Financial Planning and Budgeting of Events

2021 ◽  
Author(s):  
Jelena Janjusevic ◽  
Sunita Mathur
Keyword(s):  
Resource Allocation ◽  
Financial Planning ◽  
Financial Management ◽  
Management Team ◽  
Management Teams ◽  
Clear Understanding ◽  
Financial Awareness ◽  
Event Managers

The importance of financial management and resource allocation for events cannot be understated. Events are an important part of cities’, regions’ and countries’ cultural make-up and represent more than simply entertainment for interested consumers. Given this importance it is imperative that their ability to operate on a regular and ongoing basis is supported by a strong financial awareness of their management teams. How will we price the event to ensure that our objectives are met? How can we ensure that the management team and staff stay on-time and on-budget? How can we determine if we are generating enough revenue from our event to cover costs, and how important is our cash-on-hand for our immediate survival. This chapter aims to provide event managers with a clear understanding of these finance-related questions. The topics presented in this chapter build on, and extend the scope of the concepts discussed in the previous chapter. More emphasis will be on the numerical aspects as illustrated in the examples used throughout this chapter.

LATE AND NON-PAYMENTS ISSUES IN THE MALAYSIAN CONSTRUCTION INDUSTRY: PERSPECTIVE OF BUILDING MATERIAL SUPPLIERS

2020 ◽  
Vol 6 (1) ◽  
pp. 39
Author(s):  
Mohd Fisal Ishak ◽  
Kartina Alauddin ◽  
Mohd Shahrol Hafiz Ibrahim
Keyword(s):  
Construction Industry ◽  
Cash Flow ◽  
Financial Management ◽  
Building Material ◽  
Building Materials ◽  
Management Team ◽  
Flow Management ◽  
Cash Flow Management ◽  
Main Effect ◽  
Klang Valley

Payment in the Malaysian construction industry has generally been an issue of concern. Late and non-payment problem is endemic in construction and needs to be addressed. The aim of this study is to investigate the issues related to late and non-payment based on the building materials suppliers’ perspective. Questionnaires were distributed to suppliers of building materials in the Klang Valley. Findings from the study shows the main cause of late and non-payment is the paymaster’s poor financial management while the main effect of late and non-payment is problem with the cash flow.  The most recommended possible solution to cope with the issue is for the paymaster to conduct training on financial and cash flow management to the management team in the company.  

Specifics of strategic financial planning of enterprise activity in the digital economy

2020 ◽  
Vol 26 (3) ◽  
pp. 499-507
Author(s):  
P.A. Levchaev ◽  
B. Khezazna
Keyword(s):  
Strategic Planning ◽  
Financial Planning ◽  
Financial Management ◽  
Digital Economy ◽  
Economic Life ◽  
Corporate Management ◽  
Economic Relations ◽  
Digital Era ◽  
Analysis And Synthesis ◽  
Corporate Management System

Subject. The article investigates the specifics of strategic financial planning of enterprise operations in conditions of digitalization processes, as well as the introduction of advanced technologies in all spheres of social and economic life. It determines unique opportunities for company development in the international market. Objectives. The study aims at reviewing a set of economic relations and problems emerging in the process of strategic financial planning of enterprise performance in the digital economy, and developing recommendations to improve the financial strategic planning of economic entities. Methods. We employ methods of economic analysis and synthesis, and comparison. The paper rests on works by academic economists on the problems of finance, financial management, and planning. Results. We investigated the most important features and problems of strategic financial planning of enterprises in the digital economy, and how the digital era increases the level of competition of participants for economic dominance. Identified features of financial strategic planning of the corporation's activities in the digital economy are recommended for use in the corporate management system of an industrial enterprise. Conclusions. Improving the strategic management process is a stage of transformations in the digital economy. Enterprises create new priorities through using management models. At the same time, the role of fixed assets is reduced, and intangible assets and information accelerate the business. The effectiveness of company operations is often determined by the availability of accurate and timely information that reflects the necessary aspects of financial and economic practice.

scholarly journals Automation possibilities in a low rotation warehouse of a Belgian manufacturing plant. A case study

2019 ◽  
Vol 290 ◽  
pp. 02006
Author(s):  
Anca Mocan ◽  
Anca Draghici
Keyword(s):  
Management Team ◽  
Management Teams ◽  
Manufacturing Plant ◽  
Health Statistics ◽  
Doing Business ◽  
Investment Cost ◽  
Total Investment ◽  
The Cost ◽  
Best Fit

