24 February 2007MATS326/EventMgt.ppt Event management budget uncertainties insurance against risks MST326 lecture 8

24 February 2007MATS326/EventMgt.ppt Event management What is an event?: conference, symposium hands-on training marketing exhibition sports competition many others...

24 February 2007MATS326/EventMgt.ppt 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 2007MATS326/EventMgt.ppt 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 2007MATS326/EventMgt.ppt 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 2007MATS326/EventMgt.ppt Conference: delegates Poster papers #often used to gain additional delegates Access for disabled persons Special dietary requirements #vegetarian, vegan, halal, etc

24 February 2007MATS326/EventMgt.ppt 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 2007MATS326/EventMgt.ppt 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 2007MATS326/EventMgt.ppt Budgets “Annual income twenty pounds, annual expenditure nineteen pounds nineteen shillings and sixpence, [£19.97½p] result happiness. Annual income twenty pounds, annual expenditure twenty pounds and sixpence, [£20.2½p] result misery”. Mr Micawber in Charles Dickens “David Copperfield”

24 February 2007MATS326/EventMgt.ppt 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 2007MATS326/EventMgt.ppt 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 2007MATS326/EventMgt.ppt 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