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10 Ways to improve risk management

10 Ways to improve risk management | Sports Facility Management Magazine | Scoop.it

Why do risk management implementations and functions often fail to deliver what is expected? And what causes senior management to feel that its investments in risk management systems are not delivering the expected returns? Many factors, potentially, are to blame, stemming from various parts of the organization and its systems. But most often, the culprits come down to a handful of common dysfunctions.

Ten key practices, in particular, are regularly neglected in organizations across industries and geographies, and in both large and small business settings. Successfully addressing these areas can help enhance the organization’s ability to deal with the uncertain future, improve decision-making, and increase the reliability of periodic forecasts. Accordingly, these measures will augment the “predictive power” of the organization, resulting in greater stakeholder confidence. Understanding the pitfalls, and recommending solutions to them, can provide a solid basis for helping to improve risk management in the organization. FOLLOW THE LINK


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ALPHEUSC's curator insight, May 25, 2013 8:07 PM

Risk management should always be established when conducting sporting events.

Kristen Towns's curator insight, September 22, 2013 8:26 PM

Risk Management is always a big thing as a manager. I don't know how many times a week we are being talked to about risk management but it is for a reason as it is really important.

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Sport Facility Management: Organizing Events and Mitigating Risks ...

Sport Facility Management: Organizing Events and Mitigating Risks (Sport Leisure Industries) – This fully revised and expanded second edition is an ideal text for students in sport facility and event management courses as ...

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NBA Ticket Presales | The Business of Sports

NBA Ticket Presales | The Business of Sports | Sports Facility Management Magazine | Scoop.it
Here is a sampling of the email creative being used to help drive what for most teams is their biggest single game ticket sales day of the year. Note – many of these emails also came with supporting text to provide details not ...
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Risky Marlins | Man, Economy & Sport

Subsidy creates moral hazard. This also applies to sports. Stadium subsidies are often talked about in terms of “economic development,” but really it's a case of paying bad managers to produce even more bad management.

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Should Sports Teams Receive Tax Breaks?

Should Sports Teams Receive Tax Breaks? | Sports Facility Management Magazine | Scoop.it
Here are some of the costs, pros and cons of sports teams receiving tax breaks. 

 

In a very general sense, the question of tax breaks for sports teams falls under the category of whether or not subsidies are desirable. From an economic perspective on subsidies, some could say that almost all of them create suboptimal outcomes. This is because under normal market conditions market forces move automatically towards allocative efficiency. Subsidies distort the ability of markets to correctly allocate resources because they provide an incentive to continue the subsidized behavior, even when it is not profitable or productive to do so.

 

Why Subsidies Are Useful
The counterargument is that subsidies are useful for this very reason. They allow government to shape economic outcomes toward desired policy objectives. For example, the money used to fund alternative energy sources. So although the subsidy is creating a less than optimal use of resources, people believe that is balanced by the development of technology that might not have otherwise been built until much later, if at all. Another reason people champion subsidies is to protect jobs or create growth. However, the job market is subject to the same economic forces as any other. By creating subsidies in unproductive industries people remain in jobs that are also unproductive; this makes society worse off. In the case of sports teams, the most commonly cited reason for subsidies is that it creates jobs and improves revenues. Yet there have been studies that conclude that this is not always the case.

 

Not All Need Tax Breaks
Most sports teams are actually quite profitable and do not actually require tax breaks to remain competitive. Examples of the types of subsidies sports teams regularly enjoy include: tax-deductible ticket sales (including on luxury suites), reduction of taxes on revenue via direct tax credits and sweet-heart deals on new facilities. What this means is that corporations, and even individuals, can deduct a portion of what they spend on tickets in a similar manner as donating to a charity. In the case of new stadiums, the burden of building and operating arenas gets pushed onto the taxpayer while owners reap the related revenues. Unfortunately, due to the secretive nature of professional teams, most financial information is inaccessible thus preventing the public from accurately gauging the level of financial support these franchises receive.

 

However, let us be fair and consider the case where sports teams are legitimately struggling and only government aid can keep them afloat. This hearkens back to the beginning of this piece and the discussion on whether or not it is believed that subsidies are useful. Insofar as civic pride is concerned, maybe it is considered appropriate to prop up a flailing team. People have an emotional connection to their sports teams. They buy tickets to games, purchase merchandise and follow every story about their chosen champions. Despite this, only a very small portion of the population (20%) thinks that tax breaks for sports teams is good policy.

 

The intuition for this is that if a sports team is failing it is because it is poorly run and is spending itself into a hole, or the fans do not support it with enough revenue to continue. Either way, this is not an enterprise that should be having public money thrown at it. Perhaps the largest segment of government support goes toward the construction of stadiums. Fancy new stadiums attract fans and sports teams alike.