Lack of appropriate warehouse ergonomics is one of the leading causes of worker injuries in industry environments. As management teams are trying to reduce the cost of doing business, they look to worker’s health statistics and realize they must improve their way of operating. The paper presents a warehouse analysis done at the request of the management team of a Belgian manufacturing plant. The factory’s warehouse was audited with focus on Kanban bin weight, storage rack height and rack width to assess the ergonomic strain it causes on workers. The paper then presents possible automation options in order to find the best fit to reduce ergonomic impact, while also optimizing the total investment cost.

scholarly journals BUDGETING IN INDUSTRIAL ENTERPRISES

2021 ◽  
Vol 2021 (1) ◽  
Author(s):  
Ya. Samusevych ◽  
A. Temchenko
Keyword(s):  
Financial Planning ◽  
Financial Management ◽  
Planning Process ◽  
Minimum Cost ◽  
Cost Effective ◽  
Planning Stage ◽  
Industrial Enterprises ◽  
Planning And Control ◽  
Rational Organization ◽  
Internal And External Factors

The key to successful and cost-effective activities of enterprises is the rational organization of the planning process, which concerns financial indicators and involves writing budgets. The article summarizes the theoretical and practical aspects of the organization and implementation of budgeting in industrial enterprises. The study of approaches of different scholars to the interpretation of the essence of the concept of budgeting allowed defining it as a complex economic process of the management cycle. It is developed at the discretion of the enterprise by determining the amount and composition of the costs of individual units of the entity and ensuring coverage of these costs by the resources of the enterprise to achieve the ultimate goal of the entity – to obtain maximum profit at minimum cost, taking into account both internal and external factors. The role of budgeting for industrial enterprises, its main purpose, the list of entities involved in budgeting, as well as the fundamental criteria for budgeting were clarified. Based on the generalization of a number of the most important criteria for the company, the possible types of budgets as well as their advantages and specifics of use depending on the objectives of the entity were generalized and described. The analysis of the basic stages of budgeting which are carried out in the course of activity of the is enterprise carried out, terms of writing and representation of budgets on an example of the monthly, quarterly and annual financial period are considered. It is determined that the budgeting system is a tool of internal financial planning and control, which significantly increases the efficiency of financial management of the enterprise, preventing the irrational use of financial resources both at the planning stage and at the stage of control over their use. Given the lack of established norms and rules for budgeting in the enterprise, optimizing the organization of the budgeting process and the effectiveness of financial planning are the tasks of the internal system of corporate governance.

scholarly journals Perencanaan Keuangan untuk Mencapai Tujuan Finansial

2010 ◽  
Vol 1 (1) ◽  
pp. 183
Author(s):  
Arta Moro Sundjaja
Keyword(s):  
Financial Planning ◽  
Financial Management ◽  
Investment Planning ◽  
Education Costs ◽  
Retirement Funds ◽  
The Right ◽  
Emergency Fund

Financial planning of individuals started a trend in Indonesia in recent years. This paper will attempt to design an individual financial planning. Object of this project include individual financial planning and financial management, investment planning, financial planning elements, prepare an emergency fund and retirement funds, education costs and achieve other financial goals. Of this paper is expected to increase the knowledge of individuals in managing finances and choosing the right media investments and achieve their financial goals.

scholarly journals Subjectively perceived change in consumption along the living standards in old ages

2021 ◽  
Vol 55 (Különszám 2) ◽  
pp. 21-31
Author(s):  
Réka Hegedüs ◽  
Klaudia Rádóczy
Keyword(s):  
Human Resource Development ◽  
Old Age ◽  
Financial Management ◽  
Cluster Formation ◽  
The Elderly ◽  
Pension Scheme ◽  
Age Group ◽  
Elderly Age ◽  
New Findings ◽  
Financial Awareness

