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Unit 4 Prepare Event Budget and Procurement - Coggle Diagram
Unit 4 Prepare Event Budget and Procurement
4.3 Budget preparation process and budget monitoring practices
Analogous Estimation
Project Management Software
Expert Judgement
4.3.1 Techniques for making budget estimates
4.1: Purpose of an event
Creates cushions for unexpected expenses
Prevents unnecessary spending
Proper budget allocation helps in achieving financial goals
Provides a monitoring system to track the performance at any stage of the event management process
4.3.2 Approvals
4.3.3 Monitoring
Makes sound business decisions
Demonstrate accountability
Ensures the efficient and effective use of resources
Allows remedial action to be taken where needed
Benefits of monitoring the event budget:
4.4 Sources of Income and Expenditure
4.4.1 Sources of income
Fees form stakeholders/ partners
Merchandise sales
Event stall rental
Advertisement revenue
Event ticket sales
Sponsorship
In-kind expenses: DECREASES EXPENSES and CREATES VALUE
Cash sponsorship: INCREASE REVENUE
Funds provided by company
4.4.2 Sources of Expenditure
Programme
Site Logistics
Promotion
Administration
4.5 Factors that can impact a Budget and Reasons for Deviations
4.2 Components of an event budget
Expenditure
Income (Finding)
4.6 Purpose of a Budget Statement and its Components
Contigency plans
4.7 Common items for event Proccurement
Amusement Attractions
Decorations
Tents and Staging
Entertainment
Tables and chairs, including skirtings
Office Supplies
Audio/Visual Equipment
Communication Equipment
Food and Catering
Marketing collaterals
Venue Rental
Licenses and Permits
4.9 Code of conduct and Ethics Related to Procurement of Goods and Services
Transparency
confidentiality
impartially and fairness
avoidance of appearance of impropriety
intergrity
due diligence
compliance to the law