event goals and objectives
Step 2. Assemble your team
Step 3. Establish an event budget
Step 4. Choose a date & venue
Step 5. Select the speakers
Step 6. Event marketing & advertising
Step 7. Execute your event

When you break down the scope of your event plan into manageable steps, the process seems a lot less daunting. However, there are a few more things to keep in mind when making your event plan.

Event Planning Roles

As you might expect, there are many different roles that work together to bring an event to life. It’s easy to get confused. Are you an event manager or an event planner? Is there any difference between the two? Let’s take a look at some of the more common event-planning roles and define them.

Event Manager

The event manager is often mistaken for the event planner, but they are two distinct roles. Most simply, the event manager is responsible for event management activities, which involve coordinating and implementing the event. They take care of setting up the event, including its design, and make sure the vision of the event planner is realized.

Event Planner

An event planner organizes, coordinates and executes the event. They’re in charge of coming up with the idea, overseeing the setup and breakdown of the event. They’ll select the venue, create the budget and ensure everything is taken care of. What sets them apart is they design the strategy for the event to the smallest detail.

Gantt Chart template for Microsoft Excel

Event Producer

The event producer fleshes out the strategic plan of the event planner. They are the one who takes the idea and turns it into a living event. They will take charge of the technical aspects of the event, such as audio/visual, stage design, etc. They work with the event planner to schedule the event , but the event producer uses their skills and expertise in producing events to deliver the event that’ll impress both attendees and the client.

Event Planning Tips

Unfortunately, there are always going to be variables out of your control that’ll affect the event planning process, such as the weather, delivery delays, technical difficulties and other potential mix-ups. As stated earlier, you can’t change the date of your event, so you’ll want to be as prepared as possible for any risks or issues that may pop up on the day of your event.

Do a Post-Event Review

A post-event review or a post-mortem as they’re often called, is very valuable. By looking back at the past event and seeing what worked and what didn’t work, you can better plan your next event. There are always lessons to be learned and applying them to the next project will avoid previous mistakes and increase your chances of a better outcome.

Use Event Planning Templates

Having an event planning template is a great way to make sure you’re not missing any important pieces of the larger event. It’ll help you organize your tasks and resources, costs and more. Use our free event plan template to get started on the right foot.

Use Event Planning Tools

A template is fine, but limited. You have to manually update everything and it’s not very collaborative. Event planning tools, such as Gantt charts , kanban boards, task lists and calendars, help you plan and implement the event plan. They also allow you to track the work to make sure it’s following the plan, which leads to a more successful event.

Prepare a Plan B

As important as your plan is, there can be issues with it. There might be acts of god, such as weather, which negatively impact the event. Whatever the cause, you’ll need a backup. That’s why developing a plan B is so critical to the success of the event. You might never have to use it, but in case you do, you’re prepared.

Use an Event Planning Checklist

Another tip is to have a checklist made up. That way you can collect all the things you have to do and why you’re doing it in one place. Using a checklist for event planning can be done in conjunction with project planning tools . The more safeguards, the better. Also, there are few things more satisfying than crossing something off your list.

Event Planning Checklist

There’s a lot to manage when planning an event, so it’s important to have a list of everything you need to include in your event management plan. The following is a general event planning checklist to help you get started. The more questions you ask, the better your event checklist. Feel free to add your own unique responsibilities and tasks.

Goals and Objectives

What’s your event’s reason for existing?
What are the goals this event is expected to achieve?
What are the revenue objectives?
What is your target audience?
How many people will attend?
Is there a cost associated with ticketing and what is it?
Where is the event being held?
Create an event schedule.

Event Budget

Figure out what the costs will be
If you held similar events, use and adjust an old budget for a baseline
What ticketing and registration software will be used?
Finalize sponsor contributions
Set ticket price

Date & Venue

When will the event take place?
Have a backup date in case issues arise
Is there the best location for the event?
Is the venue appropriate for your expected number of attendees?
Decide on needed infrastructure: wifi, capacity, bathrooms, near shopping & restaurants, etc.
Hire a caterer
Secure what equipment you’ll need
What are your security needs?
Do you need permits, licenses or insurance?
Create event signage and communication plans for attendees
Research potential speakers
Create a list of relevant speakers
Create a pitch for speakers
Pitch speakers
Finalize speaker selection, get bios and headshots and arrange travel and accommodations
Develop a list of sponsors and what you can offer them.
See if there are sponsors who have partnered with similar events.
Reach out to potential sponsors.
Design signoff.
Update the site or build a unique one.
Make sure the site can handle expected traffic.
Have a mobile-friendly site.

Event Marketing & Advertising

What’s your messaging?
Coordinate with digital tools and social platforms
Add the event to online calendars
Market the event with blog posts and other promotions like videos and online ads
Send reminders to all parties a month or two before the event date

Finalizing the Last Steps

Speakers and scripts
Decorations

Pro tip: That’s a lot to coordinate and plan, which is why there’s a need for project management software that has the right features for event management. It provides a common portal, where you can track costs and tasks with automated alerts. It also offers both a communication and a collaborative platform that reduces the need for unnecessary emails. Software collects all your files in one place and makes team reporting simpler by adding efficiencies and reducing stress.

ProjectManager Offers Robust Event Planning Tools

ProjectManager is online software that’s suited for event planning. We have event project management tools to keep all the parts of your events, from managing vendors to promotions, organized. Our planning software helps you keep track of all the elements that make up your event plan.

Keep Stakeholders Updated With Event Calendars

Our multiple project views mean that event planners and managers can use project calendars , Gantt charts and there are task lists and kanban boards for teams. While reports can keep stakeholders informed, they might want to have access to the project. Share the calendar view with your stakeholders, which allows them to see start and end dates for all the tasks as well as milestones. This manages their expectations.

Zoom Into Event Activities With Kanban Boards

Use ProjectManager’s kanban board to manage the daily activities that need to be executed to plan, schedule and track your event plan. Move tasks from column to column as you collaborate on work with your team, and it’s easy to spot bottlenecks and get everything over the line in time for the event.

Track Event Labor Costs With Timesheets & Real-Time Dashboards

Plus, timesheets make invoicing easy for all your events. They can be submitted and approved with a keystroke. Our software also offers a variety of views, from a list to a calendar and even a kanban board that helps you visualize the workflow to keep on task.

ProjectManager's timesheets are ideal for event planning

More About Planning an Event

Event planning can be complex. There’s a lot of balls to keep in the air. If the above is too much to digest immediately, you could start with our event plan template and watch one of our planning experts. Jennifer Bridges, PMP, has years of experience and uses it to teach you the fundamentals of event planning in this short video.

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How to Start an Event Planning Business: The Ultimate Guide

It's no surprise that starting an event planning business involves many moving parts. It can feel overwhelming, from identifying your unique selling proposition and having all the key skills to executing flawless events to getting all the required compliances. But not anymore.

In this guide, we'll discuss everything about event planning and provide a step-by-step guide on how to start your own event-planning business. This post covers everything from determining profitability to understanding the skills you need to run a successful business.

But before you dive headfirst into how to start an event planning business, let's take a step back and understand the basics.

What is Event Planning in Business?

If you plan to start your event planning business, you probably know the answer to this question. Event planning involves managing the details of large or small events, including meetings, conferences, or parties. This business is typically utilized for:

Large educational meetings, such as graduations or conferences.
Major promotions, including marketing events, product launches, and fashion shows.
Corporate events , like after-work cocktail hours, trade shows, galas, and more.
Celebrations and social events like parades, weddings, birthdays, reunions, and more.

What Do Event Planning Businesses Provide?

As an event planner, you are expected to work with clients to understand their requirements and goals and then provide end-to-end event planning and execution services to ensure the seamless and successful execution of in-person or virtual events .

Some of the services you must include are:

Event management and coordination
Theming, décor, and styling
Conferencing and exhibitions
Signage and branding
Entertainment and talent management
Venue sourcing and management
Catering and food & beverage management
Audio-visual production and management
Logistics and transportation management
Budgeting and financial management
Marketing and promotion
Security and risk management
Registration and guest management
Post-event evaluation and reporting

Why Do People Hire Event Planning Businesses?

There are two primary reasons why people hire event planning services:

To allow event attendees and guests of honor to thoroughly enjoy themselves without worrying about event logistics.
To ensure that the event runs without any glitches.

Consider a typical corporate conference, for example.

A business may hire your services to create a stellar multi-day conference while their employees and attendees can focus on networking or learning. This way, they don’t have to worry about details like catering, keynote speakers, registration, and managing the event schedule.

Advantages and Disadvantages of Starting an Event Planning Business

As with everything, the event planning business also has advantages and disadvantages. Some of them are:

Enjoy the freedom to choose who you work with, where you work, and how you manage your schedule.
Pull off a showstopping event, and chances are your clients will return repeatedly, thus building loyalty.
Event planning business lets you unleash your creativity as you get to design events that are unique and unforgettable for your clients.
Establishing relationships with reliable vendors takes time, especially in a crowded market.
Growing your business needs adding resources or raising prices, which can be tricky.
Most of the time, although the planning takes place in advance, you must ensure your presence in the field during the event—meaning long working hours, even on evenings and weekends.

How to Start an Event Planning Business

Here are some steps to help you start an event planning business:

Evaluate your event planning skills.

Event planning involves many tasks beyond the glamor of parties and events. To be successful, you must be able to handle various responsibilities. After all, successful event planners are masters of multitasking, with a talent for keeping calm under pressure.

For example, you’ll need to create an event theme or design, find a venue, arrange entertainment, book vendors, send RSVPs and marketing information to attendees, and balance the budget. The list goes on.

If you're unsure whether you possess all the necessary event planning skills , consider gaining some hands-on experience. Perhaps shadow an experienced planner, assist with events at a local organization, or even volunteer for a nonprofit event.

Create your event planning business plan.

A well-structured business plan is the foundation of any successful venture, and event planning is no different. Consider it your roadmap to success. Here are the key sections to include:

Executive Summary: Summarize your business concept, goals, and what sets you apart.
Overview : Outline your company background, structure (e.g., sole proprietorship), and essential details.
Industry Analysis : Demonstrate your understanding of the local event planning market, including potential clients and event trends .
Competitive Analysis: Examine your competition, identifying their areas of strength and areas you can exploit.
Marketing : Craft a strategy for attracting clients—how will you make them aware of your exceptional services?
Management: Detail your unique experience and skills.
Operations Plan : Describe your day-to-day process for planning and executing events.
Financials : Project your income, expenses, and profit expectations over your initial years of operation.

Find your event planning niche.

Finding your niche is how you stand out from the rest—it helps you specialize in a specific subset of the broader event planning industry. Also, it becomes easier for your target market to find you. Common niches and event types include:

Business event planning: Award ceremonies, charity and nonprofit events, corporate bonding retreats, meetings and seminars, conferences, grand openings, fashion shows, experiential events, holiday parties, networking events , trade shows, and VIP events.
Private/social event planning: Weddings, anniversaries, holiday parties, baby showers, theme parties, wedding/bridal showers, bachelor/bachelorette parties, milestone birthday parties, and murder-mystery parties.

Identify your unique selling proposition.

Identify your event planning business’ unique selling proposition (USP) to set yourself apart from your competitors. It is the reason why clients should choose your company over others.

