Managing Events

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Managing Events

  1. 1. Aireen Y. Clores
  2. 2. Meeting the Budget: Creatively controlling event costs. Aireen Y. Clores
  3. 3.  Controlling is monitoring the performance of systems and resources.  Control is a management function which whether what is supposed to happen is happening or is going to happen. Aireen Y. Clores
  4. 4. 1. Plan what you intend to do 2. Measure what has been done 3. Compare achievements with the blueprint 4. Take action to correct anything that is not as it should be. Aireen Y. Clores
  5. 5. COST & CONTROL COST CONTROL  Control is the total  Any action taken spent to deliver the within the goods management cycle  Control which enhances the 1. Power to direct or likelihood that determine the established goals and events. objectives will be 2. Verify by achieved. comparing to a standard.
  6. 6. BASIS OF CONTROL: BASIS OF CONTROL:  Recognize possible  The event manager deviations from the must also consider the baseline and to trade-off between cost, respond in an time and quality. effective way.  The event management must  The event manager realized the must also consider importance of keeping the trade-off between to the budget, and cost, time and must always evaluate quality. the often competing aims of creativity and cost.
  7. 7.  Bookkeeping is the record keeping aspect of accounting. Each financial event or transaction has to be entered.  The transactions entered during the bookkeeping process usually fit into one of the six following classifications.
  8. 8.  Customers – who buy products and services sold by the business  Employees – who are paid wages and provided benefits  Vendors – who sell services, equipment and supplies to the business  Government agencies – who collect taxes from the business  Sources of equity capital – investors or owners who put money in and take it out of the business  Sources of debt capital – banks and lending institutions
  9. 9.  There are two standard reports which are the main sources of business financial information:  the balance sheet  the profit and loss statement
  10. 10. 1. Purpose is to show what a company owns and owes on a specific date 3. Provides this information by laying out the value of the assets and the liabilities of the business
  11. 11.  The assets of a company are anything that the business owns. (cash on hand, office equipment, vehicles, tools, real estate, buildings)  Accounts receivable is money which is owed to a business.  The liabilities of a business are anything the business owes to others.
  12. 12. SERVICE INCOME SALES INCOME  With service income  With sales income, , the profit can be inventory costs also determined simply by must be taken into deducting expenses consideration. This associated with inventory cost is performing the referred to as the service. cost of goods sold.  Service income is  sales income is derived from derived from performing a selling a product service while of some type.
  13. 13.  Budgets provide the baseline of expected performance against which manager’s measure actual performance  A budget is much more than slap-dashing together a few figures.  A budget is an integrated financial plan put down on paper, or entered in computer spreadsheets.  Planning is the key characteristic of budgeting.
  14. 14.  The budget is arguably the most important element of the event planning process.  A budget is simply a statement of projected spending that is compiled to act as a guide and yardstick against actual costs.  A good budget will therefore display both projected and actual expenses as well as highlight any variance between the two, along with a full description to account for these differences.
  15. 15. Budget Planning
  16. 16. The Budgeting Process Depending on the size of your organization, the budgeting process might be quite simple or alternatively quite complex. Regardless of the size of the organization, you can budget almost anything in it.
  17. 17.  Labor budget: A labor  Sales budget: The budget is made up of sales budget is an the number and name estimate of the total of all the various number of products or positions in a services that will be company, along with sold in a given period. the salary or wages Total revenues are budgeted for each determined by position. multiplying the number of units by the price per unit.
  18. 18.  Production Budget :  Expense budget:  The production budget  Expense budgets contain takes the sales budget and all the different expenses its estimate of quantities that a department may of units to be sold and incur during the normal translates these figures course of operations. You into the cost of labor, budget travel, training, materials and other office supplied and more expenses required to as expenses. produce them.
  19. 19.  Capital budget: this is the manager’s plan to acquire fixed assets such as furniture, computers, and office space, to support the operations of a business.  One Year at a Time: a company generally prepares budgets one year at a time. While a company may do long-term strategic planning to develop five- year strategies, trying to forecast further down the road than 12 months for budgeting purposes is very iffy.
  20. 20.  Developing a detailed  Budgeting also financial plan for the encourages a business period coming up to articulate its vision, helps establish strategy and goals. financial objectives  Budgeting imposes and identifies exactly discipline and what must be done to deadlines on the meet these objectives. planning process.
  21. 21.  Budgets can serve as  Budgeting motivates benchmarks against managers and which to measure employees by actual performance providing useful for a business. yardsticks for  Budgeting forces evaluating managers to do better performance and for forecasting setting compensation when goals are achieved.
  22. 22.  Meet with staff Closely review your budgeting documents and instructions  Gather data  Apply your judgment  Run the numbers  Recheck results and if necessary, run the budget again

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