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Event management

budget uncertainties insurance against risks

MST326 lecture 8
24 February MATS326/EventMgt.

Event management
What is an event?: conference, symposium hands-on training marketing exhibition sports competition many others ...
24 February MATS326/EventMgt.

Rudyard Kipling's poem: I Keep Six Honest Serving Men:

"I keep six honest serving-men (They taught me all I knew); Their names are What and Why and When And How and Where and Who"

24 February

MATS326/EventMgt.

Budget: conference venue


Day rate per person all-in Hire venue at fixed costs, and either
pay lower day-rate to cover refreshments
perhaps with teas/coffees required

leave delegates to find own refreshments Access arrangements disabled persons exhibition materials
24 February MATS326/EventMgt.

Budget: conference speakers


speakers pay full registration fee
include their accommodation? include travel and subsistence costs?
generates goodwill and eases speakers load

speakers pay (reduced) registration fee speakers attend free


the latter two require higher registration fees from non-speaking delegates

24 February

MATS326/EventMgt.

Conference: delegates
Poster papers
often used to gain additional delegates

Access for disabled persons Special dietary requirements


vegetarian, vegan, halal, etc

24 February

MATS326/EventMgt.

Budget: marketing and media


advertising
TV, radio, journals, magazines specialised mailing lists e-discussion lists SMS/MMS telecommunications

media
flyers, brochures etc
design costs printing costs mailing costs 24 February MATS326/EventMgt.

Budget: other costs


administration personnel on-the-day travel (to view venue in advance) audio-visual aids and technician

... and other income


sponsorship flyers in the delegate pack
24 February MATS326/EventMgt.

Budgets
Annual income twenty pounds, annual expenditure nineteen pounds nineteen shillings and sixpence, [19.97p] result happiness. Annual income twenty pounds, annual expenditure twenty pounds and sixpence, [20.2p] result misery. Mr Micawber in Charles Dickens David Copperfield
24 February MATS326/EventMgt.

Continue or cancel?
cancellation may incur:
lost deposits on venues refunds of any prepayments speakers spending in anticipation of event all that effort for nothing

continuation may result in:


negative budget loss leader informing future events loss of reputation, if delegate expectations not realised
24 February MATS326/EventMgt.

Other types of events


Broadly the same considerations outdoors may also need
formal permission to use public space fenced area accessible only to ticket holders security to ensure no freeloaders public address systems first-aid provision independent caterers

24 February

MATS326/EventMgt.

Insurance
what can go wrong?
pay-on-the-day and no-one arrives the weather (no audience - no atmosphere)

insurers will cover the risk?


they are in business to make money they consider the risks involved they request lower premiums where
a full risk assessment already exists where plans/budgets have sensible contingency 24 February MATS326/EventMgt.