Part 1: Financial Report
1. Executive Summary
This paper aims to explain the phenomenon the manage finances within a budget, or the operation of the monitoring of work. According to the background information, the Australian Multicultural Foundation, Sydney (AMFS) has intended to launch the Harmony week from the 10-14 of June 2016. It is conducted by the International Hotel Group. As the programme manager, it will be the core responsibility to handle the event within the budget requirements as provided by the Australian Multicultural Foundation, Sydney. The core responsibility is to also provide the budget, variance, financial and budget reports in a descriptive manner. There are three parts, with each task studying a new perspective of the financial and budget management of for the International Hotel Group.
2. Event Description
Harmony Week is being celebrated by the AMFS. It is a 4-day event at the International Hotel Group with almost twenty international leaders invited from culturally diverse backgrounds. The hotel is responsible for their hospitality, entertainment and other associated care management services including music, food, dance, concert, carnival, etc.
3. Operational Plan
Strategic asset allocation is usually implied on the return and cost of the event, a buy and hold strategy is commonly used in such cases. It often occurs for a shift in values that causes a rift in the initially established mechanism of the policy mix. According to personal study and research, the rebalancing of the portfolio is the only way. For example, in this case, when one asset declines its value, the other asset would purchase the value and eventually the asset value is increased.
Another way of asset allocation is the tactical asset allocation. This is one method that works best for the company’s favour for long-term, strategic asset allocation may look relatively rigid for that matter. However, the issue of constraint budget can be tackled and managed well by the tactical asset allocation strategy. The tactical decisions regarding the budget usually occur from the mix of capitalizing the cost, as well as using exceptional opportunities for investment. This is one way to manage the International Hotel Groups well.
The market rates as discussed regarding different categories vary from $100-$5000 hence this is found out from the purpose of research, call and discussing with the marketers relevant in the context of event management and organisation. Thus, the allocated budget for the International Hotel Group is $67000 and therefore, the different categories must be lesser than these budget to fit in with the budget of $67000.
4. Hierarchy/Organization Chart
5. Financial Statement
A Standard Operating Procedure is the financial application to do the interpretation as well as the standardisation to analyse the budget. The budget adjustment usually occurs for recording income and expensive budge transactions. Thus, the effective method of Standard Operating Procedure is also allowed to modify the base budget, the current budget as well. The base budgets are usually established during the process of the budget construction process and eventually it undergoes the ongoing financial commitment as done earlier. The budget of food/tea/meals, and even the light and sound processing of the event has fluidity and therefore, in this way the base budget of $25,000 could adhere. In this case, a contingency plan is also managed that includes further $5000, and in this case, the scene of international music will be excluded from all the amenities of the event. (McWilliams, 1997)
6. Proposed Idea
The outline of the expenses is done by weekly budget under the fixed budget of $67000:
The food will cost a total of $7000, and this will also include the weekly meetings set by the organisers of the food business, as well as the different vendors. The goal is also to achieve the set of sponsorships that could help in lessening the cost of the budget.
Once the meetings are set, around 7-8 food vendors will be gathered that could help in providing free food facilities which are further allowed to market their business through stall, and standees. The costs of booths for the event will include $1500, and therefore, these food vendors will only use the stall and buy it to provide food to the customers. The arriving customers will pay directly to the food vendors.
Furthermore, the payroll expenses will be calculated at the end of the event. The hiring of 2 interns and volunteers will be done weekly. In this case, the issue is to resolve the payroll expenses in the fixed budget. The hourly rate of a volunteer will be $15, and the daily rate of the interns will be $35, and in accordance to that, the calculation of the volunteers will be done by the $15 only on the course of five days event. However, the interns are hired on the agreement of the six weeks who will manage the advertising and marketing, and other promotional tactics to lead the event.
