Bruges Meeting And Convention Center – Promoting Sustainability And Zero-Energy Building Concept

Objectives of Bruges Meeting and Convention Center

The main aim for building “Bruges Meeting and Convention Center”  (BMCC) relies more on promoting sustainability  and to follow ecological designs (Corruble,2021). The convention center will be designed in such a way that it will reduce pollution and to cater changing business needs. The aim of the project is to follow the concept of “Zero Energy Building” in constructing the financial center.  Carbon footprints need to be reduced in formulating the feasibility study of the project which will be of huge benefit to delegates and tourists.

The objectives for building the convention center are as follows:

• To cater more visitors to the convention center as it is located within the close proximity to the main tourist attractions (Corruble,  2021).
• To give a panoramic view to all Delegates over the ancient buildings of  BMCC.
• To strive more into planning and hard work to design the convention center once when COVID 19 pandemic ends (Paquay, 2020).
• To organize business meetings and conferences more effectively by exchanging business ideas and initiative with foreign delegates.
• To make the city more developed by inviting major delegates and visitors from all over the world.

BMCC gives more stress on enhancing different types of trade fairs and to promote sustainability. Bruges city responds to slow growth of business demands by inviting delegates from all around the world (Paquay, 2020). The main choice is to create a sustainable building and the functionality was of huge help to designs and architectures. Another most important advantage of a convention center is its close proximity to main sightseeing and tourist attractions which will attract more tourists.

 The architecture supports proper logistical flows where all business events occur simultaneously and gives an excellent overview of the entire city.  The convention centre is located at a close proximity to the UNESCO world heritage sites that will give the center a huge importance and will be more feasible (Marchesi, Van and Paquay, 2020). Facilities like conduction of small meetings and conferences will occur simultaneously. The main section of conference will mainly have a proper capacity to almost 500 attendants and will cater more guests and delegates from all over the world. Decisions have been taken in making the construction simpler and cost feasible so that it will attract more delegates in different annual conferences. BMCC will have locational advantages like close proximity to hotels and railway stations which will help to attract more tourists without undergoing any hassles.

The trade fair will serve the main objectives of organizing different types of expos, workshops and business meetings with delegates all across the world. Concept of  “three chair principle” will be applied  for all the attendants in conference rooms, one in the catering area and in the break out rooms. There will be adequate plenty of hall and things like breakout rooms and rooftop area for giving an excellent overview of the entire city. The feasibility of the project includes the strategic location of the convention center for attracting more visitors.

The factors that constitute the macro environment comprises mainly economic factors, technological factors, political factors and social factors.

The main political factors that influence conventional meetings and communications in BMCC convention center are mainly as follows:

• For managing meetings and conferences it is observed that government rules and protocols need to be followed in establishing relations with different delegates in managing public conferences (Stefanoudis,2021).
• Sustainable governmental rules and main regulations are followed in analyzing current trends and social conditions that have a huge impact in both business meetings and conferences.
• Economic stability and project exhibitions need to be set up solely at government discretion in discussing main topics and conference issues.
• After getting prior permission from the government, a meeting is done prior to inviting delegates and then all delegates from all countries are invited. Necessary governmental rules and regulations need to be clearly visible within the convention space. 

Economic factors for building BMCC are to deal with the performance of business groups and to make decisions on a broader economy. As the convention center is located within the heart of the city it is important to construct the convention center within the heart of the main historical center (Iglesias,2021). All main attractions and museums are within a specific walking distance. Delegates from all around the world have a proper panoramic view of the entire building by skipping the main skyline. It is more economical to evaluate the strategic location of the convention center that will globally attract more tourists and delegates from all across the world. Planning plays a huge role in making the convention center ready and to help the delegates to attend the conferences (Gupta, 2020). Governmental rules and regulations need to be followed in making business collaborations that will be used in solving financial viability of the entire project. Hence the business plan needs to be made accordingly that will promote the convention centre globally and will attract a lot of foreign delegates.

