Event Planning and Management

Principles, Planning and Practice

Ruth Dowson, David Bassett

• Publisher: Kogan Page
• Year: 2018
• ISBN:
  9780749483326
• Edition: 2
• Topic: Business
• Subtopic: Hospitality, Travel & Tourism Industry
• Index: Business

Event Planning and Management, second edition, is an ideal resource for those seeking a step by step formula to plan and deliver a successful event. With the vital balance of professional experience behind them, the authors teach the next generation of event planners with unrivalled knowledge, ensuring an effective event process from start to finish. This book delivers practical understanding of the theory and practice needed to activate each stage of planning, from initial venue selection, budgeting and programme content, to managing stakeholders and sponsors, promotion, risk assessment, safety and post-event evaluation. Fully revised, the second edition of Event Planning and Management expands on managing events on the day, and explores the PR and experiential marketing boom for live brand experiences. Including updated real-world case studies from around the globe, it also features an invaluable toolkit of templates, planning checklists and budget sheets. Accompanied by a host of downloadable resources, this book is the ideal end to end resource for both event planning modules and certifications, plus busy marketing and PR professionals facing the new wave of live brand and customer experiences.

09

Budgeting, finances and procurement for events management

If the first task of an event organizer is to identify the objectives for a specific event, it is clear that without a good understanding of the extent and sources of income and expenditure, an event is destined to fail. Whether through sponsorship, ticket sales or advertising, financial resources may be obtained from outside the client organization, as well as from within. Resource requirements must be identified at an early stage in the event-management process. In this chapter, we explain how this can be achieved, and provide and explain examples using relevant and useful tools, techniques and templates.

By the end of this chapter you will understand:

• In-house or outsourced events management
• Outsourcing, commissioning, purchasing and procurement of suppliers
• Budgeting and forecasting
• Cash flow and break-even

A key aspect of event evaluation includes an analysis of the costs of the event. The more detailed and specific your objectives are in developing the event – including its intended purpose and expected outcomes – the more likely your organization is to know whether an event has been worthwhile – and perhaps whether it might be repeated. The financial aspects form part of these important measures. All too often, an event takes root in the mind of an executive, without a realistic assessment of the potential costs and benefits of the activity. And this not only includes costs paid out by the company, for example hiring a venue, but it should also include an accurate valuation of less visible internal costs, such as staff time and measuring the negative impact on the organization’s brand or reputation if the event fails. Chapter 11 covers evaluation more fully.

Outsource or in-house?

With ...