Here’s how you can define your USP:

Identify your target market: The first step in uncovering your event planning USP is to identify your target market. Who are your ideal clients? What type of events do they typically host? What are their pain points and needs? Understanding your target market lets you tailor your services to your client's needs and preferences.
Analyze your competition: The next step is to analyze your competition. Who are your competitors? What services do they offer? What is their pricing strategy? What are their strengths and weaknesses? Understand your competition to identify gaps in the market and ways to differentiate your business.
Determine your unique strengths: What sets your business apart from your competitors? What unique strengths do you bring to the table? It could be your expertise in a particular type of event, your creative approach to event design, your extensive network of vendors, or your exceptional customer service. Identify your unique strengths and use them to craft a compelling USP.

Consider funding and costs.

The events business can be lucrative, but getting started requires smart financial planning. Calculate your initial startup costs carefully. Price your services strategically so you cover expenses while remaining competitive. If number crunching isn't your strong suit, invest in a bookkeeper or accountant early on.

While exact costs vary by location and services offered, here's a ballpark range to get you thinking:

Rent: $0 to $2,300
Equipment: $5,000 to $17,000
Inventory: $0 to $500
Licenses and Taxes: $250 to $350
Communications: $100 to $250
Payroll: $0 to $4,000
Advertising/Promotion: $500 to $2,000
Legal Fees & Accounting: $650 to $1,500
Insurance (1st Quarter): $800 to $1,700
Miscellaneous: $750 to $1,500
Total: $8,050 to $31,100

Remember, startup expenses don't have to be astronomical. Begin with the essentials, and scale up as your business grows.

Structure your pricing strategy.

Pricing your services is an art and a science. Factor in your location (cost of living varies), your experience level, and what your competitors charge. Most importantly, ensure your pricing allows you to cover costs and earn a worthwhile profit while remaining attractive to clients.

Remember, transparency is key—explain your fee structure clearly so there are no surprises later on.

Here are some common pricing models for your consideration:

Hourly rate: Ideal for projects where the scope is difficult to predict upfront. Rates typically range from $25 - $100+ per hour, depending on your skills and the complexity of the event.
Flat fee: A single charge covers your planning services. This works well for events with well-defined parameters. Sometimes, planners add a percentage of vendor fees to ensure sufficient compensation.
Percentage of the event: Typically, this will be 15-20% of the total event cost. Such pricing structure is common for complex events, as your fee scales alongside the project.
Day-of coordination: A specialized service, handling the on-site logistics on the day of the event itself.
Vendor commission: In this model, your income comes from commissions from selected vendors, rather than directly from the client. This requires careful negotiation and transparency with all parties involved.

Obtain necessary legal documents and permits.

Don't neglect the legal side of your business. Taking these steps protects both you and your clients from potential issues:

Register Your Business : Choose a legal structure (LLC, Sole Proprietorship, etc.) that's right for you, and register officially with your state. Obtain a tax ID—essential for everything from opening a bank account to filing taxes.

Obtain Necessary Permits : The red tape of event planning might not be glamorous, but it's crucial. Permits vary by location, so contact local authorities to learn exactly what you need. Common examples include:

Building permits (tents) for outdoor events that require tents.
Business license to operate legally.
Event permits vary by city, so contact the local government for relevant ordinances.
Noise permit if your event is outside.
Fire/fireworks permit, which you must check with your county.
You can get a health permit from your county’s health department.
You need a liquor license if you plan to serve alcoholic beverages.
Seller’s permit, which you may need as an event planner.
Temporary use/structure permit for vacant land or temporary space for loading areas, vendors, and parking.

Get your event planning business insured.

Obtain insurance coverage for your event planning business to protect yourself and your clients from unexpected incidents. Here are some important coverages to consider:

Workers' compensation: This is mandatory in all states. It protects your employees (and yourself, if you count as an employee) in case of work-related illness or injury.
General liability insurance: A must-have for any event planning business. This protects you from claims of property damage or bodily injury at an event you organized.
Property insurance: Safeguard your equipment (tables, chairs, laptops, etc.) from theft, fire, and other unexpected events.
Business interruption: If unforeseen circumstances force you to temporarily shut down, this can provide financial support. Think of it as backup income if things go awry.
Business Owner's Policy: This bundles several important coverages into one convenient package, often at a good value.

Market your event planning business.

Once your business is set up, it's time to attract those exciting new clients. Here are some strategies to get you started:

Build a Website: Your website is your online storefront. Services like Weebly and Squarespace make it easy, even if you're not tech-savvy. Invest time in making it visually appealing and easy to navigate.
Boost Your Online Presence: List your business on directories like Yelp, Eventective, and Google My Business. This helps potential clients discover you when they're searching for event planners in your area.
Get Social: Create engaging profiles on relevant platforms (Instagram, Pinterest, Facebook, etc.). Share social media-worthy photos, behind-the-scenes glimpses, and client testimonials.
Traditional Marketing Still Works: Don't underestimate the power of beautifully designed brochures, flyers, and business cards. Distribute them strategically at local businesses or events.
Get Referrals: Happy clients are your best advertisement. Encourage them to leave glowing reviews, and feature video testimonials on your website and social media.
Strategic Partnerships: Caterers, photographers, venue owners—these businesses have the same clientele as you. Build relationships and create a referral network to mutually benefit.

Related: Read some practical event planning tips for before, during, and after the event.

What skills do you need to run an event planning business?

The basic skills needed to run an event planning business effectively are primarily soft skills, such as organizational skills, business management skills, and presentation skills. Here are some necessary skills to run an event planning business successfully:

Attention to detail
Customer service
Education (staying updated on event trends) or experience
Interpersonal relationship skills
Negotiation
Organization
Under-pressure performance

Is an event planning business profitable?

Event planning has the potential to be a very profitable business venture. The fact that 89% of event and meeting leaders consider in-person events crucial for revenue growth demonstrates the ongoing demand for well-planned events.

However, the profitability of your event planning business will depend on several factors. The key to success lies in your ability to command premium rates for your services while keeping your expenses in check.

What does an event planning business do?

An event planning business organizes and coordinates various aspects of events for individuals or organizations. This includes selecting venues, arranging catering and other vendors, creating event schedules and itineraries , managing budgets, and ensuring all necessary equipment and supplies are available.

Do event planners travel a lot?

Event planners may travel depending on the nature of the events they plan. Some events may occur locally, while others may require travel to different cities or countries. Ultimately, the amount of travel required will depend on each event's specific needs and requirements.

The Future of Event Planning is Yours to Create

The event planning industry offers vast opportunities for those with an eye for detail, a flair for organization, and a knack for staying on budget. Whether your heart lies in orchestrating sleek corporate events or bringing dream weddings to life, the skills you hone as an event planner are valuable in countless contexts.

A carefully crafted business plan, paired with smart marketing and a dedication to providing exceptional experiences, can turn your passion into a truly successful venture. Find your niche, or cast a wide net—the choice is yours.

If you're ready to take the leap into the world of event planning, don't hesitate. Use this guide as your springboard. With hard work, a little business savvy, and a genuine love for creating memorable moments, there's no limit to what you can achieve.

Up next, learn some best practices in event management to create scalable and successful event strategies for your business.

John Hunter

John is the Senior Manager of Event Cloud Content Marketing at Cvent. He has 11 years of experience writing about the meetings and events industry. John also has extensive copywriting experience across diverse industries, including broadcast television, retail advertising, associations, higher education, and corporate PR.

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The Ultimate Event Project Management Guide: Everything You Need to Know

In today’s competitive business environment, project management is more critical than ever. It provides a roadmap for strategic alignment, risk management, cost efficiency, and quality control. There are different types of project management frameworks. Here are some of them:

Waterfall is a sequential project management methodology in which tasks are completed in a pre-defined order. Each project phase must be completed before the next step can begin.

This makes it difficult to change the project once it has started. Waterfall is often used for projects with well-defined requirements and a low change risk.

Agile is an iterative and incremental project management methodology in which projects are broken down into smaller chunks called sprints. Teams work on each sprint in short bursts. The Agile framework allows for changing the requirements and incorporating feedback quickly.

Lean is a project management methodology that focuses on eliminating waste and streamlining processes. It is often used in software development, but it can also be applied to other types of projects. Lean is based on the following principles:

Identify and eliminate waste.
Focus on customer value.
Continuously improve processes.

Six Sigma is a data-driven project management methodology focusing on improving quality and reducing flaws. It is often used in manufacturing, but it can also be used in other industries. Six Sigma is based on the following principles:

Define the problem.
Measure the current process.
Analyze the data to identify the root cause of the problem.
Improve the operation to eliminate the root cause of the problem.
Control the process to ensure that the improvement is sustained.

Hybrid Methodologies

Hybrid methodologies combine elements of different traditional and modern methodologies to create a custom approach that meets the specific needs of a project or organization. For example, a hybrid methodology might combine the sequential approach of Waterfall with the iterative approach of Agile.

What is Event Project Management?

Event project management is the application of project management principles and techniques to event planning and execution. This includes defining project scope, setting and tracking objectives, creating a project plan, managing resources, and evaluating success. It involves coordinating every event detail, from the initial concept to the final wrap-up.

Event project management requires coordinating multiple internal and external teams, all working together to execute flawless events.

It’s worth noting that event project management is temporary in nature, as its ultimate goal is to develop well-established and automated workflows that can be used to scale. This means that professionals must constantly look for ways to streamline processes and improve efficiency.

Teamwork is another essential aspect of any event project management. Organizers must effectively collaborate with various stakeholders, including providers, vendors, agencies, industry influencers, speakers, and team members.

Ultimately, the success of any event project management hinges on the ability of professionals to coordinate and execute all of the moving parts seamlessly. By carefully planning and preparing, organizers can ensure that their events are executed flawlessly, living up to the expectations of all stakeholders involved.

When To Initiate Event Project Management?

Initiating event project management is a strategic decision. However, there are specific circumstances when initiating event project management becomes critical. These circumstances are often unique to the nature of the event or project. Let’s explore some of these scenarios:

Deploying a New Events Strategy

Event project management is required when designing a new events strategy. This process involves elements such as:

Identifying new opportunities within the retail landscape.
Analyzing customers’ expectations.
Understanding potential challenges unique to the industry.
Crafting a comprehensive plan tailored to execute the events strategy effectively.

Subsequently, these steps may translate into launching innovative in-store events, exclusive product launches, or online sales events. But only by initiating event project management will companies be able to align their efforts with their business goals, creating memorable customer experiences.

Launching a New Type of Event or Exceptionally Large Events

Introducing new event types or exceptionally large-scale retail events can pose specific challenges for enterprises and retailers. These might include grand seasonal sales, Black Friday extravaganzas, or store openings. A great example would be when Salomon, the innovative French sporting goods company, launched its infamous Salomon Experiences , for sports fans around the world, on its website .

Event project management becomes essential to oversee resources, ensure good execution, and deliver a positive experience to attendees. For retailers, this means creating an immersive retail environment that engages customers and maximizes sales opportunities.

Implementing New Event Management Software

Companies and retailers often rely on event management software to streamline operations, integrate multiple data points, and enhance customer experience. The implementation of new event management software introduces changes in processes and workflows.

To make this transition smoother, reduce potential operational glitches, and enhance overall efficiency, retailers should initiate event project management. By doing so, they can ensure that the event management software integration aligns with their specific needs.

As an example, Pierre Fabre implemented Eventtia as its group’s event software for 40 brands in 13 countries in 2018. To this day, more than 300 events, including corporate events, retail partners seminars and webinars.

Initiating the Collaboration with New Agencies and Suppliers

Event project management is invaluable for companies seeking to work with new event agencies, vendors, and suppliers. Collaborating with different partners often entails understanding new working styles, managing diverse expectations, and ensuring seamless communication throughout the supply chain.

By initiating event project management, retailers can facilitate better coordination, improve communication channels, and foster mutual understanding.

