Event Management

HRM292 Winter 2012

Edited by: A.EL

Answer the following questions:

1. Describe how the use of objectives can make an event more effective.

Objectives can make an event more effective by:

 Helping people know what is expected of them.

 Avoiding dual responsibility and ensuring accountability.

 Improving communication between the participants.

 Getting more out of the available resources.

 Creating measurable results

2. How are revenue and expense items determined for an event budget

The budget items determinant by considering the following:

 Past financial reports on the same or similar event.

 Financial objectives.

 Date.

 Location and venue.

 Anticipated number of attendees.

 More than one estimate for significant expense items.

 Marketing requirements.

 Type of food and beverage, and special events.

 Number of speakers and projected expenses (if applicable).

 Anticipated sponsorship.

 Relevant economic trends.

3. Why is the event budget so important to the meeting professional

The event budget helps the meeting professional to keep focus on the event goals and objectives by communicating those objectives and controlling income and expenses throughout the entire process.

4. List five cost control strategies available to the meeting professional

 Experience.

 Expense tracking.

 Accountability.

 Tight controls on signing authority.

 Review expense daily to ensure that no unauthorized expenses have occurred.

5. In your own words, state the importance of performing a post event financial analysis.

The Importance of the post event analysis is to learn from the mistakes and obstacles of the past event by over viewing and analyzing the causes behind the variation between the planned budget and objectives with actual achieved, and determine which categories were under performance in order to enhance policies and producers for future event.

6. What is the benefit to the meeting...