The report analyses the cost behavior especially pertaining to the conference followed by a comprehensive breakeven analysis. The discrimination between relevant and irrelevant costs has also been made in the analysis. Appendix containing each component of the cost concludes this report…
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This research will begin with the long – term and short – term goals of Business Conference PLC. The short – term goal of Business Conference PLC under the current situation can be to successfully conduct the upcoming business conference. This short term goal can be achieved by the company by taking into account the overall cost and benefit analysis of the conference. If the benefits earned from the conference are higher than the costs incurred in conducting this conference, it leads towards the achievement of short-term goal. There are different points in time where the company can foresee whether the conference can be successful or not. For instance, at the time of initial planning the company can make best judgments whether the estimates are good enough for the successful organization of the conference. At the time of booking, the company can realize the success of the conference by considering the interest of the delegates. Under economic terms, the most relevant cost for short term decision making is the variable cost. There might be different long –term goals of the company including the expansion of the business in different geographical boundaries, growth in revenues etc. These goals can be achieve by conducting long – term strategic planning regarding the achievability of those goals. Every cost matters a lot when long – term time horizon is kept into consideration. Therefore, the company needs to evaluate it financial, human and technological resources in the long – term as part of its strategic planning....
Viability of the Conference If the overall cost and revenue analysis of this particular conference is taken into consideration, it can be seen that Business Conference PLC will reap too much benefits from conducting this particular conference. The overall cost estimates of the company relating to this particular project are quite low and the determined price to be charged from the delegates is quite high. Under the existing situation, if the company expects around 200 delegates to attend the conference at ?750 per delegate fees, the company can successfully generate total revenue of ?150,000. However, if the costs are analyzed, it can be observed that variable cost pertaining to 200 delegates is just ?108, thus earning a huge contribution of around ?642 which is more than enough to cover the fixed costs of the company which are around ?20,970. Hence at the existing level of operations, this particular conference is highly viable for the company to conduct and the company can reap a benefit of around ?107,430. If the viability of the conference is considered with respect to other determinants in respect of breakeven level, profitability if the delegates are reduced or the price per delegate is reduced, the company is still in a good position to conduct this conference such that the company would be in no profit no loss situation if only 33 delegates attend the conference. If the number of delegates is reduced by 50% i.e. only 100 delegates attend this conference, even then the company can earn ?43,230. On the other hand, if the price per delegate is reduced by 50% and kept at ?375 per delegate, even then the company is in a
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(“A business conferences in North Wales Assignment”, n.d.)
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(A Business Conferences in North Wales Assignment)
“A Business Conferences in North Wales Assignment”, n.d. https://studentshare.org/finance-accounting/1396095-a-business-conferences-in-north-wales.
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