Importance Of Budgeting A Special Event

2389 words - 10 pages

My personal project will be a report on how to create an event on a budget. I will outline the importance of having an event budget in place as well as outline creative ideas in creating a successful event on a budget. Planning an event can also lack creativity so this report will cover creativity vs. budget in event planning.

Marking Criteria

• Outlines importance of having an event budget 5 MARKS
• Illustrate a broad range of creative and innovative event ideas on a budget
5 MARKS
• Outlines benefits and challenges of creating an event on a budget
5 MARKS
• Outlining the importance of creativity in events 5 MARKS

Our society is evolving at a fast pace. We require more skills, knowledge and creativity more than ever before. Those who are incapable of change will be left behind and organisations will be forced to replace them with people that are more receptive to creative and innovative thinking. It is not organisations that adapt to change; rather it is the people within organisations who are required to change. Therefore, it is not surprising that a number of studies and reports have identified creative thinking and creative problem solving as fundamental workplace skills. (Kaufman, Sternberg 2010).

In the event industry, the planner is not just creating an event, they are creating an experience.
For most associations, events represent a major revenue stream that can be significantly impacted by downturns in the economy and
cost cutting in members’ organisations. There are, fortunately, ways to continue to offer top-quality events without raising registration fees or expanding event budgets. (Donaldson and Faucher, 2013)

The importance of an event budget

Creating an event budget is one of the most important aspects in the initial planning stages. It allows planners to forecast whether their event is feasible to go ahead. Costs going into the event should be balanced by the amount of funds coming in.

A successful event budget is sticking to a carefully planned budget; ensuring you don’t run into difficulty says Bhans Sheomangal, account manager for Strike Productions. (Publicity Update 2013)

The preparation of a budget is an essential part of event management. It is fundamentally important that event planners are able to predict with reasonable accuracy whether the event will result in a profit, a loss or will break-even. This is achieved by identifying and costing all probable expenditures and by totaling all expected revenues. By comparing expenditures and revenues, it then becomes possible to forecast the financial outcome of the event.
The prediction of financial outcomes of the event needs to take place very early in the planning stages. There is no use on setting dates, booking venues, preparing plans until there has been some attempt to determine whether the event is financially viable. (Isaac, date unknown)
All aspects of an event must be considered when creating...

Find Another Essay On Importance of Budgeting a Special Event

The Impact of a Traumatic Event

904 words - 4 pages . We take this support from our parents for granted because we do not know how it feels to be unloved. Being restricted to continually receiving love often makes us, as children, unable to realize that our parents need to be cared for as well. The acts of love that the parents provide are simply expectations of the child and force him or her not to see them as a human being, but rather as a helpful object. When a parent undergoes a traumatic event

Re-interpretation of a historical event Essay

752 words - 3 pages To interpret something means to find the meaning. And, by definition, history is events that have happened in the past, such as yesterday, last week, last month, last year, last century. So many things have happened in the past 4 million years of the earth's existence it would be hard to re-interpret those events, so I'll make it a little easier for the both of us. I'll take one event out of the numerous ones. In the past 10 years even, there

What is the importance of the concept of the product cycle for business planning and budgeting?

1572 words - 6 pages amount of revenue brought in by the product at certain stages. All products have varying life spans depending on several factors; some have shorter spans like months whereas some items last a lifetime such as petrol fueled vehicles. In any event, when a business decides on putting out a new product the concept of the product cycle is of utmost importance to planning and budgeting. The product cycle concept suggests that all products go through

A CRITICAL REVIEW OF HOPE & FRASER’S ‘BEYOND BUDGETING’

818 words - 3 pages A critical review of Hope & Fraser's 'Beyond Budgeting'Jeremy Hope & Robin Fraser are two of three founders of the Beyond Budgeting Round Table (BBRT), a UK based non-profit organisation. The pair have led research into Beyond Budgeting since BBRT's inception in 1997, and have since written a book called 'Beyond Budgeting: How managers can break free from the Annual Performance Trap' (Hope & Fraser, 2003) detailing the first five

A Different Type of Special Needs

1340 words - 5 pages A Different Type of Special Needs “…all too often, corrections simply has become a last-resort caregiver and we are left to deal with the many concerns society has chosen to ignore, shifting responsibility to the government - in this case, corrections” (Gondles, 2000). Universal health care is a not an attribute of the United States. While health care plans are widely allotted by employers and various private organizations, not everyone has

