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Report On London Olympics 2012

   

Added on  2020-01-23

11 Pages3304 Words178 Views
LONDON OLYMPICS 2012PROJECT

Executive SummaryMaintenance of Olympics is a crucial tasks because it involves various parameters suchas financing according to the budget, providing quality services to the players, actual costingsinvolved and various other social plus environmental factors. This report has taken LondonOlympics 2012 into consideration. The overall final budget exceeded the estimated budget byapproximately 10 USD billion. This was a major issue afterwards.As per the findings of financial structure two main authorities were involved fororganising Games and they were ODA and LOCOG . However the government was responsiblefor funding Olympics through private sectors. All the costings related to infrastructure, security,players were funded separately. This meant that this budget could not be used for other activitiesin London that is education etc. Further in report another point emerges out that ODA had to complete all the venuesjust 12 months before London Olympics. Various challenges came by in the way of ODA suchas recession etc. but with its highly skilled managing skills it emerged out successfully achievingthe aims and facing the challenges.The report then throws light upon the various costings related to the Games which givethe idea that what could be the possible reasons for over budgeting. And further certain costcontrol methods have been pondered upon. Despite the over budget the Olympics proved out tobe a successful event based on the findings of its financial performance. In the end conclusion covers the understanding of the overall project. Recommendationshave also been provided on the basis findings of costing, budget, finance. Theserecommendations can be considered by the authority for controlling over budgeting.

Table of ContentsExecutive Summary.........................................................................................................................2INTRODUCTION...........................................................................................................................1Analyzing financial information......................................................................................................1Finance structure of London Olympics 2012.........................................................................1Source of funds and risk management....................................................................................2Costing and budgeting of the project......................................................................................2Cost controlling......................................................................................................................3Financial Performance of London Olympics 2012................................................................3Critical review..................................................................................................................................4Sources of funds and Risk management.................................................................................4Costing and Budgeting of project...........................................................................................4Cost control............................................................................................................................5Financial performance............................................................................................................5Recommendation.............................................................................................................................5Conclusion......................................................................................................................................6REFERENCES................................................................................................................................7

INTRODUCTIONOlympic budgets usually are very complex and is affected by factors like financing, risksinvolved in costs, infrastructure & land preparation and various other construction costs. LondonOlympics 2012 emerged out to be one of the major international multi sport events celebrated intradition of Olympics Games. It was governed by the International Olympic committee (Hyltonand Morpeth, 2012). It proved to be the most expensive summer games since sports relatedcosts were found out to be USD 15 billion. However this does not includes the wider costsrequired for urban and transport expenditure. As a matter of fact the budget went over by 76%measured via bid to complete. The venues and park costs were largely funded by public moneyalthough the games were funded privately. The overall financial structure that provided funds forgames to occur has been focussed. The risks which were related to costings and budgets havebeen pondered upon. The assessment covers also covers methods of controlling costs of projectand its overall financial performance. Critical evaluation on various aspects related to financestructure, funding sources, costings is an important point to be focussed. For evaluating all thementioned parameters findings on the risks associated with the London Olympics 2012 in termsof finance is of utter importance. The budget of the Olympic games in London for the year2012proved out to be a way more than the estimated value which was USD 4 billion. The reason forthis over budgeting needs to be known and what went wrong with the finance structure, has tobe found out. Analyzing financial informationFinance structure of London Olympics 2012There are two distinct aspects to the financing of London 2012 Olympic games which arediscussed below ODA and LOCOG operational budgets that run the game (Davis and Thornley,2010). The estimated costs or budget for the Olympics were approx 4 to 5 USD billion but thethe original one proved out to be 10 USD billion more than it. Cost per athlete proved out to be1.4 million. The urban and transporting costs are usually more than the sports-related costs butthey were not included in the 15 billion USD budget. The mounting games costs were alsoseparately considered. The costs related to building of infrastructure and venues , redevelopmentof Olympic park were also separately taken into consideration. Construction of infrastructure and venue : USD 5.3 billionFunding of elite sport and Paralympic : USD 400 million1

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