Running Events with New Partners, Industry Influencers, and KOLs

Hosting events with new partners, industry influencers, and Key Opinion Leaders (KOLs) can significantly impact brand visibility and customer engagement. Initiating event project management is essential to manage these collaborations effectively.

Companies and retailers can ensure that such partnerships are aligned with their brand identity, target audience, and business goals. This approach allows them to make the most of these influential partnerships, whether it’s through in-store appearances or joint event marketing initiatives.

For example, Campari Group is frequently organizing brand activation campaigns at some of the most popular music and art festivals, inviting famous artists and influencers.

Main Risks Of Overlooking Event Project Management

Failing to prioritize or inadequately manage event project management can result in detrimental consequences. These main risks are associated with overlooking or poorly executing such projects.

Here are some of them:

Unnecessary Stress and Tensions

Without the guiding framework of event project management, organizers and team members will experience unnecessary stress and tension. The lack of a structured plan for solving an existing challenge leads to chaos, miscommunication, and increased pressure on everyone involved.

Overspending

Without a well-structured event project management, financial resources can be misallocated or wasted. Overspending is a common consequence, as costs spiral out of control when there is no efficient management and event budget tracking.

Delays and Event Postponing

Events may face delays or even postponement due to inadequate project management, and this can have significant consequences for both organizers and participants. When there isn’t a well-defined plan and timeline in place, essential tasks that are crucial for the success of an event can easily fall behind schedule.

Attendee and Customer Disappointments

When events are not managed properly, the attendee or guest experience can suffer. This leads to a disappointing event experience, resulting in negative feedback, reduced attendance in future events, and a damaged reputation for the organizing company.

Overall Event Failure and Cancellation

The ultimate risk of overlooking or poorly executing event project management is the potential for event failure and, in some cases, event cancellation. This not only results in significant financial losses but also undermines the trust and confidence of stakeholders, making it challenging to organize future events.

These risks underscore the critical role that event project management plays in ensuring the success of events. To mitigate these risks and achieve successful events , careful planning, coordination, and execution are essential.

Event project management is not merely a luxury but a necessity to deliver memorable and seamless event experiences while safeguarding the reputation and financial stability of the organizing brand or company.

Stages of Event Management Project

To successfully execute event project management, it’s essential to follow a structured approach. This chapter outlines the stages involved in initiating and deploying successful event project management.

Stage 1. Problem Identification

In the initial phase of your event project management, it’s essential to understand the problem that your project aims to address. The problem identification stage sets the foundation for the entire project and ensures that your efforts are strategically aligned.

Begin by clearly defining the problem you are trying to solve. In this context, you may need to launch a new consumer engagement experience strategy that connects customers with your brand.

Alternatively, your challenge could be dissatisfaction with existing event management software providers. For example, they may fall short in accommodating specific requirements, such as extensive API integration for hosting events .

Note: For the sake of this article, we’ll focus on the specific challenge of selecting a new event management software provider. This challenge may emerge when your current event management platform fails to meet your organization’s evolving needs or isn’t capable of offering the necessary functionality for your events.

Stage 2. Ideation

Once you’ve identified the problem your event project management addresses, the next phase involves ideation. During this stage, your team engages in creative brainstorming and evaluates potential solutions to tackle the identified challenge effectively.

It’s crucial to consider a wide range of options, including both in-house and third-party solutions. Encourage open and creative thinking to generate a variety of ideas. These solutions could encompass changes in strategy, technology, or processes.

Stage 3. Solution Planning

Once you’ve conducted ideation and determined possible solutions for addressing the identified problem, the next crucial phase is solution planning. During this stage, you will develop a comprehensive plan for implementing the chosen solution.

Identify the best solution

In selecting a new event management software, this step involves pinpointing a specific solution, whether creating in-house tools, opting for a specialized platform such as online registration and ticketing , or researching all-in-one event management software .

Based on your evaluations, you will decide clearly about the solution that aligns most closely with your needs and objectives. For the sake of this article, we will assume your team chose an all-in-one event planning platform.

Building the project team

As you move forward with the implementation, you need to assemble a project team that will drive the process. You should define roles and responsibilities within your team. Typical roles may include a project manager, event director, UX/UI designer, IT director, and the financial team, each with specific responsibilities.

Determining the project’s Key Success Indicators (KPIs)

To ensure the project’s success, you must establish key performance indicators (KPIs) that will be tracked throughout the implementation.

For example, KPIs may include:

Monitoring the schedule’s main milestones.
Tracking budget spending.
Counting the number of users onboarded onto the new event management software.
Recording the number of customer support tickets raised.
Setting a timeline and phases

A clear timeline is essential for the project’s success. This involves setting specific deadlines for selecting the provider, negotiation, contract finalization, onboarding, and implementation in consecutive and growing phases. Both the timeline and the phases ensure that the project progresses in an organized and efficient manner.

Creating specifications for the solution

Develop clear and detailed specifications for the solution you’ve chosen. This could include aspects such as vendor location, size, and other characteristics that are critical to your organization’s needs.

For example, specify aspects like the vendor’s location, the size of their customer base, or their experience with similar clients. These specifications ensure that the selected provider aligns closely with your requirements.

Establishing the budget and timeline for the project

To ensure that the project remains financially viable, establish a budget and timeline for the entire process. For instance, clarify the pricing model for the event management software and allocate a budget for its implementation.

Define the timeframes for each project phase, such as the selection phase, negotiation and contract finalization, onboarding, and full implementation.

For example, you might set the budget for the event management software and break down the timeline as follows:

Selection: 2 months
Negotiation and contracts: 1 month
Onboarding: 1 month
Implementation: 6 months

This budget and timeline provide a structured framework for executing the solution effectively.

Stage 4. Solution Implementation

Now that the plan is in place, it’s time to put it into action. The solution implementation happens in several incremental phases. Thi is where you bring your carefully crafted plan to life. Here’s how you can do it:

Project Kickoff

The project kickoff is a critical step in ensuring everyone involved is on the same page and understands their roles and responsibilities.

Allocate necessary resources: Adequate resources are essential for successful implementation.
Provide access to required tools and resources: Verify that the project team has access to the necessary tools and resources needed to carry out their tasks effectively.
Host a kickoff meeting: Organize a kickoff meeting to mark the start of the project officially. During this meeting, outline the project’s objectives, timeline, roles, and responsibilities. This meeting serves as an opportunity to align all team members and set expectations for the project.
Solution Development

With the project officially underway, the solution development phase is where you collaborate with the chosen vendor to build and customize the selected solution based on the project specifications.

Actively work with the vendor: Engage closely to develop and customize the chosen solution. Continuously communicate your project specifications and requirements to ensure the solution aligns with your goals.
Run regular progress reviews: Regularly review the progress made in solution development. This step ensures that the project remains on track and aligned with the established project goals.
Quality Assurance (QA)

Quality assurance is a crucial step to guarantee that the developed solution meets your needs and functions without any issues.

Conduct thorough testing: Test the developed solution to identify and rectify any issues or bugs. Testing should encompass all aspects of the solution, from functionality to security and usability.
Ensure compliance with project requirements: Verify that the solution aligns with the requirements and maintains the established quality standards. It should meet all the specified criteria and expectations.
Documentation

Documentation is key for maintaining a record of the new solution and ensuring everyone knows how to use it effectively.

Create and maintain documentation: Generate comprehensive documentation for the new solution, including user guides, manuals, and best practices. These documents serve as valuable resources for the project team and end-users.
Archive project-related documents: It’s important to archive project-related documents and communications for future reference. This historical record can provide insights and context for future projects or troubleshooting.

Once the solution is fully developed and tested, the onboarding phase focuses on training the project team and end-users on how to use the solution effectively.

Train the project team and end users: Train the project team and the initial pool of end-users to ensure they are well-versed in using the new solution effectively.
Maximizing user comfort: The goal is to ensure everyone is comfortable with the system and can maximize its potential. Effective training ensures a smooth transition and optimal utilization of the solution.

By effectively managing project kickoff, solution development, quality assurance, documentation, and onboarding, you ensure a seamless transition and the best possible start for your new solution, in this case, event management software.

Stage 5. Go Live

The go-live phase is a significant milestone in the project, where the new event management software is officially deployed for regular use. This phase is crucial for ensuring a successful transition and ongoing operations, and it’s important not to undervalue its importance. Here are the steps you should consider:

Official deployment: This is the moment when the new solution is officially rolled out for regular use. A dedicated team is often responsible for this deployment to ensure it proceeds smoothly.
Phased deployment: To minimize potential disruptions, it is often advisable to deploy the solution in phases. Start with a smaller group of users or a limited scope before gradually expanding to a wider audience. This phased approach allows for a more controlled implementation and can help identify and address issues before they affect the entire user base.
Investing in user support: As the new solution goes live, it’s essential to invest in user support heavily. This may involve collaboration with the event management software provider to provide comprehensive support to end-users. User support is critical for addressing any immediate questions, concerns, or issues users may encounter during the transition.
Monitoring and issue resolution: Continuously monitor the performance of the new solution after deployment. Be prepared to address any immediate issues or questions that arise. Prompt issue resolution and effective support during this phase are essential to maintain user confidence and ensure a smooth transition to the new solution.

The go-live phase is a critical point in the project where the real-world use of the solution begins. It’s important to approach this phase with thorough planning, strong support, and the flexibility to address any unexpected challenges.

Stage 6. Post-Implementation Review

After the new solution has been in use for a period of time, it’s essential to conduct a post-implementation review to assess its success and gather valuable insights for future improvements.

Here’s how you can do it:

Conducting a review meeting: Organize a review meeting where relevant stakeholders can assess the success of the solution’s implementation. This meeting provides an opportunity to evaluate whether the solution meets its intended goals and objectives.
Gathering feedback and lessons learned: During the review, gather feedback from end-users, project team members, and other relevant parties. This feedback should encompass both positive experiences and areas that may need improvement. Additionally, collect and document the lessons learned from the implementation process.

To keep improving your solutions, do a thorough review after each implementation. This will help you find new ways to succeed.

Stage 7. Scaling to the Whole Company, Affiliates, and Partners

Once the new solution has proven its success and stability, consider scaling its usage to a broader audience, such as the entire company, multiple brands, affiliates, or partners.

Planning for scaling: Develop a plan for scaling up the solution’s use. This plan should include a roadmap for extending the solution’s reach to various groups or entities within the organization.
Implementation for a wider audience: Extend the solution to the broader audience according to the established plan. This may involve adapting the solution to the specific needs and requirements of each group or brand, ensuring a smooth transition for all stakeholders.
Continuous monitoring and improvement: As you scale the solution, continue to monitor its performance and gather feedback. Be open to making necessary adjustments and improvements based on the unique requirements of different user groups. This iterative approach ensures that the solution remains effective and evolves to meet changing needs.

Scaling the solution to the whole company, multiple brands, affiliates, and partners is an exciting phase that signifies the successful adoption of the new solution.

It also underscores the importance of ongoing monitoring, adaptability, and continuous improvement to ensure the solution delivers value to a wider audience.

Case Study: Pernod Ricard

Pernod Ricard, the world’s second-largest wine and spirit Group, offers an excellent example of how effective event project management can be.

The Group’s event team faced the challenge of swiftly developing a robust B2B event management platform to drive brand visibility and revenue. Their goal was clear – ensure robustness and scalability to support their global presence spanning 240 brands.

In their pursuit of excellence, Pernod Ricard initiated event project management for identifying a reliable event management software provider. As a result, the Pernod Ricard team recognized Eventtia as the best event management software in the industry.

