MGT721-Event Planning & Finance and Budgeting Analysis – Accounting & Finance Assignment Help

Assignment Task

Task 

Event Planning: Finance and Budgeting

Assessed Learning Outcome(s):
LO.2 Develop budget methodologies for events.
LO.3 Create budgets for events and assess event feasibility.
LO.4 Critically examine event feasibility and revise budgets for a financially viable event plan. 

Qualification outcome expectations

Research and referencing: You are required to engage in some research into the theories or concepts underpinning this topic and use other relevant sources beyond the provided reading material in order to successfully complete this assignment. Ensure you are choosing relevant academic sources and using them well to support your arguments Ensure you include citations and a full reference list using the latest APA guidelines.

Presentation guidelines: Work is expected to be word-processed and submitted as a Word document or PDF, using a clear, readable font and be within 10% of the given word count (excluding any referencing). Include your name, student number and the paper code and assignment number as a header or footer. Reports should include headings or subheadings as required. Essays should include an introduction, body and conclusion. Spellchecking (NZ English) and proofreading of work prior to submission is strongly encouraged.

ASSIGNMENT TASK
You are required to use the knowledge acquired in your study in the preparation of budgets, the assessment and interpretation of financial information, and cash flow management to answer the questions in all three parts below.

Part A – Event feasibility and financial viability
Read the following case study and answer the questions that follow.
The following information is given to you by your functional manager in which 600 people are expected to attend a conference in Auckland in June 20XX.

Budgeting for a single event

Additional information
1. During the planning process, it is forecast that the number of delegates will be 720 instead of the initial 600 projected. However, at the end of the event, the number of delegates recorded was 680.

2. Through your good negotiation skills, the supplier of the AV (equipment, technicians) decided to give a discount of 18% for payment of their services, and this was adjusted for accordingly in the revised projected budget

3. The drama component of the event was increased to three performances from the original two agreed on during the planning process. This affected the payment, increasing by 28%

Part A questions
1. Prepare a revised budget incorporating all the changes made prior to the commencement of the event.
2. Prepare the actual budget of the event, taken into consideration the information available during and after the event ended.
3. Prepare an income statement (profit and loss statement) for the event.
4. Why is the projected budget statement different from the income statement? Justify your answer
5. How will you interpret the income statement to your functional manager who has little knowledge about accounting and finance?
6. In comparing the projected budget to the actual budget, did you overspend or underspend? Explain your answer.

Part B
As an event manager of one of the biggest event companies in New Zealand, you are confronted with the planning and organisation of two important events in the next five months from now. Your CEO tells you that she wants you to plan to make the events successful and financially viable. The following initial information is given to you.

Modelling a conference with high variable costs

Part B questions
1. In determining an event’s feasibility, one is required to assess the necessary resources and the opportunities presented by the event. In this case, initial information regarding the resources and opportunities of the event have been given to you. What are the steps involved in the feasibility process of determining the financial viability of events? Give a detailed account of the steps and justify your answer.

2. At what revenue levels (tickets sales) will lead to a break-even point where the events neither makes a loss or profit. Illustrate your answer with diagrams and clearly show the components of the break-even points. (use the second column on the number of delegates section for both events).

3. At what revenue levels (tickets sales) will the events make profits? You are required to complete the last two columns of the number of tickets’ section. Explain why the income is higher than the expenses in your answer.

4. Which of the two events presents a higher risk? Justify your answer.

5. Assuming that the music event is to be 50% sponsored by the local council and that ticket prices will also be reduced by 50%. Unfortunately, a contingency occurred, and the sponsorship budget is cut by 28% of the income needed to organise the event successfully. Meanwhile, the fixed costs are remain the same. Using the number of tickets of 1500, create a budget with the new information and explain why it will still be necessary to organise the music event. You are required to consider the needs of the stakeholders in answering this question.

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