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Event management budget uncertainties insurance against risks

Event management budget uncertainties insurance against risks. MST326 lecture 8. Event management. What is an event?: conference, symposium hands-on training marketing exhibition sports competition many others. Rudyard Kipling's poem: I Keep Six Honest Serving Men:.

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Event management budget uncertainties insurance against risks

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  1. Event managementbudget uncertaintiesinsurance against risks MST326 lecture 8 MATS326/EventMgt.ppt

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

  3. Rudyard Kipling's poem:I Keep Six Honest Serving Men: "I keep six honest serving-men(They taught me all I knew);Their names areWhat and Why and WhenAnd How and Where and Who" MATS326/EventMgt.ppt

  4. 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 MATS326/EventMgt.ppt

  5. 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 MATS326/EventMgt.ppt

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

  7. 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 MATS326/EventMgt.ppt

  8. 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 MATS326/EventMgt.ppt

  9. 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” MATS326/EventMgt.ppt

  10. 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 MATS326/EventMgt.ppt

  11. 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 MATS326/EventMgt.ppt

  12. 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 MATS326/EventMgt.ppt

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