PurposeThis study aims to advance both theory and praxis for event portfolio management in cities and destinations. An experiment has been conducted with professional event practitioners in a city to determine their opinions and strategies for balancing value and risk within their event portfolio. The first objective is to rank 14 of the city's recurring events in terms of both value and risk. Second, the events are plotted in a two-dimensional chart of value versus risk with the objective to differentiate between the 14 events. The third objective is to describe the event characteristics that event professionals associate with value and risk.Design/methodology/approachResults derive from an experiment involving the forced Q-sort procedure and professional event managers from a city renowned as an “event capital”. Empirical evidence is analysed by the constant comparative method of how events are being evaluated by ten professionals working for a DMO.FindingsEconomic impact and image effects are characteristics of high-value events as is an opportunity to create relations with event owners for future collaboration. Local community involvement is important for all events. The issue of portfolio fit was a common argument for weak-value events.Research limitations/implicationsResults are based on the opinions of ten DMO employees in one large city. Conclusions help build event portfolio theory.Practical implicationsThe results and methods are useful for event strategists and evaluators. In particular, the management of event portfolios and policies covering events in cities and destinations can benefit from the documented method for explicitly balancing risks with perceived value.Social implicationsA portfolio perspective is also suggested as an approach to analyse the total tourist attractions portfolio of a destination.Originality/valueOpinions regarding public value and risk by civil servants who work with events have not been studied before. The constant comparative method produces results that can be applied to policies governing events. In terms of theory development, concepts from financial portfolio management, product portfolio management and risk management are used to develop event portfolio design and management, and insights are gained on trade-offs in the process. The plot of the events in a two-dimensional chart of value versus risk clearly differentiated the 14 events and is an original contribution.

中文翻译：

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在城市活动组合中平衡价值和风险：DMO专业人士评估的探索性研究

目的本研究旨在为城市和目的地的项目组合管理提供理论和实践基础。已与某城市的专业活动从业者进行了一项实验，以确定他们的观点和策略，以平衡活动组合中的价值和风险。第一个目标是就价值和风险两方面对城市的周期性事件进行排名14。其次，将事件绘制在价值与风险的二维图中，以区分这14个事件。第三个目标是描述事件专业人员与价值和风险相关联的事件特征。设计/方法/方法结果来自于一个被称为“事件之都”的城市的强制Q排序程序和专业事件管理人员的实验。通过持续的比较方法对经验证据进行分析，该方法由十位DMO工作人员评估事件的方式进行。发现经济影响和图像效果是高价值事件的特征，也是与事件所有者建立关系以进行未来合作的机会。当地社区的参与对于所有事件都很重要。投资组合的适合性问题是弱值事件的常见论点。研究局限/含意结果基于一个大城市的十名DMO员工的意见。结论有助于建立事件组合理论。实践意义结果和方法对事件战略家和评估者有用。特别是，可以通过文件化的方法来明确平衡风险与感知价值之间的事件组合和涵盖城市和目的地事件的政策的管理。对社会的影响还建议使用组合视角来分析目的地的旅游景点总组合。以前从未研究过有关参与事件的公务员的公共价值和风险的观点。常数比较法产生的结果可应用于管理事件的策略。在理论发展方面，金融投资组合管理，产品投资组合管理和风险管理的概念用于开发事件投资组合的设计和管理，并在此过程中获得有关折衷的见解。