Sustainability and Eco-Friendly Design

The main social factors that influence in operating a convention center include the main business trends and in analyzing it in managing the business aspects and preferences. BMCC continues in operating in regulated markets and in taking proper business decisions that will help in managing the convention center properly (Wellum, 2020). Social factors comprise more of exchanging of public view and opinions that helps in fulfilling the objectives of promotion of convention centers at the global platforms. Modern strategic decisions are taken to arrange seminars without any hassles. Sophisticated advanced technologies are used for promoting meeting and convention centers by posting them on websites and thus it will help in accomplishing business goals which is the most vital aspect in promotion of the centre.

The main technological factors that a convention center needs are “Distributed Antenna Systems” , “Bandwidth”, Cybersecurity and “Virtual Reality Experiences”.

“Virtual Reality Experience”- The main advantages of using Virtual Reality in BMCC helps to arrange conferences centers and events for all tourists and delegates in arranging conferences. VR tools will help in making meetings and conferences more interactive and to be presented to different conference events (Pasek, Roehl and Wellum, 2020). A virtual augmented technology provides 3D view representation about business conferences and meetings which is the main aspect in technologies advancement.

Cybersecurity –

Cybersecurity technology helps in exploring new potential threats and in accomplishing new business strategies to mitigate properly (Bhandari, 2020). Cybersecurity technology will be of huge help in BMCC as it will prevent data from getting hacked by hampering data privacy and security concerns. A proper technological strategy is created in making end to end encryption in enhancing data security.

Bandwidth and Distributed Antenna Systems

The Distributed Antenna Systems helps in establishing a proper significant communications between the sender and the receiver (Berger, 2018). The technology helps a lot in virtual business meetings and conferences during Covid 19 pandemic times and helps in business purposes and objectives. The technology plays a vital role in serving business objectives and main purposes. At present most of the meetings and conferences are held online which serves main important purposes and business aspects.

BMCC is adopting new business initiatives like adopting sustainability and ecological aspects in reducing pollution and carbon footprints. Proper care is taken in building convention centers on the basis of sustainability and proper ecological decisions. The building will help in adapting to new changes in business demands and proper care is taken to the environment that will certainly help in arranging conferences and events. All main hotels and sightseeing’s are located at a close proximity to the main convention center (Berger 2018). The meetings mainly at the construction site will be highly unique and will be within walking distance. Planning and managing conferences will be done by means of proper planning and hard work. Concept of sustainability and promotion of a green environment plays a huge role in adopting environmental factors and thus helps in solving a lot of business problems like project feasibility and budget allocation.

Location Advantage of BMCC

There are a lot of legal factors in setting up a convention center that consist of taking permission from the government in building the convention center within the close proximity of the heritage sites (Tong, 2020). Approval of the government is required to promote the concept of Zero sustainability and main principles are followed according to different events and participation in conferences. Legal techniques and advanced AV materials are important in participating in conferences and legal aspects which need to be done prior to operating convention centers. It is important to follow a certain set of legal rules and procedures. 

The stakeholders BMCC project involves government, event managers and management of the project.

Roles of Stakeholders and making new strategies

The main function of event managers in a project is to determine the net financial investment viability of the project that involves project cost and planning aspects. The main business aspect is to create financial measures in business operations that will be used in analyzing long term viability (Roll, 2018). For building a new convention centre, business potential needs to be followed in measuring the business costs that are used in analysis.

The other main roles of stakeholders are to continue revenue costs and feasibility of operating financial growth. Competitive advantage and innovative strategies like concepts of sustainability needs to be analyzed in creating marketing strategy. For inviting delegates from all over the world, a stable customer base needs to be created in promotion of BMCC all across the world. Another role of stakeholders is to implement new ideas that will help in taking decisions which will be helpful in generating business revenues and market growth. The business ideas need to be unique that will give a leading edge over other conventional meeting centers. The financial business and marketing strategy will help in focusing more on business growths in building a viable competitive business.

Industry Examples-

Some of the main industry examples are “The Hannover Exhibition Center” in managing business meetings and conferences (Flaim, 2021). The industrial exhibition convention center helps in displaying different types of tech shows in a proper exhibit space. The trends in the industry denote the main growth of substantial growth in business demands that will help in comparing the demands in managing various types of tech shows which will be of huge importance in managing business meetings and events.

