Financial Feasibility in Festival and Events Management

This article discusses the financial feasibility in festival and events management, including fund collection, budgeting, and financial support. It also explores the evaluation of events and the legacy they leave behind.

Running head: Festival and Events Management
FESTIVAL AND EVENTS MANAGEMENT
Student’s name
Student number
name of the lecturer/tutor
subject code and title

1
Festival and Events Management
Financial feasibility
Financial feasibility will in the form of fund collection as private will not be willing to
pay for this event and even if they pay for this event, then they will introduce the ticketing
system. This will not increase the interest of visitors that will not only decrease the quality of
event but will not fulfil the objectives. Financial feasibility is going to highlight the
importance of better accessibility of resources. In order to organise the event of food eating
competition it is important for the organisation to compute an overall budget that will include
the food stalls and the items that will be provided to the event. It is important for the
organiser to indulge the whole area of development. It is important to set a separate budget
for the decoration of stage. This is important in the sense that any private host will not be
ready to host this kind of event. Now even if the private party takes the initiative to host this
kind of event then they will induce the ticketing system.
One of the important financial feasibility is the collection of funds that will required
to host this kind of event. In order to increase the efficiency of the fund collection process,
the organisation is required to contact the government to get some kind of subsidy. Getting
the grants and financial support will minimise the financial crisis. Public donation will also
be another way to optimise the financial feasibility. Public donation in the form of requesting
the public to drop some money for the benefit of this event. It is important in the sense that in
order to increase the financial feasibility, the success rate of the event will depend entirely on
the financial condition of the money. Through the development of financial sources,
increasing the technology and skills of the volunteers will be helpful because of fact that if
the food eating competition can bring healthy foods then it will increase the number of
visitors.

2
Festival and Events Management
Hosting the event in the Federation Square in Melbourne will require the seating
arrangement for at least 100,000 visitors. Since the competition is regarding the food eating
thus it has been predicted that visitors mostly of age 20-40 will overflow the event. Now it
will be costly for the organiser to continue the event for more than 3 days. Through the
development of financial resources, it will be important for the event to increase the level of
communication that will definitely increase the development of effectiveness of financial
variable but will definitely increase the success rate of the event. Through the development of
better financial stability, the event will become one of the successful one.
Getting the grants will help in the development of events, the organisation will be
crucial to bring in innovation in the foods that will be cooked. In order to increase the
development of resources, it is important for the event organisation to bring more improved
level of foods and refreshment for the visitors.
Event evaluation and legacy
In order to evaluate the event, the rate of success will be the key criteria that will be
measured. The quality and the satisfaction of customers and visitors will be the main thing
that will be considered behind the success of the event. The increased provision of quality
foods will increase the evaluation of the events. In order to evaluate the event, it important to
increase the development and effectiveness of success rate of the events that will definitely
have a greater number of skilled volunteers. It is important to host the event of food eating
competition based on the rules and regulations that are prevailing in the country.
In order to host the event based on the local rules and regulation will automatically
induce the success rate of the event. The evaluation of both human and capital resources
needs to be done prior to the start of the event because of the fact that it will take some time
to check the effectiveness of their performances. This is important in the sense that through

3
Festival and Events Management
the event evaluation the production capability of resources will be important. In order to
indulge the development of resources, it is important for the organisers to maintain the legacy
of event coordination. Through the involvement of skilled resources and maintain the rules
that are being set by the local governments will definitely increase co-ordination level from
the government and they will easily portray the success rate of the food eating competition
event in Melbourne.
Since the Federation Square in Melbourne is one of the busiest places for the tourists
and is one of place where the public transport is available thus it is important for the
organisers to look into the matter of pollution. This is important in the sense that through the
incorporation of better and healthy quality of foods, it will definitely increase the attention of
a greater number of visitors. This is important behind the successful of the event as the
supply of healthy and nutritious diet is mainly going to increase the reputation and will bring
a greater number of visitors from next year and provision of good and healthy food can
increase the level of event like this and this event will take very less time to get the
international tag.
The productivity of the volunteers will be one of the important and key aspect in the
sense that through the better level of helping attitude the event will be able to analyse the
tastes and preference and based on the analysis the establishment of permanent shop is
possible.

4
Festival and Events Management
Reference list
8 Best Food Festivals In Sydney That’ll Make You Drool More!. (2019). Traveltriangle.com.
Retrieved 1 June 2019, from https://traveltriangle.com/blog/food-festivals-in-sydney/
Australian food & wine festivals to book now - Tourism Australia. (2019). Australia.com.
Retrieved 1 June 2019, from https://www.australia.com/en-in/things-to-do/food-and-
wine/australian-food-and-wine-festivals-to-book-now.html
Connell, J., Page, S. J., & Meyer, D. (2015). Visitor attractions and events: Responding to
seasonality. Tourism Management, 46, 283-298.
EventsACT - Browse Events. (2019). Events.act.gov.au. Retrieved 1 June 2019, from
http://www.events.act.gov.au/
Getz, D., & Page, S. (2016). Event studies: Theory, research and policy for planned events.
Routledge.
Jones, M. L. (2017). Sustainable event management: A practical guide. Routledge.
Van Niekerk, M. (2017). Contemporary issues in events, festivals and destination
management. International Journal of Contemporary Hospitality Management, 29(3),
842-847.