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Event management is particularly challenging from an operational viewpoint. In many cases, events are staged on sites where everything has been set up over a 24-hour period, with all elements carefully synchronized . In contrast, many events are years in the planning: large convention bids are often won five years before the event is held. For the very competitive bidding process, budgets need to be developed and prices quoted, requiring a good understanding of market, economic and political trends, as well as consumer choices. This long-term view is the basis of strategic management, which is covered in Part 1, and focuses on the event concept, feasibility of the event, legal compliance and financial management. Marketing is a critical success factor and other important topics of this first section, many events involving long-term sponsorship arrangements with key industry players. Relationship building is particularly challenging since there are so many stakeholders involved in events, including government agencies at many levels. Part 1 will look at all these aspects, including strategic risk, before moving on to the second part where operational planning and implementation will be covered in detail.