Cost management

This chapter focuses on cost management, including managing and maximizing the capacity, space and resources available within THE facilities' context. Additionally, the chapter explores opportunity cost and its implications for budgeting, daily operations and strategic planning. The chapter seeks to provide a clear and implicit link between cost and revenue management, and discusses issues relevant to opportunity costs; for example, when businesses fail to maximize existing physical resources, such as when equipment or structural damage prevents the successful execution of events. Case scenarios presented in the chapter will allow readers to analyse, calculate, discuss and apply findings. The objective of these case studies is to facilitate a deeper understanding, awareness and, importantly, the practical application of cost-related issues to THE operations.