 

Cities often will use the promise of a new stadium to entice teams to relocate. Is this a good investment on behalf of the public? Almost all economists and independent development specialists conclude that the rate of return on these projects is less than what could be had on alternative projects, with some sports contracts failing significantly. Further, those cities that invested heavily in sports stadiums have experienced, on average, slower income growth compared to their peers who chose otherwise.

 

The Bottom Line
There is no silver lining. The public does not support deluxe treatments for sports teams in the form of tax breaks, the data does not support tax breaks for sports teams and commonly accepted economic theory does not support tax breaks for sports teams either. This leaves fans and citizens paying double as both their taxes and discretionary income go towards profitable franchises instead of schools and roads. The only people who benefit from such activity are those who own, operate and work for sports franchises. As Norman Braman, former owner of the NFL's Philadelphia Eagles, put it: "the taxpayers are a bunch of suckers."


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Vinnie's curator insight, February 17, 2015 9:08 PM

Basic breakdown of public subsidy benefits for sports teams.

Bryant Tucker's curator insight, July 24, 2016 6:10 PM
This is a great article that gives an understanding of both the good and bad of the tax breaks, as well as the notion that some teams are very profitable and could afford their own building efforts.
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How To Become A Successful Event Organizer

How To Become A Successful Event Organizer | Sports Facility Management Magazine | Scoop.it

In recent years, the competition in the event planning industry has increased due to the rising demands from the corporate and private sectors. However, you can always use your abilities, expertise and experience to thrive in such a competitive environment. Successful event organizers never fear the competition; instead, they focus on ways to improve their skills. With experience, you can polish your event management skills and gain the creativity required to prosper in this career.


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Tom Fair's curator insight, May 19, 2013 3:37 PM

This is the 50,000-foot overview, discussing personal qualities needed for event organizers.

ALPHEUSC's curator insight, May 25, 2013 8:08 PM

Research information is very helpful when learning new topics.

Kristen Towns's curator insight, September 22, 2013 8:25 PM

Some great input that I think I would use if I went into the managing aspect.

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Concessions - Healthier Concessions Menus Present New Booster Club Challenges

Concessions - Healthier Concessions Menus Present New Booster Club Challenges | Sports Facility Management Magazine | Scoop.it
Fans attending high school football games this fall in Portland, Maine, were in for a surprise — especially the ones craving a tray of warm nachos and a cold Mountain Dew.

Via Erika J. Reddick
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Jaclyn Mickelson's curator insight, September 22, 2013 3:52 PM

Portland is ahead of the power curve on this hot topic, and there is no doubt that revenue is not the only thing that should be of concern to the Booster Club.  Longevity and being healthy should be prioritized over money, and Federal grants attempting to fight obesity will continue to add to the overall budget of the school and compensate for what was lost by not selling unhealthy choices. 

Jonathan Griffith's comment, September 22, 2013 6:25 PM
With obesity such a concern, especially in today's adolescent population, it makes sense to implement these replacements. I believe a better option would be to still include the fan favorites while also offering an additional selection of healthy alternatives.
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Stadium Brings Joy, But Subsidies are the Real Issue | Group Think | BillMoyers.com

Stadium Brings Joy, But Subsidies are the Real Issue | Group Think | BillMoyers.com | Sports Facility Management Magazine | Scoop.it
The loss of Seattle’s professional basketball team, the SuperSonics, has left a number of their prior fans in a funk that has not receded in time. They
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Jason Harrison's curator insight, January 26, 2014 7:05 PM

A look at subsidies from someone who experienced the loss of a team and the fight to build a new stadium to attract a new one.

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Shocker: Taxpayers May Have To Bail Out Vikings Stadium Building Plan

Shocker: Taxpayers May Have To Bail Out Vikings Stadium Building Plan | Sports Facility Management Magazine | Scoop.it

Subsidies for professional sports venues has to be one of the most ludicrous things in politics. Professional sports are hugely profitable enterprises, where the teams are owned by billionaires and staffed with millionaires,.......

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Erika Scott's comment, March 24, 2013 10:54 AM
This article mentions how a "scheme" to fund the Vikings' stadium fell through and now the Minnesota taxpayers will have to "bail out" the stadium. It is interesting because the scheme that fell through is one that was not mentioned in our textbook.
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Porto posts £20m profit as tax amnesty takes effect in Portugal - Inside World Football

Porto posts £20m profit as tax amnesty takes effect in Portugal - Inside World Football | Sports Facility Management Magazine | Scoop.it
Portuguese giants FC Porto have turned in a chunky €20.3 million profit for the 2012/2013 season. The profit came against a loss of €35.7 million in the previous campaign and despite a 39% slump in ticket revenue.

Via John Beech
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