Eventtia’s event management platform provided the foundation for success, offering key solutions to overcome the challenges:

Robust and Scalable Solution: Eventtia’s platform not only met the stringent timelines but also ensured high levels of robustness and scalability. This event project management software supported Pernod Ricard’s ambitious deployment plan.
Seamless User Experience and Brand Identity: Eventtia’s capabilities seamlessly integrate into Pernod Ricard’s vision of delivering a cross-channel user experience.

As a result, Pernod Ricard’s IT team was able to integrate, test, and deploy the event activity on join-SIP.com in just a few days through Eventtia’s API documentation and with very little support from Eventtia’s technical team.

The Group harnessed Eventtia’s event management platform and API services to create event processes for various stakeholders:

Guests and Attendees: Guests and attendees effortlessly discovered and registered for events. The software facilitated communication with automated, branded emails and QR codes, while post-event satisfaction surveys captured vital feedback.
Event Organizers: Eventtia’s web portal empowered event organizers with the tools needed for event project management. They could efficiently create and manage events, track attendee registrations, and ensure guest attendance through a mobile check-in app. The integrated satisfaction surveys gathered post-event insights.
Administrators: Event project management was made more efficient with Eventtia’s back-office platform. Administrators could manage users and oversee platform activity with ease.

The exceptional speed and efficiency with which Pernod Ricard’s event project management team integrated, tested, and deployed the event activity on Join-SIP.com was a testament to Eventtia’s capabilities.

Key Takeaways

Event project management is essential for achieving specific objectives, strategic alignment, risk management, cost efficiency, and quality control in today’s competitive business environment.
Event project management applies project management principles and techniques to the planning and execution of events, encompassing project scope, objectives, planning, resource management, and success evaluation.
Effective event project management requires careful coordination of multiple internal and external teams to execute flawless events, emphasizing streamlined processes and enhanced efficiency.
Initiate event project management when deploying a new events strategy, launching new event types, implementing event management software, collaborating with new agencies and suppliers, or partnering with industry influencers and KOLs.
Overlooking or inadequately managing event project management can lead to unnecessary stress, overspending, event delays, attendee and customer disappointments, and overall event failure.
To successfully execute event project management, follow a structured approach that includes problem identification, ideation, solution planning, solution implementation, quality assurance, documentation, and onboarding.
The go-live phase is a significant milestone, where the new solution is officially deployed for regular use, requiring dedicated teams, phased deployment, investment in user support, and continuous monitoring.
Post-implementation reviews are essential to assess the success of the solution’s implementation and gather feedback and lessons learned for future improvements.
Scaling the solution to the whole company, multiple brands, affiliates, and partners is an exciting phase that requires careful planning, implementation, and continuous monitoring for success.
Case studies of Pernod Ricard illustrates how event project management can effectively address challenges and optimize event processes, ultimately achieving success in diverse event scenarios.

Need help organizing and managing recurring events at your company? Discover the ultimate event planning template used by some of the most successful brands in the world.

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An event manager’s guide to corporate event planning

What is corporate event planning, corporate events by size, corporate events by type, the challenges of corporate event planning.

The 5C’s of corporate event planning
6 steps for seamless corporate events

Corporate event planning: A checklist for success

To educate : employees or the public about new initiatives and offerings
To reward : staff for their contribution to the company’s growth and success
To celebrate : milestones with clients, employees, and other members
To announce : organizational changes and potential impacts
To facilitate : collaboration and networking among different business teams

1. Small events

Lunch : depending on your needs, this could be ordering food or bringing in a caterer
Transport : you need to ensure attendees are able to get to and from the event, especially when entertaining external stakeholders
Refreshments : keep everyone hydrated and alert throughout the day
Online registration : make sure attendees can easily access event information, such as timings and location
Breakout sessions : you’ll need to organize space–be it online or in-person—to host breakout sessions
Audio-visual facilities : find a space that can accommodate your tech needs for presentations and speakers
Main stage itinerary planning : enable attendees to keep track of the main events, such as speaker timings and Q&As

2. Midsize events

Pre-event orientation : get everyone settled with event onboarding and orientation
Post-event entertainment : corporate events are often a mix of business and pleasure—ensure guests are kept entertained throughout their time at your event
Pre-event communications: whether this is with sponsors or attendees, you want a way to communicate event-related changes and updates quickly and easily
Hotel accommodation and transport: if you’ve got guests coming from far and wide, you’ll need to organize accommodation and event transport
Event mobile app : an event application enables you to keep guests informed on any updates, and manage guest lists and ticketing.

3. Large events

Speaker management: effectively find, book, and manage keynote speakers for your corporate event
Delegate management: keep stakeholders happy by providing a top-notch experience to delegates
Event registration: for big events, you’ll need a streamlined way to accept and manage event registration
Staffing: you’ll need to keep a close eye on your staffing capabilities to ensure you’re never run off your feet
Flight and hotel room reservations: big events can often mean reserving full hotel floors for the expected guests. You need a way to manage these bookings and ensure a smooth experience.
Trade shows: reinforce a company’s image as an industry leader and help them generate leads. Trade shows are a great way to gather key players in your industry to discuss industry trends and figures.
Product launches: release new products to create buzz among customers and the media. A great example of this is Apple Events, where the company gathers industry leaders and press to learn about new products and features.
Appreciation events: celebrate employees with events to motivate and appreciate employees
Team-building events: organize indoor and outdoor activities to boost employee confidence and morale. This can be a large offsite event or a smaller on-site team-building session.
Seminars and conferences : invite speakers to enhance employees’ or internal stakeholders’ knowledge on specific topics. This can be a great way to engage employees around a certain topic.
Board and shareholder meetings: bring together board members and shareholders to review business performance and make crucial decisions. A professional event helps reassure your higher-ups that everything’s running smoothly.
Organizational milestone celebrations: celebrate major milestones or anniversaries, such as financial accomplishments and company milestones. For example, you might want to celebrate ten years of your company’s existence with a fancy event for all stakeholders.

Understaffed events

Sticking to your event budget, event budgeting made easy, finding the right venue.

Location: can attendees conveniently reach the venue? Is it accessible for all employees?
Availability: is the venue available on the dates you’re planning? Can it be booked for the entirety of your event?
Capacity: will the venue fit the number of attendees you’re expecting?
Budget: does the venue cost fit your event budget? Do they offer any special rates for large-scale events?
Safety and security: does the venue maintain standard safety and security protocols? Will guests be safe during the event?
Prepare a list of venues once you understand what type of event you’re looking to host, and what type of venue you need to do it. Consider what other events venues have hosted, and what attendees have to say about the experience.
Write requests for proposals (RFPs) based on your understanding of event objectives and requirements. Don’t forget to add budget requirements and RFP submission deadlines. You can also use a venue sourcing tool to filter venues and send them RFP requests one by one. You’ll get lots more information directly from the source than you will online. Plus, venues want your business—they might offer additional services to win you over.
Evaluate RFPs based on how well they meet your requirements. Consider venue layouts and venue managers’ responsiveness, too. If some venues take weeks to reply, you’ll likely also encounter communication issues further down the line.

TravelPerk's Meetings & Events team can help you book venues and get exclusive discounts on group travel

Attendee engagement and communication.

Organize plenary sessions with engaging speakers to ensure delegate participation and high attendee engagement. You can also arrange table discussions or real-time Q&As to keep attendees involved in the event.
Create interactive content for conference breakouts with targeted and interactive content to help keep everyone on their toes.
Create networking opportunities to make sure there are enough ways for attendees to connect. Connecting with others in their field is a top benefit for employees when it comes to corporate events.

The 5C’s of corporate event management

Concept: make sure you’ve got clear event objectives to ensure both stakeholders and the event planning team have a good idea of what’s going on
Coordination: consider how you’ll plan your event, including logistics, strategy, plans, and budget. Event planning requires precise plans and coordinated efforts, so starting sooner rather than later is a must.
Control: assign roles to the members of your team to ensure all bases are covered. Establish a hierarchy for approval—event management software can speed this process up and simply assign responsibilities.
Culmination: all your hard work leading up to the event day is worth nothing if you’re unable to execute your plans. Ensure everything's in place for a seamless event when the day arrives.
Closing: measure your event success to improve on future event planning. Consider aspects such as attendee engagement, attendee satisfaction, and event KPIs for measuring event success.

Corporate event management best practices: 6 steps for seamless corporate events

1. outline event objectives.

Research the target audience and understand what they want from events
Decide whether you want to educate, motivate, or inspire with your content
Have a clear purpose to align your event with organizational objectives from the outset
Zero in on the metrics that you want to measure for determining event success

2. Set your event budget

Make a list of everything you’ll need throughout the event lifecycle to estimate event expenses, including taxes and overheads
Research event budget costs for estimated pricing close to the actual cost
Look back on previous events for an idea of costs

3. Develop an event marketing plan

What are the demographic trends of your attendees?
What social media channels do they use?
Which digital touchpoints are necessary for reaching them?
Does the event solve a specific problem?
When are your attendees usually online?

4. Consider sponsors and how you’ll find them

Identify a list of target sponsors capable of providing the resources you need
Align sponsor interest with event objectives to gain interest
Create different sponsorship levels to cater to sponsors of all sizes

5. Monitor attendee experience

Drive audience engagement with interactive maps, quizzes, feedback surveys, polls, and other forms of gamification
Use mobile apps to send last-minute event change notifications or discounts
Allow attendees to personalize schedules and attend different networking sessions

6. Post-event engagement strategies

Create a post-event survey: to measure attendee satisfaction and offer an incentive to increase participation
Set up a follow-up networking event: to create a community and facilitate conversations among returning guests
Create text and video blogs: to repurpose valuable conference content. You’ve likely gathered ample information, both from speakers and attendees.
Send a thank you gift: to appreciate attendees’ time and participation. This can also be a great way to promote sponsors and satisfy agreements.
Host a social media contest: to generate buzz and get more user-generated content by getting attendees to share their experiences
Offer discounts and deals: to promote products in the days following your event, when attendees are most engaged
Develop event objectives that align with organizational goals
Develop and stick to a corporate event budget that accounts for all aspects of your event
Source venues months in advance to secure your ideal location
Talk with sponsors about how you can work together on your corporate events
Consider food and beverage, transport, and accommodation for attendees. If this requires making arrangements with third parties, make sure to do so in advance.
Organize a multichannel approach to event marketing materials
Use an app or website to communicate event details with attendees
Gather post-event data through surveys, follow-up calls, and social media activity
Manage invites: invite attendees and track their responses and the status of their bookings
Keep everyone in the loop: share trip details like attendee names, logistics, agendas, and everything needed for the event to run smoothly
Every detail matters: keep attendees and participants updated with real-time information and changes to the plan
Visibility and tracking: view attendees’ travel plans, including arrival and departure times and accommodation details

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More From Forbes

The role of effective vendor management in the supply chain.

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CEO, National Retail Solutions (NRS) . POS, NRS Digital Media, NRS Pay, NRS Funding, NRS Purple, and NRS Petro: Helping retailers succeed.

Recently, the world watched as the container ship MV Dali collided with the Francis Scott Key Bridge in Baltimore Harbor. The incident sent shockwaves through global supply chains, once again highlighting the fragility of our interconnected world. The bridge, once a conduit for commerce, became a symbol of vulnerability.

The collision closed the Port of Baltimore, stranding numerous ships and forcing the rerouting of shipments to other ports. It added to increased costs, delays and further strain on an already stressed global supply chain. Like a house of cards, we've seen repeatedly how one mishap can trigger a domino effect and disrupt the flow of goods and services.

