Event Planning of Formula 1 - Business Plan Example

Section one 1.0 Event description and project proposal The project intends to analyze the sporting event specifically the formula one sporting event. The project event will take place in Melbourne Australia on 1th September 2015 to 8th September 2015 starting from 8Am to 5 pm. the organization managing the event are located in Melbourne city in order to ensure that the event management team get the closest fact in managing and formulating the plant o be executed in a weeks time. the purpose of the event is to plan for the project on sporting (F1 cars) event in terms of the number of event attendant, the distance and patterns of the path to follow, planning for the number of attendant as well as the safety of the attendant and those driving the sporting cars. This will entails the strategic plan for the events that will efficiently aid in ensuring that the project is achieved as planned and on time. The scope of the event is to focus on ensuring that the sporting event is well planned, achievable as well as ensure that the event is properly executed and well planned in order to avoid the last minute rush as well as impact of poor project planning on the event. The major personnel in event organization are the project team, security expert as well as the F1 sporting cars representative (Anton Shone 2004). The key sponsors for the event are the motor cars limited such as the ford, Toyota cars, Ferrari, Honda and many more participants of the events. The media partners are the BBC broadcasting, MSNBC television as well as the CNN broadcasting since, we believe that the event will attract sponsors and participant from across the globe and therefore the need to incorporate global media companies as highlighted above. 2.0 SMART Objectives 2.1 Specific The formula one sporting event planning is intended to appraise on the relevance of event planning to be exercised in Melbourne on 31st August 2015. This will entail the planning for the events in terms of the resource required for the whole event such as the cars for the events, designing, routing the map to be followed during the event, the accommodation and cafeteria for the sponsors, the participant as well as the spectators as well as the security to be instituted at the time of sport in order to ensure safety of both the participant as well as the spectators. Specific objective of the events will therefore provide basis for appraising the project viability by checking on the deviation that need to be checked in order to ensure that the project is specific. 2.2. Measurable The event planning team focus on ensuring that the variables instituted in the formula one sporting event such as the uses of project evaluation and review technique (PEART) as well as identification of the critical path for the project should be measurable (Cheryl Mallen 2013). The essence of this is that it will ensure that the project management team plan for a realistic and attainable project in terms of budget estimates and achievability and time management in the whole project of formula sport one event in order to ensure that the project plan and budget is attained within the set limits and on time. 2.3. Achievable The event planning team will focus on time management by allocating every team member a task to do as well as identifying those critical task that commands lots of time and resource and giving them, first priority. In this regards, segregation of duties provide the team an opportunity to maximize the time and skills in their designated area of work leading to coordination and planning for the whole project within the desired timeframe. The set standards and financial forecast for the formula one sporting event must be achievable. This is due to the fact that time determines the project success having in mind that the project will be comprehensive and covers global stakeholder as well as participant and therefore the budget and event planning must be attainable and realistic implying that the budget estimates should entail precise forecasting tool as well with expert opinion concern the budget forecast for the project. This will ensure that the project is achievable (Greg Damster 2005). 2.4. Realistic Formula one sporting event plan and budget should be realistic so as to ensure that project planning and execution is attainable and avoids the effect of project delay and insufficient capital to fund the project. To ensure that the project is realistic, the project management team ensure that other factors that affect the project planning and estimates is included in the project analysis. This is made possible by checking on the critical path as well as the program evaluation and review technique since it will provide a precise and reliable forecast that is realistic and attainable within the stipulated time frame (Jayne 2007).Event testing and evaluation will as well as check on areas of deviation and corrective measures to be instituted in order to ensure that the budget and event plan is realistic in terms of time, budget and people. 2.5. Time Time management is of essence in planning for formula one sporting event. In this regards, the project planning team focus on time management in every segment of the F1 sporting event well planned and observed each time in order to ensure that project is running smoothly and as anticipated. This will minimize misunderstanding and miscommunication between the event planning team and the real event .The event team should ensure that time it will take during the event must be set out in terms of time to be require and time to leave in order to minimize misunderstanding (Jones 2014). Time management is of paramount importance to the event team and the project planner as well since, it clearly define what to do , when and how and thus there is effective communication which minimize misunderstanding between the company and the interns. Section 2. Project Plan The following are the project plans to be executed during the formula one sporting events. The task is comprehensive and consequently, to achieve the desired end goals and objectives, even team members are allocated some task to do in order to encourage harmonization and coordination within project plans so as to ensure that project is accomplished within the desired time. The following are factors to be taken into consideration in planning for the events. Media and Marketing The formula