Financial Model to help organise the year eleven prom

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Financial Model to help organise the year eleven prom

Introduction

Every year, the Chafford School has a school prom. This year however, the Prom committee has decided that that they want the cheapest and most efficient hall, catering, decorations and music (a D.J) from previous years. Nevertheless they have encountered numerous problems.

Problems

To find out more about problems, that the prom committee was suffering from. I decided to interrogate a member of the prom committee to find out problems that they were suffering from, so I then could begin to lighten their problems and further their achievement and arrival of the prom (Appendix A).

  • They would like to have a variety of choices, but unfortunately due to the low budget they haven’t got a choice, and up to yet it looks like they are going to have to use last years hall
  • At the moment only one student has access to the information, which cause a problem when she is not in. Also other pupils only get to see the information when at meetings. The problem is, not enough members of the prom committee have access to the information, so they cannot further their research in their department of the prom.
  • Ticket prices haven’t been decided yet, the reason for this is we haven’t found out a price for the factors affecting the prom (hall, catering, decorations, and music). This is difficult because the sums are going to have to be repeated to find the cheapest possible combination of the most efficient places, and firms.
  • There are 10 people on the committee and for the time being there are 10 tasks. The committee carries out the tasks in pairs, which means at least 2 tasks for each person. The problem with this is that they could have more people on the committee that could help others with different tasks. Another problem is only 1 person is in charge of communicating between pupils and the committee; this again needs another person to help them with this as one person is never enough.
  • They needed to find out what factors they are going to have and again they need to find out the positive number of pupils going. This is very much impossible because they have not figured out where to start with the problems themselves.
  • The calculations that are carried out are the total cost of the factors divided by the definite number of pupils. This causes a problem because if anything changes they will have to repeat the whole lot of sums over and over and over again. However, they have asked for a deposit of £5.00 from each pupil that feels that he/she will go. So it helps them out a little. Furthermore it will give them a little more money so they can continue their research for more venues, catering firms, music and decorations etc. They can try and get previous problems sorted as well.
  • They can’t use it next year because at the moment it is all on paper

Task to be done

After finding out what the problems were, I needed to find out what they wanted done to help you. So I asked members of the committee what they needed to be done to help them. In reply I found out that

  • To be able to model various scenarios in order to work out break even point
  • To be able to let pupils know the final price of an individual ticket as soon as possible, so they can then begin to save for things such as limousines and tuxedos.
  • A system that when research is done allows mechanical calculations to be done in a couple of minutes.
  • A system that can be re-used for next years pupils. So that these problems won’t be repeated.
  • An efficient way of storing information that can be easily established, so that they can ease the workload of their tasks
  • A method of collecting data that lessens the opportunities for mistakes to be made
  • A system that automatically works out the break-even point and profit loss made based on data input
  • A system that can predict ticket prices and the break-even point based on approximate numbers of pupils that are attending.
  • A system that can store information semi-permanently for following years
  • A ready made system that can give access to the proms committee anytime, but that can secure pieces of work with passwords.

Analysis

Volume of data

Collecting the cost of the tickets

They needed to find out how much each ticket cost. To do this they would always have to change the sums changing each factor’s (venue, catering, music and decoration) price each time. To find out the efficient price that they would need. Efficient doesn’t always mean the cheapest though. The way that they would collect data for the price of tickets is as shown on the next page. Furthermore another problem would be that an employee would write it by hand and could write a 3 instead of a 5. This means that the whole sums system would be changed and it would be wrong. An alternative procedure of recording the figures from different firms is to use a data capture form. A data capture form is an official way of recording facts. It is a form that can be filled in with single word answers and at certain places tick boxes. Then the form would end up easier to read and maybe have commands at certain places. It would be used with such things as an estate agents job finding houses etc. This would make this an easy way of then entering the data into a spreadsheet, so 0we then could begin to work out the total cost of tickets per head.

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Processing data/calculations

The current state of the system is absurd, the calculations are repeated by hand and unfortunately most of the time this ends up to be inaccurate. The process is extremely slow and involves a lot of hard work. Furthermore the process has to be repeated over and over again e.g.

This would end up in a complete mess, because you would have to add up a catering firm with a decoration firm, ...

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