THE AIMS OF THE PAPER The aim of our research is to provide a picture of the conditions for providing the income background necessary for old age, the spending habits of the 50 plus age group, and to illustrate how the old ages goup of our survey, the elderly age group we survey perceives changes in their spending in the last 10-year. METHODOLOGY We used a representative personal survey with 500 Hungarian people. This survey was made in February 2020 on a targeted sample of the Hungarian population aged 50-70. In the analysis method, we used cluster formation, because we tried to identify groups showing different consumption changes based on the consumption categories of the Hungarian Central Statistical Office. MOST IMPORTANT RESULTS, NEW FINDINGS The results show that the people who participated in the survey had little perception of a change in their spending compared to their life 10 years before. On the other hand, our retirement income in old age may lag far behind the income in active, working years, so we can assume that if the significant decline in income did not affect consumption patterns, old-age income may be supplemented by savings in old age. EMPIRICAL IMPLICATIONS OF THE RESEARCH The clusters that we made shows well that the spendings of the 50-plus age group are also significant for the economy as a whole. The types of their expenditures is diverse and there is a lot of items that they would not necessarily be able to afford from an average income funded by the pension scheme. The characteristics of the clusters also show that there is a positive relationship between financial awareness (planning spending, exploring sales) and age. In our oppinion this is the reason why financial awareness education, the communications about this is very important. The financial management of households can be incorporated into the education of children from an early age. Acknowledgments: This research was partially supported by the Human Resource Development Operational Programme, grant No.: EFOP-3.6.1-16-2016-00004 “Comprehensive developments at the University of Pécs for the implementation of intelligent specialization”

Women’s financial planning for retirement

2019 ◽  
Vol 37 (1) ◽  
pp. 120-141 ◽  
Author(s):  
Satish Kumar ◽  
Sweta Tomar ◽  
Deepak Verma
Keyword(s):  
Financial Literacy ◽  
Financial Planning ◽  
Financial Management ◽  
Future Research ◽  
Content Type ◽  
Developed Economies ◽  
Factors Influencing ◽  
The Status ◽  
Socio Demographic Factors ◽  
Women's Retirement

PurposeThe purpose of this paper is to examine the status of the research on women’s financial planning for retirement. This paper provides a brief review of the work carried out so far along with a conceptual framework of factors influencing women’s retirement financial planning. In addition, it lists significant gaps and recommends avenues for future research.Design/methodology/approachThe review is based on 151 articles appearing in various peer-reviewed journals published during 1980–2017. The study establishes its prominence by studying the publication activities based on the year of publication and region, citation analysis, research designs, data analysis techniques and findings from the selected articles.FindingsMost of the literature on women’s financial planning for retirement indicates a lack of financial management amongst women and their susceptibility to poverty in postretirement years. The majority of the research works in this field have taken place in developed economies. Empirical research with regression-based models for analysis is the most popular research design. This review also highlights the significant determinants of women’s retirement financial planning as identified through literature. These include socio-demographic factors, psychological constructs, financial literacy, economic and circumstantial forces.Originality/valueThis paper covers the research works done in this area in the past 38 years. To the best of authors’ knowledge, this is the first attempt to provide a systematic and comprehensive compilation of the knowledge in this subject. It further synthesizes the findings of various studies on factors influencing women’s retirement financial planning and gives recommendations for future studies.

Asian Convention Venue Engaging in Sustainable Practice: The Driving and Hindering Factors

2021 ◽  
Author(s):  
Stephanie Lee ◽  
Jialin S. Wu ◽  
Chen Zheng
Keyword(s):  
Management Team ◽  
Management Teams ◽  
Driving Factor ◽  
Senior Managers ◽  
Sustainable Practices ◽  
Sustainable Practice

This study aims to identify the factors that drive or hinder convention venue to implement sustainable practices. The response from 136 Asian convention venue senior managers shows that improving the corporation image of the venue is the primary driving factor for management team to engage in sustainable practices, while lack of resources is the major hindering factor. The significant differences in the driving and hindering factors were identified among management teams from different-sized convention venues in Asia. The importance and suitability of sustainable practices were revealed from the perspective of different-sized convention venues. The insights from this study deepen the understanding of sustainability in convention management and provide valuable implications for industry practitioners.

Food and beverage operations and management

2019 ◽  
Author(s):  
John Cousins ◽  
David Foskett ◽  
David Graham ◽  
Amy Hollier
Keyword(s):  
Financial Management ◽  
Service Industry ◽  
Customer Relations ◽  
Food Service ◽  
Service Operations ◽  
Management Team ◽  
Team Development ◽  
Service Operation ◽  
Operational Management ◽  
Food And Beverage

Food and beverage (or food service) operations are concerned with the provision of food and a variety of beverages within business. The international food service industry provides millions of meals a day in a wide variety of types of food service operation. For managers in food and beverage operations, skills in marketing, merchandising, staff management, team development, training, customer relations, financial management and operational management are necessary for the management of both the service sequence (delivery) and the customer process (experience), and ultimately for the survival of the business. The various elements that make up a food and beverage operation can be summarised into the eight stages of the Food Service Cycle.

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