one sport event is intended to attract global participant and sponsors and as a result, medial coverage and marketing is considered significant in ensuring that there is wide coverage in terms of marketing the event. In this regards, the project management team intends to uses global media platform such as the CNN, MSNBC and the CNN since the media house are global and known. This implies therefore that the target participant and market will be reached within the shortest time and consequently leading to faster awareness of the event to be held in Melbourne. Activities The following are the activities to be executed during the event as well as the task allocated to every project team in order to ensure that the project plan is attained within them shortest time possible and with achievable and realistic variables. Venue and scheduling In deciding the best venue for the event, many factors were considered which may affect the event. Some of the factors considered were The effect of whether Ease of accessibility inclusive of emergence vehicles Security Size, layout and design Presence of amenities such as toilets, cafeteria, seating and shades The Ghant chart (Full disclose of the Ghant is made possible in the software files attached) Cost The cost for the formula one sporting event is based on budget estimates. The budget estimates for the formula one sporting that will be held in Melbourne as from 1st to 8th September 2015 is estimated to be $75 million due to the fact that the event is intended to cover global participant and spectators. There is no anticipated fixed cost for the whole F 1sport since, the budget estimate is made from the previous data on the same event in which it was estimated that a budget of $50 million was spent and consequently a financial forecast of $75 million would be realistic for this financial year. This implies that the budget estimates is based on variable costs which subject to change with change in other external variable which may impact budget achievability. People In this schedule, the event team plan for that does what in terms of time. This is ideal since, since every personnel will be entitled to do task assigned to him effectively and on time in order to ensure that formula one sport 1 event is achievable and realistic in terms of cost and time. The event will include the investors, speculative investors as w ell as the stakeholders of the whole project who are interested with the event since, they are part of the team and thus , money spent in the project must yield some benefit in the project. The following schedule provide task of who does what to ensure that the sporting event is manageable. Time; Critical task In managing the formula one sport event, the project management team considered the critical tasks that command lots of time and resource in planning. This is made possible by assigning the those critical task with more time and resource and consequently, identification of critical task is significant to ensure that they are properly accounted for in the whole event planning as well as provide an assurance as to their reliability and effectiveness in terms of time management and resource allocation. The critical task and time consume is explained in the table below. The task above is critical since, each project activity has a time lag of -2 days. It can as well as is observed that the critical path is consistent and thus follows a systematic risk in formulating and implementing the whole project. The time lag of -2 days is critical since, it pressures every person and activities to be completed within the time and the lag period failure to which would imply project delay would exist. As a result, the event planning team will focus on time allocated to every task in order to ensure that the above mentioned critical path id followed so as to competed the event within the shortest time possible with low cost. Project evaluation In order to manage risk of event failure, an evaluation is made so as to be certain that variance impacting on achievement of formal one sporting event is removed as well as provide an assurance as to project reliability. The following were the best project evaluation technique employed in ascertaining project relevance for the formula one sport event. Survey method A survey was conducted in order to get feedback from the sponsors, spectators and event planners in order to check on the extent to which the Formula one sporting event can be relied upon in terms of performance, cost and time. The feedback will be significant in checking for the extent to which deviation exist in planning for formula one sport event as well as areas to make corrective measures. From the analysis of the survey, 16% stakeholders agreed that the project will be successful, 18% of investors, 44% of spectators and 22% of event planner assume that the project is achievable. This is quite a big portion of people who have confidence in project success. Agreed Disagreed Not sure Total in percentage Stakeholders 10 1 0 16% Investors 8 1 3 18% Spectators 20 4 6 44% Event planners 15 0 0 22% 52 6 9 100% SWOT Analysis SWOT analysis is one of the vital tools for appraising the relevance of the formula one sporting event to be held in Melbourne as from 1st September to 8th October 2015. This is because, conducting SWOT analysis for the F1 sport event will provide information which will be significant in ascertaining on the project internal strength and external threat and weakness which need to be checked and corrected in order to ensure that formula one sporting event is realistic , manageable and achievable. Strengths of the event may include: Large turnout of spectators to watch the formula one sport as well as those who will stick to TV is estimated to be more than 515 million spectators. Broad assortment of food and drinks offered to the spectator and the drivers and sponsors of the formula one event Contentment by spectators and sponsors such as the Ferrari team, Toyota and Hyundai motors Ten latest sponsors and stakeholders taken in due to event Weakness Too few sponsors and volunteers such as the Mercedes motors, Audi cars and Red Cross and other medical support staff across Australia. Small coverage by media houses such as MSNBC and Australia times Huge cost in relation to anticipated income for the formula one sport Opportunities for improvement could include: Growing number of spectator in formula sport