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Asked by prazwalpradhan13
Project

Scenario:
You are a project manager for Melbourne Events, an event management
company. You need to organise a charity program to raise fund for the Royal
Children's Hospital. The event is planned to take place in Swanston street, at
Melbourne Town Hall, a historic landmark of the city. The Royal Children's
Hospital wants a green-themed event with entertainment, music and dance,
along with a charity auction. The event is planned to be held on the first
Saturday in December, before Christmas and they hope to sell 350 tickets.
As a project manager, you need to organise food and beverages, along with a
master of ceremonies, entertainment and music for the night. The charity will
source all items for the auction. The program preparation should start from the
first week of August.
The goal is to conduct a successful event and collect at least 25% of the profit
from the event and the auction, for charity.
As part of the planning process, you must prepare a series of budgets to help
achieve these goals.
Part A
As a project manager, analyse and prepare the budget information as
requested below:
PR2.1. For the event, which budgets should be prepared to achieve the goal.
Mention the scope and nature of selected budgets.
PR2.2. To prepare the budget, you are required to gather the necessary
information. Outline six (6) sources of data and the information these data
sources will provide to meet the organisation's requirements. Fill in the
template below with the information gathered.
Data / Information
Data Sources

PR2.3. Analyse three (3) internal and three (3) external factors that can
impact on the budget. List them and provide a brief description of the
positive / negative impact of each. Use the template provided below.
Factor
Impact
BUSINESS

ACCOUNTING

COOKERY SITXFIN004

Answer & Explanation

Solved by verified expert
Rated
Helpful
Answered by GrandWillpower4159
I have explained the answer below.
Step-by-step explanation
Sol.
PR2.1
One of the first steps for every event planner is preparing an event budget and predicting as accurately as
will result in a profit, loss or break-even. However, determining what financial success means for your ev
type of event and objectives.

An event budget is an estimation of the costs an event will incur based on plans made as well as research.
planning a small event or a large sophisticated one, your corporate event cannot exceed your budget.

In considering the scope of the event and the features within it, there must be continual reference back to
of the event.

Determination of resource cost rates:

People who will be working on the project all work at a specific rate. Any materials you use to build the p
wiring) will be charged at a rate too. Determining resource costs means figuring out what the rate for labo
be.

Vendor bid analysis:

Sometimes you will need to work with an external contractor to get your project done. You might even ha
contractor bid on the job. This tool is about evaluating those bids and choosing the one you will accept.

Reserve analysis:
You need to set aside some money for cost overruns. If you know that your project has a risk of somethin
it is better to have some cash available to deal with it. Reserve analysis means putting some cash away in

Cost of quality:
You will need to figure the cost of all your quality-related activities into the overall budget. Since it's chea
in the project than later, there are always quality costs associated with everything your project produces. C
way of tracking the cost of those activities. It is the amount of money it takes to do the project right.

PR2.2
Sources of information:

When it comes to an event budget, there is no such thing as being too

detailed. Every piece of information relevant to a particular budget item should
be included in the "description" section within the budget plan. This will help
you make decisions further down the line and will also be helpful to future
event planners who refer to your budget.
When it comes to the venue outreach process, use the information you have
on file. If there are venues you've worked with or considered working with in
the past, use those contacts as a starting point.

Based on information such as monthly search volume and overall demand for
that keyword, you'll want to decide on a competitive price in relation to others
who are also bidding for that keyword. Also keep in mind that Google
AdWords only charges when someone clicks on your link. Take these factors
into consideration as you strategize how much of your budget you should
allocate to paid search.

Investing in more traditional forms of event promotion could see valuable

returns and additional press pickups. In today's digital age, public relations
largely consists of having your event information published on relevant
outlets. This is where investing in PR can come in handy. A PR team or
agency will have both the knowledge and the network to ensure your event
information and all articles surrounding your event are placed on the relevant
outlets and publications to maximize event exposure.