Case study

BMCC enjoys a lot of geographic advantages as the convention centre will be located in the historical city centre. The conference section has the overall capacity of holding meetings mainly from 10 attendants to a total of 514 attendants and global delegates (Flaim, 2021). Due to the excellent location of the convention center, it will have a huge impact on Bruges city and its economy. The main trade fair section is located beneath the ground floor. The conference section has mainly a large meeting capacity that will be applied in the catering area and the other section in the break out rooms. After taking the main aspects like induced implications, business events and meetings are hugely supported by marketing advertisements and $2.1 trillion revenue will be generated in the city.

Factors Influencing Convention Centers

The additional expenditure is generated within a proposed area and it is based more on total number of global visitors and it has an overall impact on revenue generation due to meetings and conferences. BMCC project generates an annual expenditure which supports gross operating industries and business surplus for supporting total jobs. The economic implications mainly depict events and tourism and it varies from cost to local government (Dugan,2021). The venus and centre based spending also generates revenue and will have a huge impact on the economy of the region. The main economic objectives that are identified to study the impact of convention centers are boosting the business productivity of the entire region.

 The convention centre is mainly the part of the economic development that has a huge impact in privately owned convention centers. The economic development depicts the impacts of the convention center as it observes the main impacts of it in the city. Tourism and business conventions are an integral part of the economic development and it will reflect the overall impact of the brand new convention centre. Events management and participation in the events helps in bringing cash inflows from the visitors and delegates, thus the economy of the region will be developed.

Case Study

The overall political impact on completing the project within a specific time period and to formulate rigorous examinations and interviews will be enough for a huge impact in making the convention center. The political implications of convention centers include business and trade for a strategic thinking and redirection that is important in the political economy of making the “Bruges Meeting and Convention Centre”. The political economy of the convention centre produces a huge impact on the economy of the city and produces revenue of approximately US$35.2million on a yearly basis. BMCC planned the entire state of the art technology by taking permission from the government and has huge implications in the political economy (Zulauf, 2020). In order to manage meetings and conferences, it is noticed that government laws and protocols must be followed when building relationships with various delegates.

In evaluating current trends and social conditions that have a significant impact on both business meetings and conferences, sustainable governmental norms and fundamental regulations are followed. Economic stability and project exhibits must be established completely at the discretion of the government while discussing major subjects and meeting concerns. After obtaining official authorization, a meeting is held prior to inviting delegates, and then all delegates from all countries are invited. Within the convention venue, all necessary governmental laws and regulations must be quite clear for making the project quite hassle free and to make it more viable (Committee,2020). It is important to make decisions on the basis of political aspects and governmental interventions. 

Case study

The convention centre is mainly built for hosting various types of conferences, industrial shows and other facilities. The convention centre in Bruges lacks proper infrastructure that needs to be developed by exchanging social interactions in the convention industries. A critical economic contribution is important to the destination and acts as an assessment in the entire selection procedures (Committee,2020). Most of the events have an enormous potential to have huge implications both on the people and communities that will help in business growth of the whole city. A critical decision making strategy is formulated to have a huge impact on lives in numerous ways. There will be a lot of potential aspects in building the convention centre that comprises income and employment, enhanced foreign exchange and revenue generation for optimal attractions. The earnings of the convention centre, investment generation are used in tourism infrastructure and for increasing the main attractions.

Political Factors

The number of main benefits of tourism needs to be identified for a nation and investments are done mainly in recreation infrastructure for increasing the attractions. The involvement of the community also includes social, economic and environmental development mainly across the surrounding areas of the convention centers (Prichard,  2020). The government of the convention centre wants all the citizens to appreciate all international visitors and foreign delegates. Social implications act as an important role in studying the feasibility of the region.  

Application of capital investment method

Capital Investment method is defined as summation of constant systematic costs and the constant cost in building BMCC.  To compute a proper capital investment it is important to assume the main aspects like as follows

• To make an overall estimate of main capital investment mainly on the basis of infrastructure of the meeting center. Both manufacturing facilities and service facilities are required in sustainable business in operating a convention center. There comes operating costs that will be required in business facilities for inviting delegates for business meetings and conferences.
• Between capacity building and capital investment, a certain framework needs to be developed on the basis of decision making strategies. The costs of raw materials in managing the business equipment building the convention center are applied in maintaining supplier bids (Vaandering, 2019). The cost needs to be evaluated in assuming the costs of raw material and finished products in managing the business that accounts for the capital investment. Business operating costs need to be implemented in determining the financial viability of the BMCC projects.
• Applications of Capital Investment Method comprise capital funds that are used in calculating the total expenditures of the project. Most of the investors use the concept of potential investment for making decisions related to allocation of funds in making the project more feasible and viable. Hence capital investment is used for creating and  managing the budget that will be used in making the BMCC projects. The  capital investment in the project is easily distinguished from the present investments that are made in the project.

