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Event management budget uncertainties insurance against risks

Learn how to manage uncertainties in event management budgets, including insurance against risks. This lecture covers budget allocation, considerations for conference speakers and delegates, marketing strategies, and insurance options. Discover ways to handle budget uncertainties effectively.

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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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