event across Australia and worldwide more specifically in China. Getting more sponsorship aid such as involvement of growing car companies such as the Hyundai motors, Z gas, Kenkobil oils e.t.c Progressive future formula one sporting events across the globe with the main target to expend in china market Future threats might include: Disruption of the formula one sporting events consequential from natural calamities such as the rain and hurricane Loss consequential from planning personnel, leading to deficiency of direction for the anticipated events Formula one event planners not capable of covering the entire event due to inadequate funds to finance the entire project smoothly. Pest Analysis of the project PEST Analysis Political Economical Social Technological Ecological safeguards Economic growth Demographic population growth latest technology and innovation Tax compliance Monetary and fiscal policies Labor mobility Technological transfers Global trade regulation Government spending Life style challenges Energy cost and consumption Employment right Unemployment regulation Career and business skills Internet usage Political stability Consumer confidence Fashion and trend Mobile technologies Consumer right Business cycle stages warfare and safety of people Government spending on research Problems encountered Risks/constraints The project plan of formula one sport event encounters the risk of being shut down by the local authorities due to non acceptance of the proposal to run the Formula one sporting event in the designated location. This might be due to environmental safety of probably wildlife living around the said place, or non compliance of the environmental law up to the set and acceptable standards on the side of the event planners as well as the threat of non compliance with corporate social responsibility in helping the community living around and other corporate disclosures (Morris 2007). Strategies to adopt In order to reduces such risks, the event planners will focus on ensuring that a comprehensive environmental compliance and sustainability report is supplied to the local authority which is acceptable in order to minimize chances of license cancellation Action plan Sustainability milestone Target Target date Reduce total water consumption [40% reduction] 3 months Minimize toxic waste to the environment [50% reduction] 6 months Improve sustainability [10% increase ] One month The toxic waste can be minimized by ensuring that every participant should ensure that there fleet do have non toxic emission as well as the spectators and users of the water at the time of event uses the right procedure such as closing the taps as well as disposing the bottles used in the designated trash located across strategic places at the time of sporting event. Risks and Management Plans Prior to formula one event taking place, it is deem significant to have an appraisal in terms of testing and evaluation of the project from the diverse point of view before handing it over as well as putting into practice ,the following challenges is depicted which may affect the success of the event on time. It is anticipated that the intricacy will exist in the following areas. People-related: Workers to be employed may be less satisfied with the pay Inexperienced skills require for the project event The risk of low turnout in the first day of the car racing Time-related: The lately order material for event may rarely be provided on time by the assigned supply which might cause project delay which might affected the entire project completion and start time. The suppliers of the material such as the F1 cars spares, designs and flayers. Service-related: The sponsors might delay in providing funding for formula one event since, different sponsors comes from different part of the world and consequently the different in timing of the funds to finance the project. In the canteen, the new tableware might not take into consideration the needs of the customers The event planners may face problem in choosing the best raw material at low cost from the suppliers since it’s hard to avoid the entire risk but project planners believes that the can comfortable handle this risk to a desirable level.. The following are alternatives to be adopted in order to mitigate for risk. The event planning team will avoid risk by guaranteeing that the employees assumes the proposed month pay at the time of interview We will undertake a market research together with target clients in order to improve the standing as well as the assortment of the spectators who will attend the events. The event team will Supervise the lead-time in order to be confident of delivery of raw materials on time Allocating explicit fraction of entire budget as an emergency provision to assume the unknown risk. Section 3; Justification of activities through theory and practice Top level task Building It can be observed from the event plan that the assigned top level task that commands lots of time and resource are the building the plan which will consumes $4,400 since, the project planning commands the ideal creation of ideas and building the event planning as well as accounting for resources to be employed in the formula one project. As a result, building the project and planning consumes more funds since also, there is cost for travelling and accommodation of the sponsors since, it is anticipated that the formula one sport event will attract sponsors and participant across the globe and consequent the need for travelling and accommodation cost (Patterson 2010). Designing Designing the formula one event has been allocated more cost, time and resource since; this is the centre of the project management. Formula one sport event commands lots of creativity and designing in order to ensure that spectators are placed with the event. As a result, the designing has been emphasized very much. The cost is $4000 which is quite big. This is due to the fact designing entails use of resource that is quite expensive and commands the use of expert in realizing and appealing design. Testing Testing is one of the crucial part of the formula one event planning since, this is the phase that provide the justification as to project success or identification of areas that need more emphasize or correction in order to ensure that the variance is minimized so as to guarantee project success and efficiency (Young 2007). As a result, testing the project has