Page 67 - DMGT304_EVENT_MANAGEMENT

Event Management

Notes Introduction

Feasibility simply means that you have looked at the event design objectively to determine if
what you propose is practical given the resources available. This is the final checkpoint before
actual planning begins and, therefore, must be given adequate time for review. Municipalities
often engage professional engineers or other consultants to conduct lengthy feasibility studies
before approving new construction or other capital expenditures. Although you may not need
a battery of consultants, it is important for you to review all previous steps thoroughly when
determining the feasibility of an event plan.

3.1 Resources

The three basic resources that will be required are financial, human, and political. Each of these
resources may have varying degrees of importance, depending on the nature of the event.

Example: A for-profit or large hallmark event will require significant financial
investment to succeed. A not-for-profit event will rely on an army of volunteers, and, therefore,
the human element is more important. A civic event will require greater political resources to
accomplish. Therefore, when assessing and analyzing feasibility, first determine in what
proportions resources will be required for the event.
3.1.1 Financial Considerations

It is desired to know if sufficient financial resources are available to sustain development and
implementation of the event. Furthermore, you must consider what will happen if the event
loses money. How will creditors be paid? You will also want to know what resources you can
count on for an immediate infusion of cash, should the event require this to continue development.
Finally, you must carefully analyze the cash-flow projections for the event to determine how
much time is to be allowed between payables and receivables.

3.1.2 The Human Dimension

In assessing the feasibility of an event, you must not only know where your human resources
will come from but how they will be rewarded (financially or through intangibles, such as
awards and recognition). Most important, you must know how they will work together as an
efficient event team.

Task Make a chart of essentials one should know to assess the feasibility of an event.

3.1.3 Politics as Usual

The increasingly important role of government leaders in event oversight must be viewed with
a practiced eye. Politicians see events as both good (opportunities for publicity, constituent
communications, and economic impact) and bad (drain on municipal services and potential for
disaster). When designing civic events, it is particularly important that you understand and
enlist the support of politicians and their bureaucratic ministers to ensure smooth cooperation
for your event.

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