Chapter 1 Flashcards
Budget Owner
A key stakeholder who has overall responsibility for the income & expenditures related to the event.
Will focus on the organization’s business objectives & be accountable for financial costs and liabilities
Business Continuity
A business process that ensures that an organization’s crticial business functions are not compromised when organizations experience opportunities or threats.
Includes a focus on issues such as natural resource supplies, the cost of pollution, sustainable relationships with suppliers and the economic distress of the communities in which an organization produces and fill products.
Business Value
*Not directly measured in monetary terms
Informal term that includes all forms of value that determine the health and well-being of the firm in the long run.
Expands concept of value of the firm beyond economic value (ie - economic profit, value added, shareholder value) to include forms of value - employee, customer, supplier, channel partner, alliance, managerial and societal value.
Contingency Planning
Addresses the ability of the event professional to pull off the event as planned.
Continuing Education Unit
CEU: non- academic credit unit conferred by professional organizations for formal educational programs for members who must maintain their level of professionalism.
Corporate Social Responsibility (CSR)
A form of corporate self-regulation integrated into the business/culture of an organization which embraces responsibility for the organization’s action and encourages a positive impact on the environment, consumers, employees, communities and other stakeholders.
Delivery Stage
*Execution Stage
The stage of meeting design in which the design for the meeting is put into action.
Development Stage
*Kickoff Meeting
The stage of meeting design in which the design team develops meeting objectives and associated design elements.
Discovery Stage
*Concept Stage
The stage of meeting design in which the design team analyzes the environment and performs a stakeholder needs analysis.
Evaluation
*Postcon/Debrief
1) Critiquing/rating the overall success of an event
2) Developing an event profile from accurate event statistics
3) A systematic process to determine the value of an activity
Event
An organized occasion as a meeting, convention, exhibition, special event, gala, dinner, etc.
An event is often composed of several different yet related FUNCTIONS.
Event Attendee/Participant
Individuals registered for or participating in an event.
Includes: delegates, exhibitors, media, speakers, guests
Event Owner
The person who has requested the event and is responsible for defining the events overall objectives and measureable outcomes.
External Stakeholder
Includes attendees, sponsors, and then community where the event is taking place.
Ex: uber driver
Independent Planner
An individual/organization who plans meetings/events; also known as a 3rd party contractor.
Ie - Trip Director
Internal Stakeholder
In organizations are typically business owners, other department managers, employees and internal customers or consumers.
Key Performance Indicators (KPI)
A type of performance measurement. KPIs evaluate the success of an organization or of a particular activity in which it engages.
Often success = the repeated, periodic achievement of some levels of operational goal & sometimes success is defined in terms of making progress towards strategic goals.
Measurement
The activities associated with assessing the value of a meeting.
Meeting
An event where the primary activity of the participants is to attend educational sessions, participate in discussions, social functions or attend other organized events. There is NO exhibit component.
IE - Executive Seminar: educational sessions/training, discussions, social events (reco dinner)
Meeting Client
The person who organizes a meeting and is responsible for strategic goals and objectives.
Ie - ME!
Meeting Design
The purposeful shaping of the form and content of a meeting.
Meeting Designer
The person who applies social, behavioral and cognitive science to the design of a meeting.
The meeting designer leads the activities of a meeting-design team.
Needs Assessment
A systematic process for determining and addressing needs or gaps between current conditions and desired conditions or wants.
The discrepancy between the current and wanted condition must be measured to identify the need appropriately.
Ongoing Impact Stage
The stage of a meeting in which the activities and impact of the meeting are tied to other activities in an organization on an ongoing basis.
Ex: Chairman’s Circle and strategy for the year
Portfolio Management
The management and alignment of an organization’s entire portfolio of internal/external meetings with organizational strategy.
Proposal
1) Plan put forth for consideration or acceptance
2) Communication sent by a supplier to a potential customer detailing the suppliers offerings and prices
Qualitative Data
Descriptive information that is a record of what is observed, presented, in narrative by the respondent.
Also referred to as soft data.
Quantative Data
Information that is represented numerically so you can assign ranks or scores, or determine averages and frequencies.
Also called hard data.
Questionnaires
Survey - a set of questions used to gather information.
Return on Investment (ROI)
1) Net profit / net worth = a financial ratio indicating the degree of profitability.
2) Net Benefits / the full loaded meetings costs
SMART & SMARTER Objectives
A common methodolofy for developing objectives focused on (5) criteria
S - specific
M - measurable
A - attainable
R - relevant
T - time based
E - ethical
R - recorded
*In some organizations the ER is utilized standing for Ethical/Recorded
Stakeholder
Internal/External person, group or organization that has an interest in or is impacted by another organizations activities.
Stakeholder Approach
Taking into account the responsibility to others and adopting a consultative demeanor, including stakeholders in the event’s decision making process.
Strategic Alignment
An agreement between two or more enterprises to conduct specified business processes in a joint manner.
Usually related to technology development and/or marketing and distribution efforts.
Strategic alignment is a process that ensures an organization’s structure, use of resources support its strategy.
Strategic Meeting Management (plan)
A focused approach on increasing efficiency and reducing costs across an organization for all of its events, typically using specialized software to centrally track all aspects of meeting expenditures across a department or organization.
Strategic Planning
Long range plan of action for a company or organization.
Strategic Thinking
An approach to thinking and decision making that takes into account the context of the organization’s broader strategies and goals, which is not limited to high-level decisions that effect the whole organization and is required of all leaders when they are contemplating any aspiration or initiative.
Strategy
A broadly defined direction and use of an organization’s resources that achieves a unique and differentiated advantage for an organizational in fact, it advanced an organization by aligning with organizing resources.
Surveys
1) Solicitation of opinions regarding services
2) Questionnaire
Triple Bottom Line
A concept that incorporates the holistic view of sustainability into the business decisions. This holistic focus is also called the three p’s - people, planet and profits.
Waste Diversion
Recycling - ways of reducing waste.
Advanced Logistics
The management of all logistics associated with individual meetings as well as meeting functions.
