BACULLO, RANZE ANGELIWUE C.

HCM/BSTM-IT/TPC-106
1. Should a plan pursue if an event looks likely to make a loss? Why?

It is crucial to assess the causes of an event's loss potential before deciding if it is still
worthwhile to pursue. It might still be possible to pursue the event if the causes of the loss
are solvable and can be addressed with adjustments to the event, such as lowering
expenses or raising income. It may be wiser to cancel or postpone the event to prevent
further financial losses if the loss is caused by uncontrollable causes, such as a lack of
enthusiasm among participants or unanticipated external factors. The final choice should
be based on a careful analysis of the situation and the possible impact on stakeholders,
including attendees, sponsors, and organizers. Also, whenever an occurrence seems likely
to result in a loss, it is crucial to decide whether to proceed with a plan or not because a
loss might harm one's capacity to maintain financial stability. It is necessary to assess
whether any potential gains could balance out the costs. Making informed choices can also
help with future planning and minimize financial losses.

2. For your event income, should it be optimistic or realistic?

When calculating the revenue for your event, it is usually better to choose a realistic
approach because it makes it easier to plan and allocate your resources efficiently.
Overestimating your income and underestimating your expenses due to overconfidence
might result in financial loss. But then, being overly pessimistic can lead to the loss of
opportunities to increase your profits. Hence, when predicting your event revenue, be
realistic. Realistic budgeting and financial planning can help ensure the success and long-
term sustainability of your events. Planners should maintain a realistic view of the event
income to ensure that all aspects of the event are appropriately planned, and objectives are
optimally met.

3. Is it a good idea to determine what must be done if something does go wrong?

Yes, planning for what might happen in the event of a problem is a good strategy. It is
essential that, in the event of an unforeseen situation, there is a plan in place that will help
in preventing confusion and disruption. Also, it will empower individuals to respond
promptly and effectively to lessen the impact of the problem. Particularly vital areas like
business operations, disaster response, and personal safety might benefit significantly from
having a contingency plan.