As an event planner, you are trusted to be the steward of another\'s resources.

Question

As an event planner, you are trusted to be the steward of another's resources. It is the responsibility of the event planner to be financially responsible and utilize every dollar with the utmost care. Matthew 25:46 reminds us that the faithful and wise servant is placed in responsibility over the house. Using these ideas and principles along with the Topic Materials, identify and describe key cost control measures that sports event managers can practice. Provide two concrete examples that you intend to implement as you plan your event.

Explanation / Answer

Sports events require huge amount of funds to be organised. From sponsoring to advertising, from the costs related to the sports persons to the audience all the costs have to be covered and the quality cannot be ignored at aby point. When the sports event is handed over to an event management team the main objective is to organise the event with the best of planning and keeping the costs within the budget. No organiser will be comfortable to spend extra than the planned budget for the event. Hence the event manager has to plan and process the cost control measures in such a way that no such needs arises. The main aim will be to organise the event in an efficient manner keeping the costs lined with the budget. The costs involved in a sports event can be hiring of the venue, advertising, getting approvals and permits, arrangments for the audience that include sitting arrangements, food and beverages and other accessories that can be used by them during the event, thr costs related to the sports persons like travel and accommodation, insurance, entertainment and communication facilities.

The measures that an event manager can take for controlling the costs are:

- planning and organising costs- a preplanned budget is the most essential tool for cost management of any activity or event or business. Then according to the planned budget the costs can be taken up one by one and organised in a way that cost efficiency is developed.

- maintaining reports- costs should be penned down on every level and reports should be made on daily basis. The costs can be evaluated and compared in this process and measures can be taken if any cost seems exceeding the planned budget or can be avoided.

- setting and following standards- along with the budget a standard control should be set as to which level can a cost be diminished so that the quality of the event is also not affected. Some costs are essential and cutting them down can degrade the quality of the project so keen analysis will have to be made that costs are being organised as per the standards set by the management.

The two examples that can be implemented in cost control measures in planning the event are:

Sponsorship and advertising- advertising is an essential cost that has to be beared for any event that is being organised. But distributing the advertisement cost through sponsorship is a way to move that burden of expense from the organiser. Arranging big events, planning the advertisement mediums and deciding the sponsors for them are all complex jobs that cannot be done without proper planning. Hence balancing the advertisement cost and distributing it in the sponsors is the work of a good event manager.

Hiring of venue- this is another cost in a sports event that costs big money. But deciding on a cheaper venue and degrading the quality of the event can cost even more and in a broader sense. Hence the event manager has to plan the cost he can set for this expense and how to cover this cost through the income that will be generated from the event. A fair picture of the calculations will have to be presented to the organiser that shows a profitable deal for the organiser and controls the costs involved in the management.

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