In order to analyze, which measures provide beneficial results or appear no to be cost-effective, it is essential to conduct the economic evaluation. In addition, it is vital to prove the effectiveness of the methods, applied in the past, as their outcome may not be sustainable (Marconatto et al., 2016; McKinley, 2019). In addition, the fact that new problems may appear should be taken into consideration. The solutions, which have been implemented previously, are highly likely not to work for the new problems in the physical, social, and economic contexts (McKinley, 2019). Therefore, rigorous and standardized economic evaluation of events is a necessary prerequisite in the process of developing sustainable events.
This approach is helpful for analyzing a range of challenges, which are crucial for sustainable development. For instance, it involves economic growth, market-state balance, macroeconomic stability, changes in the economic climate, and other issues (Thomas, 2019). Evaluations may provide a comprehensive analysis of the economic growth effectiveness and efficiency (Thomas, 2019). This appears to be extremely beneficial in the condition of economic crises, as it is possible to predict the negative impact of such circumstances (Thomas, 2019; Dwyer et al., 2015). This insight allows to respond to the problem correctly, minimizing the losses and supplying development in case it is possible.
Another issue, which is important for developing sustainable events, implies new tendencies in the market. Occasionally, it is risky to adhere to them, as they are not proven enough for guaranteeing a positive outcome in the long run (McKinley, 2019). Consequently, economic evaluation is useful for conducting an analysis of the new implementations and predicting the results (Dwyer et al., 2015). Thus, rigorous and standardized economic evaluation of events is helpful for addressing numerous issues. Therefore, it contributes to preventing the losses and adhering to sustainable development in the long term.
Reference List
Dwyer, L., Jago, L. and Forsyth, P. (2015) ‘Economic evaluation of special events: Reconciling economic impact and cost–benefit analysis’, Scandinavian Journal of Hospitality and Tourism.
Marconatto, D. A. B., Barin-Cruz, L., Pozzebon, M. and Poitras, J.-E. (2016) ‘Developing sustainable business models within BOP contexts: mobilizing native capability to cope with government programs’, Journal of Cleaner Production, 129, pp. 735-748.
McKinley, S. (2019) ‘New sustainable event management (2019 edition): A free to better green meetings’, Event Manager. Web.
Thomas, V. and Chindarkar, N. (2019) Economic evaluation of sustainable development. Singapore: Palgrave Macmillan.