While the shipping industry adapted by utilizing alternative ports, I think the collision emphasizes the importance of building resilience in our supply chains and the pivotal role that effective vendor management can play in mitigating such disruptions.

The Jenga Tower Of Global Commerce

Imagine a meticulously planned Jenga tower representing global commerce. Each block symbolizes a different link in the supply chain: Raw material extraction, manufacturing, transportation, distribution and retail. The tower stands tall, a testament to human ingenuity and coordination. However, it's also precariously balanced, susceptible to a multitude of risks:

• A sudden gust of wind (like the pandemic): The Covid-19 pandemic swept through this metaphorical tower of global commerce, knocking out blocks like international travel and labor availability. Factories shut down, shipping containers piled up in ports and supermarket shelves grew bare.

• A tremor in the earth (like geopolitical tension): Trade wars and sanctions can rumble through the tower, destabilizing blocks representing key trading partners. Tariffs rise, borders tighten and the flow of goods slows to a trickle.

• A lightning strike (like cyberattacks): When hackers infiltrate the tower's digital infrastructure, they compromise logistics systems and hold sensitive data hostage. Shipments are misdirected, production grinds to a halt and the entire system teeters on the brink of collapse.

• A torrential downpour (like extreme weather): Floods and hurricanes can also batter the tower, washing away blocks representing critical infrastructure like ports and transportation hubs. Shipments are delayed, crops are ruined and shortages can ripple through the supply chain.

This multi-faceted Jenga tower analogy illustrates the interconnectedness and vulnerability of modern supply chains. A single disruptive event, or a combination of several, can send shockwaves throughout the system, causing delays, shortages and economic losses. The complexity that makes these supply chains so efficient also makes them incredibly fragile.

Vendor Management In Supply Chain Resilience

How can businesses build resilience into their supply chains in the face of such unpredictability? I believe the answer lies in a seemingly mundane yet critical function: Effective vendor management. This unsung hero of supply chain resilience is the glue that holds the Jenga tower together.

Effective vendor management is more than just negotiating contracts and chasing cost savings. It's about forging strategic partnerships, aligning interests and building a network of reliable suppliers who share your commitment to quality, sustainability and risk mitigation. It's about having a Plan B, C and D for when Plan A inevitably goes awry.

Effective vendor management is about setting clear expectations, communicating openly and working together to resolve issues before they escalate into full-blown crises. It's about knowing your partner's strengths and weaknesses and having a contingency plan for when they inevitably drop the ball (because, let's face it, they likely will).

Strategies For Building A Vendor Management Fortress

So, how do you build a vendor management fortress that can withstand the storms of disruption? Here are a few strategies to consider:

1. Diversification

It goes without saying, but don't put all your eggs in one basket. Spread your risk by working with multiple vendors for critical components or services. This reduces your reliance on any single seller, ensuring you have others to fall back on if one fails.

2. Technology

In the early days of my company, we quickly realized the challenges of managing a growing network of vendors across our supply chain. We lacked the visibility and control we needed to proactively address potential disruptions.

This realization led us to develop a centralized platform that streamlined supplier interactions. From this experience, I discovered the critical importance of technology in enhancing efficiency and ensuring effective supply chain management. When looking to incorporate technological strategies to help strengthen your supply chain resilience, look specifically to consolidate vendor information, automate purchase orders, track shipments and monitor performance metrics.

Rather than simply responding to problems as they arise, you want to find ways to anticipate and prevent issues like bottlenecks and delays. Ultimately, I find that the strategic use of technology can empower your businesses to be more agile and responsive in a complex supply chain environment.

Related to technology, data analytics can be used to gain insights into vendor performance, predict potential disruptions, and make informed decisions. Key metrics to employ include on-time delivery rates, quality scores, lead times and responsiveness to assess vendor performance.

4. Communication

Open and transparent communication is the foundation of strong vendor relationships. You can foster this through regular check-ins across channels and proactively sharing information and performance metrics. I also think it's important to prioritize associates who treat you as a true partner—an invaluable factor in navigating supply chain challenges.

5. Continuous Improvement

Regularly evaluate your vendor relationships and performance to identify areas for improvement and optimize your supply chain over time. This is where communication comes in again, and I find that successful collaboration is essential in addressing performance gaps and opportunities for innovation.

The Future Of Supply Chain Resilience

Building a resilient supply chain is not a one-time project; it's an ongoing journey of continuous improvement and adaptation. By investing in strategies toward effective vendor management, businesses can strengthen their supply chains, mitigate risks and ensure the smooth flow of goods and services—even in the face of unforeseen challenges.

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17 Team-Building Activities for In-Person, Remote, and Hybrid Teams

Rebecca Knight

Employees with strong relationships at work are more creative, collaborative, and likely to stay with their organization.

Managers sometimes turn to team-building activities to build connections between colleagues. But which activities and practices would work best for your team? And how can you put them into action most effectively? In this article, the author offers advice and recommendations from three experts. Their activity suggestions are intended to inspire ideas that you can then tailor to your team’s size, sensibilities, and circumstances. These activities don’t need to be extravagant or overly structured — what matters is being intentional about making team building happen. Stay attentive to your team members’ needs, involve colleagues in planning, and show sincere interest in getting to know them. By doing so, you’ll help build a positive, inclusive team culture that tackles loneliness and helps everyone succeed together.

In the era of remote work and scattered teams, managers face a key challenge: fostering connections among employees, no matter where they happen to be located.

RK Rebecca Knight is a journalist who writes about all things related to the changing nature of careers and the workplace. Her essays and reported stories have been featured in The Boston Globe, Business Insider, The New York Times, BBC, and The Christian Science Monitor. She was shortlisted as a Reuters Institute Fellow at Oxford University in 2023. Earlier in her career, she spent a decade as an editor and reporter at the Financial Times in New York, London, and Boston.

By public transport

By suburban train from Leningradskii station to Khimki station or Levoberegnaya platform (a district on the left bank of Moscow channel).

A lot of buses and marshrutkas run from Rechnoy Vokzal metro station, at the north end of the Green Line. You can also reach Khimki by marshrutka, bus or trolleybus from Planernaya metro station.

The most comfortable way to explore the city is to bike or take a car .

Student-focused events welcome new, returning Bulldogs to campus this month

Contact: Carl Smith

STARKVILLE, Miss.—Mississippi State is welcoming new and returning Bulldogs to campus this month with a variety of student-focused events ahead of the fall semester.

A sign greets students during MVNU2MSU 2023.

From move-in days to community-building activities, MSU is supporting the new freshman class and transfer students as they acclimate to their new home and returning undergraduates and graduate students as they resume their studies.

“The beginning of a new academic year at Mississippi State is always filled with anticipation and enthusiasm. This fall, we are especially eager to welcome our incoming students and their families into the Bulldog community,” said Regina Hyatt, vice president for Student Affairs. “We have so many opportunities for students to get involved, from student organizations to campus events, all designed to foster connections and support their academic journey. We look forward to supporting the growth and success of our students as they become part of the Bulldog family.”

Upcoming student events include:

Students participate in New Maroon Camp 2023 outdoor events.

— New Maroon Camp, Aug. 11-15. Approximately 2,200 students—a new participation record—will attend New Maroon Camp 2024, the 10th annual installment of the student-led retreat that prepares new Bulldogs as they transition to MSU. For five days, student-counselors will introduce freshmen and transfers to the university by teaching them its history and traditions while showing off important campus locations. A second camp exclusively for transfer students—the first of its kind offered by the university—is scheduled for Aug. 19-20. For more information, visit www.newmaroon.msstate.edu or follow @newmarooncamp on Instagram.

— Panhellenic Sorority Recruitment, Aug. 15-19. Those who preregistered will participate in Fall Panhellenic Recruitment, which provides the opportunity to discover lifelong friendships and engage in meaningful experiences that will create lasting memories. Follow @msu_panhellenic on social media for more information or visit www.greeks.msstate.edu .

— Dawg Days, Aug. 16-25. The 19th annual Dawg Days features a plethora of entertainment—from trivia and game nights to free food and giveaways—and informative social mixers for students. For a complete list of Dawg Days events, visit https://msstate.campuslabs.com/engage/events?categories=13834 .

MSU President Mark E. Keenum takes a selfie with a parent during MVNU2MSU 2023.

— MVNU2MSU (Movin’ You to MSU), Aug. 17. MVNU2MSU, or Movin’ You to MSU, is the university’s official residence hall move-in day. Students who signed up for move-in time slots in July will check in at Humphrey Coliseum, the Animal and Dairy Sciences Building or the Poultry Science Building before proceeding to their assigned residence halls. Visit https://www.housing.msstate.edu/move-in for more information about MVNU2MSU, including tips for checking in, what to bring and other ways to make move-in day a seamless transition to campus.

— Student Success Kickoff Carnival, Aug. 20, noon-2 p.m., Old Main Academic Center. Hosted by MSU’s Center for Academic Excellence, this event offers incoming freshmen tips for success before classes start. Topics include the Duo login system, Eduroam, Banner and class schedules, and representatives from various campus organizations and departments will provide information. Carnival food and prize giveaways will be available to attendees.

— First day of classes, Aug. 21. Students can reference map.msstate.edu as they navigate the university’s bustling campus on the first day of the fall semester.

— IFC Fraternity Recruitment, Aug. 23-27. IFC fraternity recruitment is for those looking for a way to get plugged into a community at MSU, create lifelong relationships and develop a support network during their time at the university and beyond. Registration is open at www.greeks.msstate.edu until Aug. 27. Follow @msstateifc on social media for more information or visit www.greeks.msstate.edu .

— NPHC and MGC Going Greek 101, Aug. 25., 5 p.m., Bill R. Foster Ballroom in Colvard Student Union. Going Greek 101, the informational session for students interested in joining a National Pan-Hellenic chapter or Multicultural Greek Council chapter, gives prospective new members an opportunity to learn about brotherhood/sisterhood, scholarship and service opportunities offered through the NPHC and MGC chapters at MSU. For more information, follow @nphc_msstate and @msstate_mgc or visit www.greeks.msstate.edu .

— Fall Convocation, Aug. 27, 6 p.m., Humphrey Coliseum. Whitney Lipscomb, deputy attorney general with the Office of the Mississippi Attorney General, will give the keynote address during this annual event celebrating the new academic year. Doors open at 5:30 p.m., and clear bags are encouraged.

— Cowbell Yell, Aug. 30, The Junction. To celebrate the launch of football season, this pep rally brings together fans as coaches, players, spirit groups, the Famous Maroon Band and special guests gear up the Maroon and White spirit. Organizers will announce the time of Cowbell Yell closer to the event. Visit www.hailstate.com for updates and more information.

Additional campus activities throughout the semester give students many options for getting involved, enhancing academic experiences and enjoying entertainment. Football games, tailgating and Bulldog Bash—Mississippi’s largest free outdoor concert—are among student favorites during the fall, but other chances to engage with the Bulldog family are ongoing. MSU’s calendar of events, academic calendar and other important dates may be found online at www.msstate.edu/calendars , and students can link up with campus organizations, discover events and track their involvement through Cowbell Connect at https://msstate.campuslabs.com/engage . The Division of Student Affairs is available at www.saffairs.msstate.edu .

Mississippi State University is taking care of what matters. Learn more at www.msstate.edu .

Wednesday, August 7, 2024 - 1:51 pm

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U.S. Stock Market Sees Biggest Daily Drop in Nearly 2 Years

U.S. stocks tumbled after markets, rattled by reports of a slowing American economy, recorded heavy declines in Asia and Europe.

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S&P 500

The New York Times

Here’s what to know about the market meltdown.

