Event management budget uncertainties insurance against risks

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Event managementbudget uncertaintiesinsurance
against risks

• MST326 lecture 8

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Event management

• What is an event?
• conference, symposium
• hands-on training
• marketing exhibition
• sports competition
• many others ...

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Rudyard Kipling's poemI 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"

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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

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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

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Conference delegates

• Poster papers
• often used to gain additional delegates
• Access for disabled persons
• Special dietary requirements
• vegetarian, vegan, halal, etc

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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

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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

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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

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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

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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

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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