Besides the round tables with chairs that are 15 in number will also be booked six weeks before the event to avoid any irregularity. The light will only be used on the musical night, as well as the carnival and it is found out that the lighting arrangement will adhere in the case of lawns/trees/tables and stages for following the contingency plan. The goal is to provide overall a quality event that is liked by a large number of customers attending the event, however, also focusing the fixed budget. The contingency plan as earlier included further $5000 and in this case, the scene of international music will be excluded from all the amenities of the event. So, one of the amenities such as the global music or the lighting on the last day will be avoided. The theme of the musical night will be changed to disco rather than modern, which will lead to the lesser use of the lighting. However, this is a plan that will be avoided at every cost to avoid sacrificing the quality.
Moreover, on the other hand, the weekly plan will also include the arrangement of the accommodation. As the event is done on behalf of Australian Multicultural Foundation and conducted at the International Hotel Group, therefore to promote the hotel business considerable attention and amount of budget will be assigned to the accommodations. Regarding accommodation, as stated in the appendix not more than rooms with the single bed will be provided in $200 a night. This will help in generating maximum profit to lead a huge, and grand event.
The equipment and the sound system of the event will be given maximum attention, and due to the large expenses, their importance will not adhere. Some of the equipment used in the event are the projectors, sound system, and microphones and they will be bought, and rent in plenty of amounts to achieve the event management goals.
Another weekly budget will be set to the floral decoration, and arrangement as it is one of the important amenities to not neglect. The floral decoration will include the entry, stage, table centres, and buffet area. Also, 28 small bouquets in orange, right and white flowers will be booked three weeks earlier than the event.
Eventually, another weekly budget will be set according to the transport (50 passengers) to take the guests, as well as the hosts for sightseeing. (Campbell, 1997)
This is the entire outline that is assigned to the core responsibilities of the expenses related to this event.
7. Conclusion
The event organisation is successfully briefed in this paper regarding managing finance research of the event. Manage Finances within a Budget / Monitor Work Operation is done by a five-day event that will be held at the International Hotel Group. As stated earlier, the tactical decisions regarding the budget usually occur from the mix of capitalising the cost, as well as using exceptional opportunities for investment. This is one way to manage the International Hotel Groups well. So the asset allocation method will be tactical asset allocation. Moreover, the market rates as discussed regarding different categories vary from $100-$5000 hence this is found out from the purpose of research, call and discussing with the marketers relevant in the context of event management and organisation. Thus, the allocated budget for the International Hotel Group is $67000 and therefore, the different categories must be lesser than these budget to fit in with the budget of $67000. Hence, the outline of the budget is done according to the fixed amount.
Part 2: Standard Operating Procedure
A standard movement is reported to shape an arrangement of composed directions, such manual which gives people or the workers to perform the activity appropriately which encourages honesty and quality at last item or administration are called as the SOP. In this way, SOP helps in actualising and playing out the specific capacities or exercises of the procedure viable and effectively. SOP is too known by various terms like guidelines, research facility working methodology, worksheets and conventions. SOPs are particular to the associations and guarantee consistency with legislative
directions. SOPs are of restricted esteem if not composed accurately or come up short on the off chance that they are not taken after. Consequently, SOPs ought to be promptly open either in printed version or delicate duplicate for reference to those who are going to play out the particular employment or movement in the association. SOPs help in preparing the people of a specific capacity or a procedure, it likewise decreases the supervisory time and endeavours, it assembles certainty among the group while undertaking the errands.
Some templates of essential SOPs are given below:
Table 1: SOP – Training and New Employee Skill Building
Table 2: SOP-Performance Check
Table 3: SOP-Performance Evaluation-2
Part 3: Assessing Cost and Resources
The market rates as discussed regarding different categories vary from $100-$5000 hence this is found out from the purpose of research, call and discussing with the marketers relevant in the context of event management and organisation. Thus, the allocated budget for the International Hotel Group is $67000 and therefore, the different categories must be lesser than these budget to fit in with the budget of $67000.
The goal is to provide overall a quality event that is liked by a large number of customers attending the event, however, also focusing the fixed budget. The contingency plan as earlier included further $5000 and in this case, the scene of international music will be excluded from all the amenities of the event. So, one of the amenities such as the global music or the lighting on the last day will be avoided. The theme of the musical night will be changed to disco rather than modern, which will lead to the lesser use of the lighting. However, this is a plan that will be avoided at every cost to avoid sacrificing the quality.
