Appraise the role of budget management in the planning and managing of resources for the running of events venues. Critically evaluate the management options available to commercial venue managers when budget variance occurs.

Credit will be given for detailed discussion of each budget type (including content and role) and their relationship to each other, using illustrative examples of their use for venue management. Name and discuss the information sources use by venue managers for budget preparation. Credit will be given for demonstration of a clear understanding of the rationale for the use of these information sources for budget preparation. Define and discuss the role of budgetary variance analysis in venue management decision-making processes.

Provide in text citation and a reference list for your answer.