Net Present Value

It is defined as an overall difference between the cash flow present inflow values and the presence values of cash flow for a certain period of time span. For computing the financial viability of the project, all major cash flows are generated by keeping the main investment in purchasing a property. In measuring the financial viability, the rate of return needs to be considered by subtracting the initial cash investment (Coskun,2019). The net project evaluation needs to be computed that comprises the present value of operations of the business facility in measuring the financial investment. Thus it is quite vital in measuring the business evaluation that an initial project investment needs to be calculated in estimating the internal rate of return in measuring the financial status of making a  convention  center.  The Net Present Value method is usually more feasible and is more financially more optimal. NPV is used mainly in capital budgeting and detailed planning in investment for computing the net profitability The NPV helps in determining the main project feasibility and internal rate of returns over a given time frame for making the project successful.  

The main role of NPV is to compute the present value of financial investments and will be highly lucrative for business operations of running a convention centre.  The main advantage of NPV in assessing the financial viability of the project is that it is highly associated with monetary value for building conventional centers in Bruges (Paquay,2020). The overall accuracy is totally dependent on input quality in generating a higher rate of return in the entire project.

Annual Rate of Return

The annual rate of return mainly works on the principle of computing the internal rate of return for a proper time span and thus the net time frame is averaged that will be used in analyzing the total return rate. The main advantages in analyzing the total investment is used to facilitate the investment trends that will be used exceeding the investment over a span of time like 12 months period and will be evaluated in percentage. The money that is lost and gained is determined in dividing the primary investment of the year. The method is denoted in providing the regular cash flow at the beginnings of constructing the BMCC (Marchesi,2020).

Economic Factors

Payback Period

Payback period mainly refers to the length of time that covers the overall detailed estimates which is necessary for fundamental economic analysis of designing the convention centre. The payback period denotes the total number of net years that is important to return the net investment of the project from the cash flow that is required for making the convention centre. The capital projects involve purchasing of assets like land sites where the convention centre will be constructed. The payback period denotes the total number of years and months that is important to return the initial investment to compute the final payback time (Van Holsbeeck,2020).

Mathematical formula for calculating the payback period = Total Invested amount/ Total cash flow that is estimated

The main advantages of payback period comprises the fact that it is quite easy to compute the overall time required to analyze the overall reliability of the project. The payback period is highly beneficial because it is simple to compute the project estimates of the convention centre in Bruges. The method is mainly the time that is required for recovering the initial investment costs that is invested while building the convention center for making the project more profitable and more viable (bmccbruges, 2022).  

 Other main properties of the payback period involve no discounts and “Dividend payments” that are deducted from the main cash flows for calculating the cash flows for the payback period.

Investment Rate of Return

The “Rate of Return” is defined as an overall estimate in decrease or increase of investment from start to the final. It is easily computed in taking the main difference between the present value of the project in calculating the operating costs of the convention centre and the main beginning value of the project. The net value of the project is then divided by the main value and is then multiplied by 100.

Mathematically the value for Rate of Return is represented by as follows:

ROR= (Present value – Actual Value)*100

From the above equation it is observed Present value denotes the present price of building the convention center in Bruges (Neunhäuserer,2019).

Actual Value denotes the main value for building the project for investment purposes.

Most of the projects like “Bruges Meeting and Convention Centre” uses a standard hurdle rate that is mainly dependent on information in making the project more viable. The companies operate industries with more competitive markets in using a slight project rate in attracting more probable investors. 

