Part 1 (Task 1)
Executive Summary
Please write summary of whole report. Few points to be addressed:
• What the event is
• The event’s vision & mission
• Its objectives
• When and where it will take place
• Why the event has been developed
• Who the event aims to attract (the market)
• What the key benefits of hosting the event are – to the community, sector, stakeholders, etc
• Statement as to the estimated event income and expenditure
Event Description
• Background
• Key Outcomes/deliverables
• The Event
• Target Market
Operational Plan
• Facilities – what facilities are required in terms of public utilities, accommodation (on and off site), catering, communication, other technology (such as timing equipment for sporting events), etc
• Services – what services will be required and who will provide them: medical, police, child protection, fire, traffic management, health & safety, security, media, etc
• Equipments– detail the equipment required such as power, staging, sound, lighting, vision, etc
Management & Organization
Work flow planning with responsibilities assigned
Financial Plan
Budget Plan
ITEM
Description
Estimated budget
Accommodation
Rooms with single bed(30)
Equipment
Projectors, microphones, sound system
Food /catering
On menu/buffet style dinner on last day /dietary requirements/ room service
Recreational Hall
Accommodating 200 people
Round tables with chairs
15 tables (1 table+10 chairs
Lights on the last day for musical night and carnival
Light arrangement in the lawns/trees/tables/stage
Small stage for speeches and individual performances.
5X7 meters
Floral decoration
Entry, stage, table centers, buffet
Small Bouquets – 28
Orange, red and white flowers only
Transport ( 50 passengers)
For taking the guests and host for sightseeing
Total $67,000
Performance Management (balanced score card method)
Area of performance Measure Target
Financial Net Profit
Operating cost
Revenue 5% of sales
30 % of sales
$50,000
Etc.
Customer
% of satisfaction
% increase
Internal process
New product
Cycle time
Learning and growth Time to innovate new product and services
Learning new skills
Risk Management Plan
Identified Risks Level of risk Contingency plan
Record keeping requirements
https://www.business.qld.gov.au/running-business/finances-cash-flow/records/requirements
Part 2 (Task 1)
Standard Operatingprocedure (SOP) of Budget
Prepare procedures addressing following:
• How the budget will be communicated to stakeholders
• What types of reports will be generated ( daily expense report, item wise report, variance report etc. / how frequently/ responsible person
• How expenses will be controlled( monitoring expense activities, reducing wastage, generating variance report and acceptable level of variance
Variance Report
ITEM
Budget for 3 days
Actual for 3 days Variance Favorable/ Unfavorable
(F/ UF) Recommendation
Accommodation
Not more than $200/night
Not more than $300/night
$100/ night UF • Monitor expense
• Training to housekeeping staff
Equipment
$1,000
Food /catering
$5,040
Recreational Hall
$8,570
Round tables with chairs
$3,020
Lights on the last day for musical night and carnival
$1,050
Small stage for speeches and individual performances.
$580
Floral decoration
$640
Small Bouquets – 28
$560
Transport ( 50 passengers)
$550
Sample Daily Cash Sheet
Prepare a sample daily expense sheet following the link provided:
https://www.google.com.au/search?q=daily+cash+expenditure+sheet&rlz=1C1CAFA_enAU666AU666&source=lnms&tbm=isch&sa=X&ved=0ahUKEwil87TzzdvYAhXDyrwKHRLwA2cQ_AUICigB&biw=1536&bih=735
Part 3 (Task 1)
Personal Reflection
1. Provide brief outline ofweekly expenses ( actual expense)in various item
2. Recommend areas of improvement in budget
3. Discuss what new approaches on budget management can be adopted in future. See below for some approaches on budget management:
• discussions with existing suppliers
• evaluating staffing requirements
• reviewing operating procedures
• Sourcing new suppliers etc.