Importance of a Family

1485 words - 6 pages Younger family believes that money can buy happiness. Hansberry beautifully illustrates the importance of family over money by Mama’s dreams for providing the family with values and a better house where they can live comfortably, by Ruth’s self-sacrifice for lessening the family’s financial burden, and by Walter’s wish to support the family by providing a better income. In addition, the climax and the falling action make the characters realize

A Case Study of a Student with Special Needs

1478 words - 6 pages Case Summary Background It was observed a 5th grade elementary student, that for privacy we will name him J during this case study. He arrived to the school in the second semester of Fourth grade and he has being diagnose under the umbrella of the Autism spectrum from the previous school documentation. J was served by the Especial Education content Mastery (“as known Especial Ed. Classroom”) in period of times during the day, but he was place

Interview With a Parent of a Child with Special Needs

1628 words - 7 pages I interviewed a woman who has a child with special needs. The child is now in kindergarten. The mother reported having a normal pregnancy with no complications. This was the second child for the mother, who has another child who was five years old at the time. The mother disclosed that during the pregnancy, she was in the process of separating from the child’s father and that this caused a moderate level of stress. At the time of the

Effect of False Suggestions on Memory in a Traumatic Event

2549 words - 10 pages it in the video (Zaragoza & Mitchell, 1996). The purpose of this study proposal is to look at the two aforementioned studies in a collaborative manner, in an attempt to see if exposure to false suggestions affects the memory during a traumatic event. This study's aim is to focus on individuals who may have been one of the very few to witness a traumatic event, but due to the multitude of events occurring at once, they are under greater

Effect of False Suggestions on Memory in a Traumatic Event

2549 words - 10 pages it in the video (Zaragoza & Mitchell, 1996). The purpose of this study proposal is to look at the two aforementioned studies in a collaborative manner, in an attempt to see if exposure to false suggestions affects the memory during a traumatic event. This study's aim is to focus on individuals who may have been one of the very few to witness a traumatic event, but due to the multitude of events occurring at once, they are under greater

Labor and Childbirth - The Event of a Lifetime

711 words - 3 pages Childbirth - The Event of a Lifetime A description can never be as vivid as an event that has been experienced. An experience can never be as defining as an event that has left you changed. Under the intensity of childbirth, you're more likely to remember details that would otherwise go unnoticed. All the scenes come together to leave a permanent imprint on the mind's eye. The hospital room holds all the usual scenery: rooms lining

Similar Essays

The Importance Of Capital Budgeting Essay

2681 words - 11 pages The decision of whether to accept or deny an investment project as part of a company's growth initiatives, involves determining the investment rate of return that such a project will generate. Capital budgeting is a step by step process that businesses use to determine the merits of an investment project. Whenever making an investment decision whether big or small it is imperative that we take into account the numerous risks and costs involved

The Importance Of Budgeting To Avoid Defaulting On Student Loans

2249 words - 9 pages The Importance of Budgeting to Avoid Defaulting on Student Loans Students defaulting on their loans will always be a problem for the government as long as there are students taking out loans. There will always be a few that don’t pay off their loans. There are many reasons why students default on their student loans. According Ms. Farrell, the author of “Reducing Student Loan Defaults: A Plan for Action,” in the Office of Planning

Shopping For A Special Emotion An Essay About A Significant Event That Changed My Life

969 words - 4 pages SHOPPING FOR A SPECIAL EMOTIONThe rush of the crowds, the dinging of cash registers, and the instant gratification of six little words: thank you, have a nice day. These everyday bits and pieces were my way of life. Unlike everyone else, shopping for me was not just a hobby; it defined whom I was and how I was feeling at that moment. For me, shopping was an escape from situations that I could not handle. All the sounds and smells, were somehow a

Observation Of A Special Education (Special Ed) Program

1093 words - 4 pages Observation of a Special Education (Special Ed) Program For my visitation I went to the public high school in my hometown. Due to time constraints I was not able to visit the school on a weekday when classes were in session. I did however get to witness another part of the special education/inclusion program called the Rooster Buddies. I did, however, get some information on the special education program from an administrator via phone and