Factors to be Considered, including Budgets, Resources and Contingency Planning

Budgeting for an Event

Cost estimation: Every event has costs, even if it is a free event, as there are expenses for logistics, speakers, venue, etc. It’s important to estimate these costs as accurately as possible.
Funding sources: Identify all the potential sources of funding for the event. This could include tickets, sponsorship, donations, grants, etc.
Cash flow: An event could have different cash inflows and outflows at different times. A cash flow analysis ensures that there is enough funds to cover the expenses when they are due.
Budget allocation: Allocate budget to different aspects such as marketing, guest speaker, venue, catering, security, etc.

Event Resources

Venue selection: Choose the venue based on the type of the event, expected number of attendees, location and cost.
Equipment: List out all the necessary equipment needed for the event and arrange for them.
Human resources: Depending on the magnitude of event, one might need volunteers or employees to help in executing the event.
Material Resources: These include all the tangible resources such as banners, flyers, stationery needed for the event.

Contingency Planning

Risk Identification: Identify all the possible risks that could derail the event. For example, a technical glitch, a no-show speaker, adverse weather etc.
Risk quantification: Assess each risk in terms of how likely it is to happen and what the impact would be if it did.
Contingency plan: Develop a plan for each risk, outlining what the response would be if it were to happen.
Insurance: Consider taking out insurance to cover for any financial implications due to unforeseen circumstances.

Please note, contingency planning is crucial for successful event management as it’s impossible to predict every single thing that could go wrong during an event. The key is to anticipate as much as possible and have plans in place to manage those risks.