been allocated an amount worth $2150. Testing the project entails running the prototype of the project which commands the use of resource similar to what is going to be employed in the project. As a result, substantive funds are required in order to ensure that project management team is certain of the project effective. Handing over Once the project is tested and providing an assurance as to project assurance in terms execution, the project management team thus handover the project to the responsible project team who will then put the project into practice. This will entail project manual instruction as well as commission for the project planning and testing team for the job done. Handing the project is vital since, poor understanding and implementation of them project will be costly to the entire project team and the event itself will be a failure Task Assignment Dave Dave is entiltewled with the task of rview the project as well as appraising in order to ensure that the projhect is achievable and realistic in terms cost and time. Dave will as well check ponthe variance and make correction ijn order to ensure that the project is perfect with less insignificant variance whioch might not impact the entire project. Dave is also allocated task of planning, test and handing over since, Dave is a senior expert in project planning and event management and consequently, the project management team believes that Dave is the right person for the above assigned task. Project planning is crucial since this deem the backbone of the entire project also, testing entails a critical review of the entire project in order to ensure that incase of variance are checked and ensured that the project is realistic and achievable within the set time and budgets (Morris 2007). Once everything is concluded, the project management team believes that both will the right person to meet the sponsor of the project and to explain to them the relevance and significance of the project since, financiers and sponsors of the project believes that money spent in the project will yield the best result in terms of exemplary sport one events. Dick Dick is entitled wioth grounds work. This entails checkiong and supervisionmg the prokject tpo ensure that the planned event is actually putting into reality and in consistent with the budget outcome.Dick will as well meet the sponsors to explain the relevance of the project in terms of efficiency, effectvines in terms of cost and times since, Dick is an expert in public realtion and supervision and consequently the grounds work is perfectly fitting him as far as the formula one sport event is concerned.In this regards, Dick will therefore ensure that the ground work as well as coordinating and meeting the stakeholders is bestwored on him aand consequently, the evnt team believes that dick is deem for this part. Hurry Hurry is allotted the task of ensuring thagt the general cafeteria and canteen is proper and well planned in order to ensure that the particiapotn get drinks and other personal stuff during the formula one event.Hurry also will ensure that the seats and place of VIP is well planned in order to avoid confusion as well as encourage harmonizing of other department for smooth event planning.Hurry will be allocated the task of building the project plan since; He has an experience in design and planning with proven track. In this regards, the whole project design and planning will be done by hurry with forty hours allocated to each events. Since, Hurry is accountable for project design and planning, the project committee believes that tom will be accompany Dave and Dick inn handing over the project since, Hurry was the main designer and planner in project planning and will be accountable for any questioned asked by the sponsors and any participant concerning the project. Tom Tom is an expert in sustainability compliance and consequently is committed towards ensuring that sustainability compliance is assumed by the event planner for the formula one sport. Tom will therefore focus on assuring the safety of the animals, people living around, performing a preliminary review of the whole project in order to ensure that the sustainability report as up to the set standards. Tom will therefore draft and generate a sustainability report which will be submitted to the local authority for event approval subsequent to rechecking how event planners will focus on ensuring that the safety of people and animals living around is well taken care of as well as the manner to which waste and environmental pollution will be managed during and after the event has taken place. Budget estimates Establishing the guidelines The event planning team established the guidelines to be followed at the time of making budget estimates for the formula once sport event. The event team will establish guidelines such as variables affecting the budget estimates, time frame as well as extent to which the budget estimate can rely on the previous cost in focusing the budget. Cost estimation The cost for the formula one event is based on previous year’s budget as well as considering other external variables that might affect this year’s formula one event. This will help in estimating the cost for the event since, some of the readily available information be useful in drafting this year’s budget. Prioritizing The event planners will generate a project evaluation review technique (PEART) in order to ascertain the critical path for the whole event. This will provide an opportunity to decide the project that commands more time and cost in order to ensure that the budget and formula one event takes the shortest time possible with low cost. Reference list Anton Shone, ‎P 2004, Successful Event Management: A Practical Handbook. Cheryl Mallen, ‎A 2013, Event Management in Sport, Recreation and Tourism. Greg Damster, ‎T 2005, Event Management: A Professional and Developmental. Jayne, V 2007, ' Project Managemen', people processes & performance—how to get the recipe, p. 52. Jones, M 2014, Sustainable Event Management: A Practical Guide - Page 383. K. G. Lockyer, ‎G 2001, Critical path analysis and other project network techniques. Morris, PWG 2007, The Management of Projects - Page 105. Patterson, JHL 2010, 'Leadership: the project management essential. ', Production and Inventory Management Journal , vol 46, pp. 73-89. Young, TL 2007, The Handbook of Project Management: A Practical Guide t. Read More