Stocks on Wall Street suffered their sharpest decline in nearly two years on Monday, tracking a global rout that came as investors zeroed in on signs of a slowing American economy.

Monday’s drop extended a sell-off that had begun last week, after the U.S. jobs report on Friday that showed significantly slower hiring, with unemployment rising to its highest level in nearly three years. This deepened fears that the world’s largest economy could be slowing sharply and that the Federal Reserve may have waited too long to cut interest rates.

The decline was exacerbated by other factors , including concerns that technology stocks had run up too far too fast, and that a suddenly strengthening yen would hurt the prospects of Japanese companies and some global traders.

U.S. markets. The S&P 500 fell about 3 percent , its worst decline since September 2022. The technology heavy Nasdaq composite dropped 3.4 percent.

Tech stocks. A number of big technology stocks — which have sway over the broad market because of their size — were sharply lower again on Monday. Nvidia dropped more than 6 percent, Apple Amazon and Alphabet all fell more than 4 percent.

Fed rates. Based on the weakness in the U.S. jobs report, Goldman Sachs said in a note that it now expected the Fed to cut rates at its next three meetings — in September, November and December — a more aggressive timetable for cuts than the investment bank had previously expected. At their meeting last week, Fed officials held interest rates at a two-decade high, where they have remained for a year.

Economic data. Investors were presented with some upbeat data on Monday. The Institute for Supply Management’s report on services came in at 51.4 percent, indicating that purchasing managers see business expanding, after June’s more downbeat number.

Global markets. Japan’s Nikkei 225 index dropped 12.4 percent, its biggest one-day decline, larger than the plunge during the Black Monday crash in October 1987. At one point, the plunge in Japanese and Korean stocks tripped a “circuit breaker” mechanism that halts trading to allow markets to digest large fluctuations. The Pan-European Stoxx index fell 1.5 percent, rallying from a large fall earlier in the day, as every major market on the continent recorded declines.

What should you do? In times of market turmoil, there is often an urge to sell. But there is no reason to think that you can predict what will happen in the markets in the next few hours or in the near future. It’s better not to try .

Danielle Kaye

The S&P 500 fell 3 percent, its worst day since September 2022. This drop brings the index down 8.5 percent from an all-time peak in July – but it’s still up 8.7 percent in 2024 overall.

Lydia DePillis

In another bit of reassuring data, the Fed’s Senior Loan Officer Opinion Survey on bank lending practices reported stable demand for commercial and industrial loans, even in the face of tighter standards. Demand for real estate loans continued to weaken, however.

The S&P 500 is currently down 2.44 percent. If it were to close at that level, it would be the biggest daily drop since December 2022 – even steeper than two weeks ago, when the index took a major hit from disappointing Alphabet and Tesla earnings reports. But there’s still plenty of time before the market closes in about two hours.

Jeanna Smialek

It’s worth noting that while some commentators make the point that stock sell-offs can trickle out to slow the real economy, Fed officials generally take the view that the sell-offs need to last for a while to do so.

“It’s worth just remembering that that the Fed’s job is to act in a steady manner based on the totality of the data, not to overindex on what the market wants today,” Chicago Fed President Austan Goolsbee told me earlier.

Talmon Joseph Smith

The Sahm Rule points to a recession. Here’s what the rule maker thinks.

A key driver of recent market anxiety has been a turning point in employment data that has historically been a recession warning: the Sahm Rule.

Conceived in 2019 by the former Fed economist Claudia Sahm , the “rule” shows that the U.S. economy has been in the early innings of a recession whenever the unemployment rate’s three-month moving average (which smooths out data volatility) exceeds the lowest three-month moving average of the past year by half a percentage point or more. U.S. unemployment is 0.53 percent higher than that trough, based on the July employment report issued on Friday.

The unemployment rate remains low but has slowly risen for four consecutive months. And this labor market slowdown, to an extent, was welcomed by the Federal Reserve, which has kept interest rates high to cool the economy and rid it of the elevated inflation that remains. (Inflation is now half a percentage point above its 2 percent target, according to the Fed’s preferred gauge.) But markets now fully expect that Fed policymakers will ease credit conditions, by cutting interest rates at their next meeting in September.

The question and concern, partly expressed in the market sell-off, is whether that will be too late to avoid a recession — a contraction of economic output.

“Given everything we know, or that we think we know, the United States is not in a recession,” Ms. Sahm said in an interview on Monday. “But the risk of going into a recession in, say, in the next three to six months? Those have really gone up.”

Ms. Sahm said her recession indicator “was designed thinking of fiscal policy” and meant to give Congress an early heads-up about when to use its spending power to intervene and counteract economic deceleration.

But “in some sense,” she added, “the Sahm Rule may now be giving the signal the Fed needs” during this business cycle.

The Sahm Rule communicates a clear empirical pattern: Normally, once the unemployment rate rises substantially, it lurches upward. But for the sake of workers’ employment prospects, Ms. Sahm doesn’t want it to portend a downturn this time. And she pointed to “very good reasons” that her rule “could falter in this cycle” — namely “big disruptions in the labor force with the pandemic.”

“We have millions of people drop out of the labor force suddenly, and then we went into labor shortages, and we’re scrambling for workers, and that pushes the unemployment rate down,” she said, describing the pandemic lockdowns and recovery. “And now, in recent years, we’ve had a big influx in immigration, and you’ve got a weakening demand of workers versus an increasing supply of workers.”

Some economists say the rise in the unemployment rate and consequent triggering of the Sahm Rule may have been skewed by the impact of Hurricane Beryl on Texas, despite a note from the Bureau of Labor Statistics that the storm “had no discernible effect” on the jobs data.

And while there were some signs of weakness before Friday — like an increase in delinquent payments among lower-income households — the most recent snapshots of the economy have been good, even great by historical standards.

In the most recent quarter, productivity increased at a thumping 2.7 percent from a year earlier , corporate profits continued to grow and overall economic growth clocked in at a better-than-expected 2.8 percent annual rate.

And yet that’s the very nature of turning points: Whenever they occur, the last bits of backward-looking data before the turn tend to look bright.

“I think some of the market reaction is asking, ‘Where are we headed?’ not ‘Where are we?’” Ms. Sahm said.

Greg Daco, chief economist at the accounting firm EY, thinks the market panic is “disproportionate.” “This seems like an overreaction, especially given the limited economic data and Fed communication expected this week,” he wrote in a note to clients, mentioning several healthy indicators.

In fact, Mr. Daco said, the downturn itself could be a danger, rather than economic fundamentals. “The primary concern remains the breadth and depth of the market selloff and its potential to tighten financial conditions, subsequently impacting the private sector and leading to economic retrenchment,” he wrote.

Even if the market reaction seems unmoored from the totality of the economic data, a collective stampede can tip off a recession if it snowballs into the real economy. This was a concern even in 2019 , when labor market conditions looked very good, and continued into 2022 , as the Fed rapidly raised rates.

Thousands of users have reported online brokerage outages as stocks tumbled.

Online stock trading platforms, including Fidelity Investments and Charles Schwab, said users had trouble logging into their accounts on Monday morning, preventing some investors from making trades amid a panic sell-off that reverberated around the world.

More than 15,000 Schwab clients, as well as 3,700 users of Fidelity and 2,800 of Vanguard, had complained about access issues by midmorning, according to Downdetector, a website that tracks outages. Account holders at the popular trading platforms E-Trade and Robinhood also reported issues.

Some Schwab clients had trouble logging onto its platforms because of an unspecified technical issue, the trading platform confirmed in a post on X .

Complaints dipped significantly by late morning as the brokerages started to restore access. By noon, there were fewer than 500 complaints from Schwab users, Downdetector reported, based on its own data and user reports on social media. In response to complaints from customers on X , Fidelity posted around 11 a.m. that the issue had been resolved.

But frustration lingered among clients who were unable to immediately move their assets when markets opened. In early trading on Monday, the S&P 500 fell more than 4 percent , while the technology-heavy Nasdaq composite dropped nearly 6 percent.

David Fonseca, a Fidelity account holder in Knoxville, Tenn., said he had hoped to sell some of his stock options as soon as the market opened Monday morning, but he couldn’t load anything on his accounts for several minutes. Once he eventually gained limited access, he tried to sell but was blocked.

“It was kind of nerve-racking to see things moving when I wanted to sell,” Mr. Fonseca said. “I felt really, really nervous.”

Shwab, Vanguard and Fidelity didn’t immediately respond to requests for comment on the cause of the disruptions.

Austan Goolsbee, the president of the Federal Reserve Bank of Chicago, just told me: “We’ve got to be monitoring the real side of the economy: There’s nothing in the Fed’s mandate that’s about making sure the stock market is comfortable.”

I asked Goolsbee if he thought an inter-meeting Fed rate cut was possible, and he said that the question was about something that was not in his “wheelhouse.” But when I asked him to clarify a comment he made on CNBC this morning that the Fed could “fix it” if conditions deteriorated, he said that he was talking about the Fed’s dual mandate goals — employment and inflation — and not about the stock market.

“Our job is to act, the market’s job is to react to things, and they react on a timetable that’s different from the F.O.M.C. timetable,” Goolsbee told me, referring to the Federal Open Market Committee, the Fed's rate-setting body.

Eshe Nelson

The FTSE 100, Britain’s benchmark index, fell just over 2 percent, its worst day since July 2023. The FTSE 250, which is considered to be a better gauge of the country’s economy because it’s made up of more domestic companies, closed down by 2.8 percent.

It’s also worth noting that while some commentators make the point that stock sell-offs can trickle out to slow the real economy, Fed officials generally take the view that the sell-offs need to last for a while to do so.

The S&P has fallen dramatically in the last few days but is still up roughly 9 percent for the year. At its peak on July 16th, it was up 19 percent.

Jim Tankersley

The next month in the economy could be crucial for the presidential election.

It didn’t take long for former President Donald J. Trump to make a political weapon out of Monday’s market sell-off. “Stock markets are crashing, jobs numbers are terrible, we are heading to World War III, and we have two of the most incompetent ‘leaders’ in history,” Mr. Trump wrote in a post on Truth Social. “This is not good.”

The post underscored Mr. Trump’s longstanding fixation on stock indexes as a barometer of economic health. It also reinforced the degree to which economic messaging — and the health of the economy itself — will play a key role in the sprint finish ahead of the presidential vote in November.

American voters consistently tell pollsters that the economy and consumer prices are the most important issues facing the country. The former president and his presumptive Democratic opponent, Vice President Kamala Harris, are seeking to sell voters on diametrically opposite stories about the economy’s health.

Mr. Trump wants voters to believe the economy is on the brink of catastrophe, and that Ms. Harris and President Biden are to blame. He has joined a chorus of negativity that has in some ways worked: Polls have consistently shown that a majority of Americans believe the economy is in recession, even though economic statistics suggest it is not. Economic growth was surprisingly strong in the first half of the year. Job growth has remained relatively strong, even with the slowdown in job creation in July.

“This moment could set off a real economic calamity around the globe,” Senator JD Vance of Ohio, Mr. Trump’s running mate, posted on X on Monday. “It requires steady leadership — the kind President Trump delivered for four years.”

(Mr. Trump’s presidency included a rapid descent into a pandemic recession in 2020, including a steep drop in the stock market that was followed by a rebound that summer.)

Ms. Harris has stressed economic optimism in speeches. “We believe in a future that keeps America’s economy the strongest in the world,” she said in Houston this month. “Where every person has the opportunity to build a business, to own a home, to build intergenerational wealth.”

Unexpected events, like a prolonged market downturn or a new set of encouraging economic stats, could sway some voters’ economic perceptions before the election.