In determining the mix of features and programming of event elements, it is

also important to consider the unique attributes, history and heritage of the
event location and venue and how these can be incorporated into the event to
complement its outcomes.
Aspects such as programming need careful consideration to achieve the
correct balance of activities to meet the needs of all the different stakeholders
in the event. Depending on the event nature, a committee, comprised of
different groups involved in the event, can be one way of identifying and
programming suitable activity.

Market :
All situations where fish are commercially transferred. It may include the fish
market at landing port, transaction (secondary market) of products among
brokers, processing farms and consumers' market.

Consumers:
At the level where the products are finally consumed.

Government-related agencies:
Any agencies or institutes forming part of government (including the inter-
governmental level). It would include various agencies outside of fisheries
(e.g.custom, coast guard and meteorology department).

Support Industry:
Industries which provide materials and services for fisheries but are not
directly involved in fisheries business (e.g. ship building industry, fishing gear
suppliers).

Basic Event Costs

These are necessary costs that are the foundation of your budget. You can't
have an event without a location or food, depending on the event, therefore
these are non-negotiable. OF course, with each item comes a range of prices.
Food can range from simple to five-star, transportation from a simple bus to
limos. Identifying the basics allows you to begin to build out where you want to
spend the majority of your budget. Is this an event for food connoisseurs?
Then more money will need to be spent on food.

PR2.3

Event size and duration are other important factors to consider when
budgeting for entertainment and activity expenses. Special
events present the opportunity to reach large numbers of people as a captive
audience and
involve them with the organization in an entertaining manner. This fact should
not be lost on event organizers when appropriating resources for
entertainment.

Additional factors to consider include budget allowances, food and

beverage arrangements, date and time, location, promotional activities, and
entertainment or guest speakers. Event planners must always consider the
potential for problems and develop
alternate solutions prior to the event. The final step in event planning is to
provide a
means for evaluation of the event for future planning and improvement.

Availability of foods is another important factor to consider. The time of year of

the event can greatly affect the prices of vegetables and fruits.
Utilizing the seasonal foods located around the region will make it less
expensive than
using out of season vegetables.

An event planner must consider holiday periods, popular event sites and their
availability, the day(s) of the week, along with many other factors. This
decision must be made early in the planning stages to ensure that the planner
is able to choose the date
appropriate for an event rather than accepting a date when a particular venue
is available.

The factors to consider should include space available to accommodate

attendees,
handicap accessibility, and indoor or outdoor options. Event venue selection
will depend upon the space required to accommodate all of the expected
attendees and event staff.

The type of event is also a factor in determining the needed space. For
example, a formal dinner requires more space than a cocktail party.
Another factor to consider is the kitchen space available for onsite food
preparation if needed. A commonly overlooked space requirement is the
availability and accessibility of restrooms.

Factor Impact
Insufficient budget to provide fu
Financial Resource event may
required advance payment to ru
Budget predictions are impacte
revenue received is not as much
anticipated. External factors ne
assumed revenue might include
downturn, unexpected competit
lowered sales or an inability to
of growth needed. Internal facto
Revenue
inadequate collections and poor
receivable practices could also
Aggressive projections that assu
growth or increased revenue ha
greater potential for inaccuracy
conservative estimates based on
previous years
Need a required skill to do the w
Physical Resources
jobs requires different skills.
Expenditure
Expenditure may be one of the most diff
budget to predict. Increases to health ins
and collective bargaining in unionized o
change salary and benefits by a significa
Expenditure industries, salary and benefits is more th
organization's total expenses. Any varian
compensation will have a noticeable imp
predictions. Other unanticipated expend
increases, a previously unforeseen need
financial audit fees and fines.
The department of a business o
Human Resources that deals with the hiring, admi
training of staff.
The economy and current market condit
financial forecast in several ways. Chang
and stock market conditions directly affe
net worth and its ability to generate fund
Market Conditions company relies heavily on investments a
then poor stock market performance wil
negative effect on budget predictions. Li
return on investments outperforms the p
budget will have a surplus.

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