During the weekend, your students can participate in activities that will give you interesting rewards. You still need to have a managing strategy, so you need to prepare and not drop your ward from your students or your results. 
You need to manage the resources of the event (e.g. light bulbs) when you earn them by competing with your best students.
These resources are useful to complete the tasks given and like that, expand your event experience bar (yellow bar in the Rewards section) and collect the precious rewards. The faster they produce, the better. You can improve the speed of generating resources by having students with better knowledge levels. You can see the order classification efficiency of students for every area in the Tiers. You should take into account the discipline needed depending on the Event running (e.g for Book Fair you will need a good Social Science level, which best students are shown in Tier 3).
You can choose the students for the event by tapping on the Event button and then on the competition tab, tap on the missing picture on the left part of the mission going. There you can choose the best student for it. It will be set automatically on the subject you need in order from the best to the worst in that subject, but you can choose any other student with other subject's stats, but we recommend you to choose between the ones are already recommended for you.
Your University will keep running normally at the same time that the event is taking place and you will be able to take students who graduate during this time, so don't forget about your Campus!