The main decision making strategies for measuring the project viability is important both for stakeholders and managers. A convention centre has a huge impact mainly on the host city thus creating a lot of job opportunities for all individuals (Aumaitre, 2018). The Operational decisions mainly deals with the main decisions in focusing more on project growth and to attract more on strategic goals. Thus, both short term and long term goals are created for fulfilling the decisions making strategies. Operational decisions lie on making major strategic decisions and are focused more on growth and in fulfilling the main strategic goals. An operational decision mainly comprises marketing campaigns and project scheduling of excess funds (Stolarczyk,  2019).

Social Factors

Inventory decisions denote strategic decisions like to focus more on marketing and promotion of Convention centers for attracting global delegates all across the world. For managing business meetings and conferences, optimal financial viability is calculated prior to project implementation (Lomas,  2021).  Short term decisions are mainly made on allocation of business resources and routine performance for operational efficiency. The overall procedure of strategic decision based planning involves different project opportunities, risks and to make planning as per project outcomes. It is observed that short term and long term goals are made on the basis of making procedures with the probable risks, opportunities and threats that are to be managed in making the project more feasible.

The main recommendations that are evaluated as per project feasibility are as follows:

Events Environment

It is highly recommended that the infrastructure of Bruges needs to be improved for organizing various types of conferences, events and conferences. Bruges being a popular city and famous tourist destination, there is a dearth in infrastructure for events and managing conferences which needs to be improved for inviting delegates and visitors (Hai, 2020). Bruges enjoys a locational advantage that will be used in exhibition and in ultra modern infrastructures. The government of Bruges funded the project costs in developing a global convention center and the findings are associated with the main critical success factors that are of huge importance. The project estimates and information are taken in establishing a financial plan in making the project financially viable and to focus more on infrastructure for accommodating delegates in global conferences.  

Economic Situation

Bruges business conference is mainly an overall initiative of both government and project stakeholders that will help in making an economic integration to business (Hai, 2020). For maximizing the overall economic impacts, it is important to conferences that average mainly of 3000 delegates which comprises business activities like exhibitions and state of the art architectures. A large convention centre which comprises 27000 sq meters covering the entire area as the cost is optimal as it provides a lot of flexibility and conveniences for reducing business losses.   

It is recommended that the main objective is to enhance the overall economic rules and regulations that will examine the financial viability of the project (Boneva,2020). BMCC has an overall economic importance and is mainly the main commercial city.

 The meeting conference is located within the close proximity of the UNESCO heritage sites which depicts the economic importance of the convention centre. BMCC mainly aims at hosting different conferences in main growth sectors. The main mission of economic growth is to enhance different economic policies and is based more on the research and growth sectors. The Economic analysis helps in evaluating the overall equilibrium of the convention center in analyzing business conflicts and understanding the policies for arranging meetings and conferences.  

For managing business meetings and conferences it is observed that there lies a crisis in business resources which lies to problems in project funding (Saamia,2020). Hence it is vital in allocating project funds more strategically in generating business revenues and will help in solution to problems in shortage of funds. It is recommended that operational business decisions need to be developed in scheduling and implementation of project decisions that are important for business activities. The main objective of the project is to develop the overall quality of different types of policies in the economy and in funding of resources. It is recommended that decisions will be taken more strategically for making the project more viable and more optimized in developing business strategies in enhancing the financial activities of the convention centre.

Convention centers serve as the main essential infrastructure in serving global tourists and in establishing the feasibility of the convention centre. The feasibility study recommends that a proper project facility needs to be constructed for catering needs of the visitors and in, managing conferences and business meetings (Visit Bruges Convention Bureau, 2022). A brand new convention centre in Bruges attracts an average of 25 conferences per annum and out of that 15 will be international conferences. Based on activity levels, the centre would mainly operate on the concept of “Break Even Cash Flow” basis. The overall levels of cash flow performance will be achieved mainly by a lot of European centers that includes Bruges.

Human resources play a huge role in making decisions for determining the viability and optimal feasibility of the project which is important in developing the convention center for business meetings and conferences (Breustedt,2019). Resource activities mainly include building the convention and exhibition centers. The impact of enhancing the demands for skilled workers plays a huge role in completion of the project within a specific time span.  Human Resource managers comprise improvement and work characteristics. The system’s constraints are used in analyzing the project feasibility. Scheduling feasibility is the most fundamental aspect in completing the convention centre within the specific time period.

 Resource feasibility aspect determines the net amount of resources for completing the project more effectively.  

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