Midterm #1 Flashcards
what does an request for proposal (RFP) outline
an event´s minimum requirements to host an event
what do minimum requirements often include
venue concerns - playing surface, locker room, spectator capacity…
dates
staff and officials
fees
what do organizations value by requested bids?
host loaction´s suitability for event by evaluating other attributes by bidder
what is forecasted and evaluated in a feasibility study
phyical facilites financial resources human resources community support political support
what does a feasibility study begin with
market analysis
followed by financial analysis
what happens after it is decided to bid
a bid document is produced
what kind of info does a bid document include
purpose statement host commitee credentials budget and financing staff and volunteer support facilities transportation ...
what do many host committees do to attract an event
extend considerable benefits
characteristics of most sports commissions
nonprofit or government entities designed to attract or assist sport events
responsibilites of sports commissions
provide social benefits to community
promoting economic activity
what does good budgeting require
projection of revenue
anticipation of expensese
gathering of significant info
5 stages of budget process
gather info forecast sales project profits and losses compare industry norms determine capital needs
revenue
money coming into event
exchange for goods and services
determinant in event´s potential financial success
expenses
money flowing out of event
costs associated with generating revenue
Net Income/Loss
difference between revenue and expenses
different types of budget
preliminary budget
working budget
preliminary budget
in earliest phase of event
reflects info gathered for revenue and expenses
in progress since more info get gathered
working budget
when estimating process is complete and numbers are included
includes specific and expected revenue
example for revenue sources
tickets registration/membership sponsorships merchandising food and beverage ....
what are rights fees in relation to media agreement
broadcasters pay for rights to broadcast an event or content
what is time buy in relation to media agreement
event property buys air time and broadcasts the event itself
what is barter in relation to media agreement
known as partnership
split in advertising revenue between event property and broadcaster
what is syndication in relation to media agreements
selling of media rights to multiple TV and radio stations to have event broadcasted simultanously
what is pay-per-view
TV providers offer event -> viewers pay for rights to access event
different types of expenses
variable costs (costs that change) fixed costs
examples for expenses
event operations facility/venue costs player-related costs marketing/promotion ...
what has improved the tracking of an event
technology
what are spreadsheets used for
examine historical data
track actual expenses
compare expenses to estimates
best way to control costs
finding low-cost goods and services
update spreadsheets
limit who makes decisions
implement a system of checks and balance
what doe cash flow and management adress
the timing of revenue and expenses
ways to receive low-cost services and goods
auctions
bids
negotiations
what does an organizational structure/chart define
areas of responsibility
levels of authority
differenet organizational charts
tall organizational chart
flat organizational chart
tall organizational chart
many levels of management
narrow span of control (each supervisor control only a few employees)
close supervision of employees
flat organizational chart
fewer management levels
broader span of control
how can a flat organizational chart be beneficial for an organization
more flexible and has a ability to adapt
the functions an organizational chart of an event is often broken down into
operations
competition
guest services
things to be considered when identifying staff
type of the event destination-specific factors duration and time of event functional factors Relationship with organizational actors
areas in which staff training is often needed
alc service crowd management security customer service ticket office ...
types of scheduling staff
parallel scheduling
serial scheduling
parallel staff schduling
tasks may be performed at the same time