ADVANCED DECISION MANAGEMENT

Management 5

ADVANCEDDECISION MANAGEMENT

TheName of the Class

Professor(Tutor)

TheName of the School (University)

TheCity and State

TheDate

Forevery project or event to succeed, careful and detailed planning needto be carried out and every single detail noted down (Lester2013, p. 44).This opinion has motivated the team behind the event at hand to makesure that nothing is left to chance. Moreover, studies indicate that90% of failed projects have turned out so because event organizerslacked the ability to properly articulate every stage of the intendedproject as entrenched in purpose of the project, approach, initiationstage, milestones, costs and benefits, estimation of availableresources, careful assessment of risks, and a properly laid outcommunication plan (Lester2013, p. 51).The organization of this event took the form of proper consultation,planning, and documentation (Lester2013, p. 62).This is to make sure that every activity from initiation/planning toimplementation takes place according to the provided layout andsequence. This paper covers the costs and provides a conclusion forthe entire project to show that the project is viable.

Costs

Thetotal budget is 1,000$. Since ten chairs are required and the hireprice per chair is $1, the total cost for chairs will be $10. Thecost of hiring a single table is $5 making the total cost for hiringfour tables equivalent to $20. The total cost for 2,500 coloredleaflets is $39, the cost for 25 posters is $19, and two standardroller banners is $57. Twenty t-shirts will be necessary for theevent totaling to $100 since one comes at a cost of $5. To make theevent lively it will be necessary to hire a DJ at $238 as well ashire mascots costume at $35. Decorating the event will cost $25whereas $30 will be necessary for ensuring that staff are deliveredto the event. Plastic bags will come in handy in ensuring properwaste disposal and this will mean 200 of them at a cost of $15.50.Price labels will cost $5, cake ingredients $15, rainbow inflatablearch $55, and finally cake tissues and two trays $5. The total costfor all of the aforementioned items is $668.5. This leaves an extra$331.5 to cater for any unexpected or unplanned expenditures. Thehandling of costs for the event have carefully followed an opiniongiven by Lester(2013,p. 67)that project costs should always leave room for unexpected expensesso that organizers can be able to cater for any unforeseencircumstances. As part of the obligation to fulfill the mandate inhelping the Rainbows Children’s Hospice organization, theanticipated extra $331.5 will be given to the organization.

Conclusion

Inconclusion, it is important to acknowledge the role of the initiationand planning stages. One of the roles of these two stages is to raisemoney for the Rainbows Children’s Hospice via the sale of goods tothe public. On the other hand, it is vitally important to acknowledgethat much stands to be lost if the aforementioned stages are notcarefully implemented. Concisely, this means that the entire eventwill be a failure because of its inability to provide funds to caterfor the children’s’ needs such as education, medical care, forbetter life conditions. Assuming that all goes as planned, only$668.5 of the $1,000 will be used up in organizing the event. Thecapacity of benefits outweighing the overall costs also derives fromthe event being well organized and strategically segmented in a waythat nothing will be left out when it comes to implementation.Theability of the event to ensure that this happens is possible becausethe predictable risks can be faced with appropriateaction andalternative solutions. For instance, the risk of not attracting manypeople to the event is possible to overcome in two ways. The firstone advertising by means of event T-shirts during the event while thealternative course of action is advertising vigorously two weeksprior to the event.

Reference

Lester,A, 2013.&nbspProjectManagement, Planning and Control: Managing Engineering, Constructionand Manufacturing Projects to PMI, APM and BSI Standards.5th ed. Chicago: Butterworth-Heinemann.

Bibliography

Haas,Frans A. J, and Jaap M. 2004. Aristotleon generation and corruption, book 1 Symposium

Aristotelicum.Oxford: Clarendon Press.