Podcast
Questions and Answers
Feasibility in event management involves subjective evaluation of the event design.
Feasibility in event management involves subjective evaluation of the event design.
False
Financial considerations are the most important resource in event planning.
Financial considerations are the most important resource in event planning.
False
Cash-flow projections are not necessary for event feasibility studies.
Cash-flow projections are not necessary for event feasibility studies.
False
Human resources are not a critical factor in determining the feasibility of an event.
Human resources are not a critical factor in determining the feasibility of an event.
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Feasibility studies are only conducted by municipalities for new construction or capital expenditures.
Feasibility studies are only conducted by municipalities for new construction or capital expenditures.
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The approval process of an event involves only the client's acceptance.
The approval process of an event involves only the client's acceptance.
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Once an event is approved, the planning phase can begin immediately.
Once an event is approved, the planning phase can begin immediately.
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The research phase occurs after the approval process.
The research phase occurs after the approval process.
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Politicians always view events as opportunities for publicity and economic impact.
Politicians always view events as opportunities for publicity and economic impact.
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It is crucial to consider the timing of the event to avoid clashing with other key events.
It is crucial to consider the timing of the event to avoid clashing with other key events.
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Study Notes
Event Feasibility and Legal Compliance
Resources
- Three basic resources required for an event: financial, human, and political
- Each resource has varying degrees of importance depending on the nature of the event
Financial Considerations
- Determine if sufficient financial resources are available to sustain event development and implementation
- Consider what will happen if the event loses money and how creditors will be paid
- Analyze cash-flow projections to determine the time allowed between payables and receivables
- Identify resources available for an immediate infusion of cash if needed
The Human Dimension
- Assess where human resources will come from and how they will be rewarded (financially or through intangibles)
- Determine how human resources will work together as an efficient event team
Politics as Usual
- Understand the important role of government leaders in event oversight
- Enlist the support of politicians and their bureaucratic ministers to ensure smooth cooperation
The Approval Process
- The approval process marks an important milestone, ensuring the plan has been reviewed and deemed reasonable and feasible
- The process may be simple (client acceptance) or complex (requiring multiple signatures from city agencies)
Key Questions
- What physical resources are available or accessible to support the event?
- What are the rough costs (time, personnel, money)?
- How can any potential barriers be overcome?
- Is there sufficient time for planning?
Feasibility Assessment
- Assess the availability of necessary resources to undertake the event
- Check that the event timing does not clash with other key events
- Ensure adequate time and effort are invested in planning and preparation for a successful event
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Description
Understand the concept of feasibility in event management, including resource allocation, financial considerations, and the approval process. Learn about different forms of feasibility and their applications in event planning.
