4. Issues relating to how you would evaluate your event
This chapter will evaluate issues related to executing Monaco Grand Prix event. Event evaluation is a process that is often underestimated and overlooked by managers. Both methods quantitative and qualitative can be used to evaluate an event, although the results will depend solely on manager’s interpretation. The event evaluation process is linked directly linked back to initially established objectives. One of the key issues in event evaluation process are costs that managers often fail to justify the costs associated with the event (Masterman, 2014). The key component at any Formula One racing is the cost of the car. There are variety of prestige Formula One racing teams such as Ferrari, Mercedes and McLaren to name a few. However, to build such car and pay all the staff members requires budget. The associated costs are engine, front, rear wing, steering wheel, fuel tank, gearbox, tyres, carbon fibre monocoque and damage costs that add up to millions (lifebeyondsport, 2021). In fact, to build car from scratch for any Formula One team cost around $14 million dollars (Partridge, 2020). For example, Mercedes and Ferrari spend over $400 million. With the costs being so high it becomes much more difficult for teams to get into sport. The budget should be negotiated with all the involved stakeholders and considered how every team can be given fair chance to participate at Monaco Grand Prix (Jindal, 2020).
5. Conclusion
This essay evaluated bidding process of Monaco Grand Prix event and as it can be seen Monaco is a perfect place to host this event. Therefore, with great potential to make the event and place more sustainable.
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