Moreover, on the other hand, the weekly plan will also include the arrangement of the accommodation. As the event is done on behalf of Australian Multicultural Foundation and conducted at the International Hotel Group, therefore to promote the hotel business considerable attention and amount of budget will be assigned to the accommodations. Regarding accommodation, as stated in the appendix not more than rooms with the single bed will be provided in $200 a night. This will help in generating maximum profit to lead a huge, and grand event.
Monitor Work Operations
8. Part 1: Assessing and Monitoring Efficiency
The event is a short-term goal, and therefore it is already identified that the tactical asset allocation strategy will work the best for the International Hotel Group. Thus, in this case, the company’s most important priority is to require a rate of return regarding generating the revenues from the identified expenses. Some of the expenses will be the logistics, supply chain management, the launch of the event which will consist the marketing and advertising fees, the effective team of staff members will be further hired. So, in this case, another identified expense will be the payroll expenses. Some of the temporary staff members will be hired for the event such as interns, volunteers and event organisers so for their purpose; the payroll expense is also an identified expense. This cost is the amount of salary and wages that are paid to the employees, and in return, they provide us with the services rendered to them by the event business team. Hence, a summary of the identified expenses are the payroll expenses, logistics, and supply chain management, the launch of the event which will consist the marketing and advertising fees.
The interns will be competent, capable and hired by their experience with the management of such events. Moreover, in this case, advertising and marketing fees will adhere that was initially supposed to give to the marketing and advertising agencies. As per as the appendix, the budget has to be well-managed, effective an efficient. The hiring and the payroll expenses will eventually be rendered by also receiving a larger number of customers due to well-equipped marketing strategies run by the marketing team.
Part 2: Organization of Workflow
9. Workflow – Event Management at AMFS
10. Combined Team Rosters
Table 3: SOP-Performance Evaluation-2
Table 4 & 5: SOP-Performance Appraisal Ranking
11. Part 3: Meeting Minutes
12. Part 4: Staff and Media Delivery Report
A hotel that is genuinely endeavouring to assemble a “world-class” benefits culture will bend over backward to create benefit guidelines that accentuate outstanding administration for each client. One of the key factors that different great administration from genuinely outstanding administration is consistency. Consistency implies repeatable. A fruitful hotel general administrator should be certain that in any given circumstance, the hotel staff knows how to react and act suitably. Whether it’s toward the beginning of the day or evening or night, whether it’s an end of the week or a weekday, no matter what, and paying little respect to whom happens to work that day.
Make preparing an ordinary need and not only a one-time occasion. This can appear like mission unthinkable in an industry where most staff as of now works well beyond sensible hours. Acting the hero are new technologies that offer amazing preparing that doesn’t require a protracted time-commitment. An expanding number of hotels are seeing the advantages of mixing conventional worker preparing strategies with in the nick of time preparing arrangements, for example, Performance Support Systems (PSS).
Consistency does not imply that each visitor ought to get a similar administration. Genuine administration brilliance requires personalization and making every client feel just as there is nobody else, right then and there, more critical than him or her. Front work area chaperons that remember you or call you by name that are anxious to enable, that to recollect your inclinations, and that can give profitable data are a tremendous resource that has a major effect.
Neighborliness might be one of the most established organisations on the planet. However these days it should not shock anyone that hotel endeavours can just achieve their fullest potential by including current technology. As indicated by reports by Software Advice, hotels are quick embracing hotel administration programming like property administration frameworks (PMS) to streamline the registration and registration process, create monetary reports, oversee staff and robotise everyday assignments – sparing time, easing the hotel staff of the more monotonous obligations and enhancing the visitor encounter. Making it one stride further, hotels that need to serve their staff and clients far superior and get more ROI from their PMS frameworks are swinging to Performance Support technology.
13. References
McWilliams, A., & Siegel, D. (1997). Event studies in management research: Theoretical and empirical issues. Academy of management journal, 40(3), 626-657.
Campbell, J. Y., Lo, A. W. C., & MacKinlay, A. C. (1997). The econometrics of financial markets (Vol. 2, pp. 149-180). Princeton, NJ: Princeton University Press.