So could the Federal Reserve. If officials at the central bank cut interest rates in September, they could help to push down borrowing costs for Americans buying homes, cars and other big-ticket items on credit — a move that White House economists have long believed could help reinforce the idea that inflation is under control and the outlook for consumers is improving. That could help Ms. Harris.

But many Democrats worry that the Fed, by holding rates steady last month, may have hurt Ms. Harris — by opening the door for the market sell-off, which appears to be driven in part by investors’ fears that Fed officials waited too long to start cutting rates.

Joe Rennison

There has been some moderation in the sell-off in the U.S. with the S&P 500 now down 2.5 percent, having opened almost 4 percent lower. Government bond yields have also retraced some of their move but have still fallen sharply over the past week.

Last week, before the U.S. jobs report and concerns about U.S. growth rattled markets, the Bank of England cut interest rates for the first time in more than four years. Policymakers lowered rates by a quarter point but warned that future cuts would only come slowly as most members of the rate-setting committee remain concerned that Britain hasn’t completely stamped out inflationary pressures.

Wall Street’s “fear gauge,” the VIX volatility index, surged on Monday, reaching its highest level since the onset of the pandemic. The index measures how much investors think stocks will swing over the next month: The sharp rise is a sign that there is a lot of worry, even as some investors have sought to calm the current sense of panic.

Today’s market turmoil is fueling a big question: Did the Fed wait too long to lower interest rates and squander a soft landing in the process?

“There are no mulligans in monetary policy, unfortunately, but we’ll probably look back and say — yes, they waited too long,” Michael Feroli from J.P. Morgan told me earlier.

That said, it’s early days. Friday’s jobs report showed some worrying signs, but some of that could have been weather weirdness. Consumer spending data have been OK. Overall growth data is slow to adjust at inflection points, but it has held up. For now, the picture is of a slowing economy, not a tanking one.

David Yaffe-Bellany

Bitcoin and other cryptocurrencies plunge, mirroring global markets.

The prices of Bitcoin and other major cryptocurrencies plunged over the last two days, mirroring the volatility in global stock markets and ending a run of growth and excitement in the crypto industry.

Bitcoin’s price has dropped about 12 percent since Sunday, falling to roughly $53,000. The price of Ether, the second most valuable cryptocurrency, was down nearly 20 percent over the same period.

The precipitous falls show that digital currencies, once envisioned as an alternate asset class that would be shielded from gyrations in the world economy, remain vulnerable to the same broader economic forces that affect technology stocks and risky investments. And the panic is a reminder that Bitcoin and other cryptocurrencies are highly volatile, prone to dramatic increases and decreases in value.

Just a few days ago, the crypto industry was flying high. In January, the approval of a new financial product tied to the price of Bitcoin prompted a market surge that propelled Bitcoin to its highest-ever price. The excitement even led to a wave of new memecoins , the digital currencies tied to internet jokes.

That enthusiasm came to an end on Sunday, as global markets plunged. The panic was caused by several factors, including a slowdown in U.S. job creation and concerns that tech stocks had increased too quickly.

As the price of Bitcoin cratered, investors shared despondent memes on X, while industry leaders tried to reassure crypto fans that the market would rebound.

“Yikes,” Cameron Winklevoss, one of the founders of the crypto exchange Gemini, wrote on X on Sunday. And then a few minutes later: “Everything is fine.”

Tripp Mickle

Apple shares fell more than 5 percent on Monday after Warren Buffett’s Berkshire Hathaway reported that it had sold nearly half its stake in the tech giant. Berkshire first invested in Apple in 2016 and accumulated a nearly 6 percent stake that was worth more than $150 billion. Over the past eight years, Apple’s stock has risen or fallen based on whether or not Berkshire bought or sold shares of the company.

Alan Rappeport

While Trump is talking up the “Kamala Crash” today, he was taking a much different approach in February 2020 when the the stock market crashed on his watch due to pandemic fears. At that time, his advisers urged investors to “buy the dip,” and he suggested on social media, “Stock Market starting to look very good to me!”

Melissa Eddy

Many economists had the impression that a correction was in the cards, said Klaus-Jürgen Gern, a researcher with the Kiel Institute for the World Economy. “Various factors are coming together in a way that is triggering very strong reactions,” he said. “I do believe that a correction is now taking place.”

”The danger is that some of the fears that may have triggered this slide coincide with this considerable increase in tension in the Middle East, which then also raises concerns about a new external shock that could then hit the global economy as a whole,” he added.

It’s especially wild given the relative recency of that negative data. Employment growth was surprisingly robust up until July. The relatively weak report last month — 114,000 jobs and a jump in the unemployment rate to 4.3 percent — contained some indications that tumultuous weather might have been at play.

Meanwhile, rate cut chatter has already been pulling mortgage interest rates down. Freddie Mac reported last week that mortgage rates — which began their rise to over 7 percent in late 2021 — fell to the lowest level since this past February.

Advice: When the stock market drops, stay calm and do nothing.

Think of what’s happening in the stock market as a kind of fire drill. As we all know from childhood, one of the primary rules is not to panic. And in this case, panicking would mean selling stocks when the market is falling.

You run drills to stay sharp, but we haven’t had much experience with the S&P 500 stock index falling by more than 3 percent in a single day. According to Howard Silverblatt of S&P Dow Jones Indices, the last time it happened was Sept. 13, 2022.

Given that it’s been a nearly two-year stretch, we can excuse ourselves for getting a bit sloppy. So many people got nervous and ran to check or trade investments Monday morning, and many of them had trouble logging into brokerage firm websites and apps including those of Charles Schwab, Fidelity and Vanguard.

But really, why sell at a moment like this? It’s not a rhetorical question, so let’s try to answer it.

Selling is smart if you know that the stock market is about to fall by a lot and stay down for a long time. Most people don’t know, however, and those who got it right in 2022 or 2020 or 2008 or 2000 or 1987 may not know the difference between the skill they think they have and the luck that probably helped them back then.

Many of the people who traded furiously on Monday are professional investors of various sorts — or the robots they programmed to automatically sell when this or that indicator flashes yellow or red. But here’s a dirty little secret about, say, hedge funds: All of their trading in reaction to world events doesn’t lead most of them to do better than sticking money in an index fund that tracks the stock market. Mutual fund managers don’t do much better .

If you need money soon that you have invested — say, for a down payment or college tuition — this is probably a scary moment, and selling might make sense. But if you are frightened, remember the feeling. Going forward, perhaps any money you might need quickly should not be in the stock market at all.

Much of the money you have in stocks is probably for retirement. Chances are, you won’t need it for many years or even decades.

While it would be a neat trick to move all of your money to cash when the market is falling and then buy stocks again when the stock market has bottomed out, the bottom is often the time when investors are most scared. Most people can’t call a stock market bottom in the first place, let alone get up enough courage to bet all of their cash on that call.

Still, rational thinking often eludes us in moments like this, and fear is nothing to be ashamed of. Here are a few things that may make you feel a little better.

First, consider the early days of the pandemic, when stocks fell by more than a quarter in the space of a month or so. Who would have thought that within a year, market gains off the bottom of the market would wipe out those losses and then some? But that’s what happened.

Now, consider other future facts that remain elusive: We don’t know who will be the next president of the United States, or what kind of hurricane season it will be. Try, if at all possible, to revel in the wonders of an unpredictable world and consider the possibility that good news can happen and the markets can react accordingly, even if we can’t predict most of it.

Second, look at the performance of your investment portfolio over the last year or three or 10. Chances are, you’ve made a lot of money if you’ve invested regularly and then left things alone. Nice going! Try to think about those enormous gains and not any smaller paper losses from today’s drop.

Now, consider what would have happened if you’d sold all your stocks in 2020 when the pandemic was at its scariest. The S&P 500 has more than doubled since then.

Finally, and as ever, you are not the stock market. If you have, say, one-third of your savings in cash, bonds or real estate, your overall paper losses in your investment portfolio are less than whatever Monday’s stock market losses end up being. Cash, after all, did not melt down.

Moreover, you are the sum of many large parts, including home equity and future salary, not to mention the immeasurably high returns that come from friends and family and playing outside and taking in art.

Go fly a kite or wander among beautiful buildings and check in with the market again tomorrow.

Nvidia tumbles after reports of a chip delay.

Nvidia shares tumbled more than 10 percent in early trading on Monday after reports that the company would delay shipments of its newest artificial intelligence chip, but the stock later rebounded as investors’ concerns about the costs of the delay faded.

The Information, a tech news outlet, reported on Friday that Nvidia would be shipping its latest graphics processing unit, or GPU, which make it possible to create A.I. systems, three months later than planned. Nvidia said in a statement that production for the chip, which is called Blackwell, was on track for later this year and added that customer orders and interest were high.

Stacy Rasgon, an analyst with Bernstein who follows Nvidia, said there was no need to panic because cloud computing companies such as Microsoft and Amazon were continuing to increase their spending on A.I. data centers. That expansion means that Nvidia chips will be in demand, he said.

“Nvidia’s competitive window is so large right now that we don’t think a three-month delay will cause significant share shifts,” Mr. Rasgon said.

Nvidia has been one of the hottest stocks in technology, fueled by the frenzy over A.I. The company’s market value has increased to $2.43 trillion from $1 trillion a year ago, making it more valuable than Alphabet and Amazon. But its rise has been marked by volatility, as investors waffle between enthusiasm and skepticism about the potential for A.I. to generate new business.

Productivity gains were robust, corporate profits continued to grow and overall economic growth clocked in at a better-than-expected 2.8% annual rate last quarter. And yet that’s the very nature of turning points, whenever they occur, the last bits of backward-looking data tend to look bright.

T here have been some warning signs – an increase in delinquencies among lower-income households and a steadily rising unemployment throughout the year. And yet, as Lydia points out, the most recent snapshots of the economy have been good, great even.

Traders wonder if the Fed could make an emergency rate cut as markets tumble.

As turmoil swept through global financial markets on Monday, fueled by concerns that the economy is headed for a hard landing, investors began to speculate that the Federal Reserve could jump in to cushion the fallout with an emergency interest rate cut.

But a market sell-off is unlikely to prod the Fed to lower rates before its Sept. 18 meeting, especially at a time when economic data have yet to show conclusively that the economy is entering a recession.

The latest jobs report does leave officials with worrying evidence that the job market is slowing. But it was just one month of data, and it came at a time when consumer spending is holding up. Given that — and given how high the bar is for the Fed to cut rates outside of regularly scheduled meetings — Fed officials and careful Fed watchers suggested that the jump in unemployment and the sell-off in stocks were unlikely to be enough to spur an emergency inter-meeting move.

“We’ve got to be monitoring the real side of the economy: There’s nothing in the Fed’s mandate that’s about making sure the stock market is comfortable,” Austan Goolsbee, president of the Federal Reserve Bank of Chicago, said in an interview on Monday afternoon.

The Fed calls unscheduled meetings to adjust interest its policy stance only in extreme situations. The most recent instance happened on March 15, 2020, when central bankers slashed borrowing costs to near zero as the onset of the coronavirus pandemic sent panic coursing across global markets and caused a widespread breakdown in how markets functioned.

Monday’s sell-off was far less drastic than that moment. Investors dumped stocks because they have become nervous that the economy might fall into a recession after a few weak economic data releases in the United States, including a jobs report last Friday that showed unemployment rising. But even as they sank, markets continued to trade in an orderly fashion.

Still, the sell-off was a symptom of a problem that Fed officials are watching cautiously. Joblessness rarely rises sharply outside of an economic downturn, making last week’s employment report concerning.

