Online from: 2010
Subject Area: Tourism and Hospitality
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|Title:||Testing the accuracy of event economic impact forecasts|
|Author(s):||Girish M. Ramchandani, (Sport Industry Research Centre, Sheffield Hallam University, Sheffield, UK), Richard J. Coleman, (Sport Industry Research Centre, Sheffield Hallam University, Sheffield, UK)|
|Citation:||Girish M. Ramchandani, Richard J. Coleman, (2012) "Testing the accuracy of event economic impact forecasts", International Journal of Event and Festival Management, Vol. 3 Iss: 2, pp.188 - 200|
|Keywords:||Challenges, Consultation, Creativity, Expenditure, Financial forecasting, Innovation, Recession, Sporting events, Stakeholders, United Kingdom|
|Article type:||Research paper|
|DOI:||10.1108/17582951211229726 (Permanent URL)|
|Publisher:||Emerald Group Publishing Limited|
Purpose – The purpose of this paper is to examine the findings from
Design/methodology/approach – A direct expenditure forecast for each event was derived based on analysis of event documentation and informed assumptions applied from previous studies. Subsequently, a comprehensive study was undertaken involving primary data collection and associated desk research.
Findings – Of the forecasts, three were inflated and three were conservative relative to the
Research limitations/implications – Neither input-output nor computable general equilibrium models were used to analyse secondary, indirect or induced impacts. Nonetheless, direct expenditure is the basis for modelling wider impacts and is therefore worthy of consideration in its own right.
Practical implications – The paper's findings should enable public sector agencies to better understand the reliability of projected figures presented to them by organisers in exchange for securing financial support for their events.
Originality/value – Economic impact forecasts are rarely subjected to post-event scrutiny. This research bridges the gap between
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