Question

Make a simple budget for an event with the expenses and income of the same. The numbers to guide you are:
Venue has a cost of $ 4,000 with pallet (no lights or sound),
Talent is $ 5,500
Capacity is 4,500 people
You have $ 40,000 to run the event and you have to have at least $ 6,000 in net profit.

Based on what you learned in this section and all the basic expenses of an event prepare:

1. A budget of expenses and income to see the viability of the event.

2. If you have to make adjustments, leave the original budget and make a second budget with the adjustments so you can see the change.

3. Submit the two estimates.

What extra info do I need?

This are the instruction the professor sent.

Answer 1

Major cost or organising an event is event rent, lighting and designing and talent charges.

In the given question, the event venue cost is $4000 and tralent cost is $5500. Now, along with lighting, other charges details are alos missing.

Budget cost of organising event is $40000 and minimum profit required is $6000. so, ticket collection should be minimum $46000 from 4500 people.

Now, coming over budgeted cost of $40000, if we exclude talent and venue cost, then we are left with $30500. So, this is the budgeted cost for rest of the expenses.

I dont feel any adjustments are required to be done becaus ethe full details of budgeted cost and cost per ticket to be collected is not available.