The data have fueled serious concerns that Fed officials have fallen behind on adjusting their policy stance. Central bankers have held interest rates at 5.3 percent for a full year, a relatively high setting that is making it expensive to borrow to buy a home or expand a business. The risk is that Fed policymakers might have choked off demand too much for too long, causing a slowdown in the labor market that will begin to snowball into wider economic pain.

“We’ve now confirmed that the labor market is slowing, and it’s extremely important that we not let it slow so much that it tips itself into a downturn,” Mary C. Daly, president of the Federal Reserve Bank of San Francisco, said on Monday evening. She added that it was not yet clear just how serious the labor market slowdown would prove.

While a rate cut at the Fed’s September meeting was widely expected even before the employment report last week, traders now see a large reduction of half a percentage point or more — bigger than the quarter-point moves that the Fed tends to announce during normal times.

“People always ask how much — is it 25, is it 50, is it three meetings in a row, is it every other meeting?” Ms. Daly said. The Fed’s policy-setting committee is “prepared to do what the economy needs when we are clear what that is,” she said, “and there’s many more pieces of information that come out between now and when we next meet, and we’ll use all of that information.”

Her comment was important for two reasons: It made it clear that a larger-than-normal rate increase is possible next month. But it also threw cold water on the idea that the Fed might cut interest rates before its scheduled meeting, as some investors guessed on Monday that it might.

Several longtime Fed watchers pointed out that the central bank tends to make emergency moves between meetings only when there is a risk that markets are going to stop functioning properly, not just because stock prices are falling.

“I think what you generally find is that they tend to happen in periods of credit market disruption and financial system freezing up — right now, markets are having not a good day, but I think it’s orderly,” said Michael Feroli, chief U.S. economist at J.P. Morgan.

Mr. Goolsbee, from the Chicago Fed, said the idea of an inter-meeting rate cut was “outside of” his “wheelhouse,” but also emphasized that the stock market was overreacting to “one data point.”

Mr. Goolsbee also noted that jobs numbers come with a margin of error — the numbers can jump around for quirky reasons, and they get revised — and suggested that it was too early to draw firm conclusions from July’s report.

But both he and a wide array of economists have been watching other data as they begin to show signs that the economy is beginning to weaken.

Jobless claims have moved higher. Manufacturing activity is showing evidence of a cool-down. And while growth and consumer spending have held up so far, those tend to be slow to adjust at the start of economic pullbacks.

Given the mounting evidence that the economy might be on the cusp of softening, there is a risk that it will look in hindsight like the Fed waited too long to begin reducing rates.

Although officials discussed cutting borrowing costs at their meeting last week, they held off, choosing to wait for some final confirming evidence that inflation is fully under control, hopeful that the economy was strong enough for them to take their time.

That timing proved to be unfortunate. In the two days immediately after policymakers made that decision, reports showed a pop in jobless claims and a jump in the unemployment rate. Officials would not have had the employment report in hand as they were making the decision.

“There are no mulligans in monetary policy, unfortunately, but we’ll probably look back and say, yes, they waited too long,” Mr. Feroli said. “In real time, it didn’t seem obvious.”

Here’s some brighter, just-released data: The Institute for Supply Management’s report on services came in at 51.4 percent, indicating that purchasing managers see business expanding, after June’s more downbeat number.

The concerns about the health of the U.S. economy come as it has been a driver of global growth in the last year, regularly outperforming forecasts of economists at the International Monetary Fund. However, the I.M.F. did warn in a brief update to its outlook last month that the U.S. economy was showing some signs of cooling, and it lowered its growth outlook due to weakening in the labor market and softer consumer spending.

While there are strong reasons for the sell-off erupting around the world today, from Japan surprising investors by raising its own interest rates last week to the weak jobs report on Friday, there are also more technical factors at play.

August is a notoriously quiet month for trading, and because there are fewer trades happening, it is easier for markets to be pulled around by big changes in sentiment among those that are still active.

There are also a number of market players that are more systematic in the way they buy and sell stocks, meaning sharp changes in prices can ripple through markets, and even be exacerbated, as algorithms quickly respond.

IMAGES

Unit 38 Business Event Management Assignment
Unit 4 Assignment ment 2 Event Management
21640 Event Management Assignment 2021
Introduction to event management
Report unit 11
Event management assignment.pdf

COMMENTS

Level 3 business Unit 4 Assignment 3
Unit 4: Managing an Event. Assignment Title: Staging an Event and reflecting on its Success. Learning Aim; D: stage and manage a business or social enterprise event. Learning Aim; E: Reflect on the running of the event and evaluate own skills development. Introduction.
Introduction to Events Management
This course introduces the fundamentals of event management, including planning, coordination, venue selection, marketing, logistics, and design. Emphasizing a hands-on approach, it equips learners with the skills necessary to execute successful events. What's included. 12 videos 4 readings 1 assignment 2 discussion prompts.
Unit 4: Managing an Event
Unit 4: Managing an Event Assignment 1. 4/ A explain the role and skills required to be an effective events planner. Introduction. In order to succeed in event management, it is important to have the certain skills and abilities for it to beat the highly competitive environment.
Event Creators: How to Start an Event Management Business
Identify potential risks and opportunities. In your plan, illustrate your event's financial potential and plan the resources and operating structure you'll need to deliver. If you plan to get business loans or sponsorships, you can prove your new business is worth investing in. 5. Complete all the necessary paperwork.
15 Different Types of Events in Event Management (Categories, Examples
AFFiNE emerges as the unrivaled leader in the realm of event management tools, offering an unparalleled solution for orchestrating seamless and successful events. With its comprehensive set of features and user-friendly interface, AFFiNE caters to the diverse needs of event planners, ensuring every aspect is meticulously addressed.. Streamlining Projects Through Powerful Templates
How to Plan an Event: Event Planning Steps, Tips & Checklist
Let's break down the other components of setting up an event. They're summarized below: Event timeline: First, establish a timeline for your event. This timeline should include pre-event planning, event execution and post-event activities. Budget: Estimate your event costs and create a budget.
EVENT MANAGEMENT ASSIGNMENT
INTRODUCTION. Event management is that the application of project management to the creation and development of. tiny or large-scale personal or company events like festivals, conferences, ceremonies, weddings, formal parties, concerts, or conventions. It involves finding out the whole, distinctive its target.
Unit 4 Assignment 1
Broad knowledge of events management. Broad knowledge of events management. Unit 4 - Managing an Event Assignment 1 instructions that are listened to and carried out effectively and correctly. Having good. leadership will also make communication easier between team members boosting. morale in the team and making it easier to hit deadlines ...
How to Start an Event Planning Business
Event planning involves managing the details of large or small events, including meetings, conferences, or parties. This business is typically utilized for: Large educational meetings, such as graduations or conferences. Major promotions, including marketing events, product launches, and fashion shows. Corporate events, like after-work cocktail ...
The Ultimate Event Project Management Guide: Everything You Need to
Event project management is essential for achieving specific objectives, strategic alignment, risk management, cost efficiency, and quality control in today's competitive business environment. Event project management applies project management principles and techniques to the planning and execution of events, encompassing project scope ...
Business Event Management Assignment
Business Event Management Assignment. Business Event Management. 1.1 Carry out an identified event and provide the time scale of the completion of all the factors needed for the event. - First a preplanned meeting should take place amongst the people in which the agenda should be discussed. How they are going to organize the event.
An event manager's guide to corporate event planning
2. Set your event budget. Budgeting is one of the top challenges of planning and executing events. It's essential to map event costs beforehand to ensure you don't overspend. Here are some event budgeting best practices to create a successful corporate event.
Business Event Management assignment 1 (docx)
1.0 Introduction New product launches, incentive programs, corporate conferences, and trade shows are modern business events. This study will focus on the complex corporate event management industry and its social, economic, and technological difficulties. This scientific inquiry relies on the interconnected network because every business ...
Business Event Management: Assignment
This document is about assignment for business event management. It includes the different aspects that should be covered in the assignment and how to go about it.
Business Events Management assignment 1.docx
Assignmnet_1 Student ID 10500355 Introduction Business events are considered to be a public or private gathering of at least fifteen people having a common occupation or interest organized at a specific venue or location by a particular enterprise. The business events are categorized based on different criteria such as sponsored events, sporting events, festival offers, buyer-seller meet, or ...
How To Perform Effective Risk Management During Event Planning
However, unmitigated risks can lead to logistical nightmares, damaged brand reputation, financial losses and harm to staff and attendees. Consider the Woodstock '99 music festival in Rome, New ...
Khimki
One story of events asserts a skirmish took place in Khimki on 16 October at the Leningradskoe Shosse bridge involving a German motorcycle unit, [10] but this would have been far from the main body of German forces at that time. Another account is a patrol reached Khimki around 30 November or early December before returning to its main unit ...
Unit 4 assignment 2 business 2020/21 Managing an event
Unit 4 Assignment 2 Managing an event. P3 Investigate the staging of several events to determine common success factors. In this assignment, I will present three successful events which were extremely successful in both popularity and profit and therefore present and lay out my plan for the event.
The Role Of Effective Vendor Management In The Supply Chain
A single disruptive event, or a combination of several, can send shockwaves throughout the system, causing delays, shortages and economic losses. The complexity that makes these supply chains so ...
17 Team-Building Activities for In-Person, Remote, and Hybrid Teams
Read more on Managing employees or related topics Motivating people, Management and Managing people. RK Rebecca Knight is a journalist who writes about all things related to the changing nature of ...
Khimki
The Moskva-Volga Canal was constructed between 1932 and 1937 on which the city of Khimki lies on the west bank of the Moscow Saint Petersburg highway. Khimki was founded in 1939. Khimki was located at the Moscow - St. Petersburg railway northwest of Moscow. Khimki was incorporated in 1939, grewing from a small nucleus of summer cottages (dachi).
Khimki Map
Khimki. Khimki is a mid-sized city in North Moscow Oblast, adjacent to Moscow, with a prominent historical role in the Soviet aerospace industry, some very large upscale shopping malls, and fast-growing residential districts for Muscovite commuters. Photo: Alexander0807, Public domain. Ukraine is facing shortages in its brave fight to survive.
Khimki
Khimki is part of the Moscow conurbation, on the banks of the Moscow channel and the Klyazma river, and one of the highest density rate in the region.. Before the city, there were several noble lands, which villages are still exist. During the late 19th century, the site of Khimki station became (and remains) the place of Muscovite dachas. Khimki was granted city status, and the Stariye Khimki ...
Event management individual assignment
FACULTY OF BUSINESS AND FINANCE ACADEMIC YEAR 2021/ 2022 MAY 2021 TRIMESTER. UBTM2023 EVENT MANAGEMENT. INDIVIDUAL ASSIGNMENT (80 MARKS) Course Details. Faculty: Faculty of Business and Finance Tutor's Name: Ms. Yip Yen San. Assignment Detail Event Title : GoGo Super Voice 2020. Due Date : WEEK 8, 22nd July 2021 (Thursday), by 5.
Student-focused events welcome new, returning Bulldogs to campus this
Mississippi State is welcoming new and returning Bulldogs to campus this month with a variety of student-focused events ahead of the fall semester. ... MSU staff members graduate from College Business Management Institute . July 31, 2024. Rodenmeyer joins MSU Office of Research and Economic Development as senior communications manager. July 29 ...
U.S. Stock Market Sees Biggest Daily Drop in Nearly 2 Years
Here's some brighter, just-released data: The Institute for Supply Management's report on services came in at 51.4 percent, indicating that purchasing managers see business expanding, after ...