ESA | Week 1 Flashcards
Business Value
In management, business value is an informal term that includes all forms of value that determine the health and well-being of the firm in the long run. Business value expands concept of value of the firm beyond economic value (also known as economic profit, economic value added, and shareholder value) to include other forms of value such as employee value, customer value, supplier value, channel partner value, alliance partner value, managerial value, and societal value. Many of these forms of value are not directly measured in monetary terms. (Week 1)
Budget Owner
a key stakeholder who has overall responsibility for the income and expenditures related to the event. Will focus on the organization’s business objectives and be accountable for financial costs and liabilities. (Week 1)
Business Continuity
A business process that ensures that an organization’s critical business functions are not compromised when organizations experience opportunities or threats. Recent definitions include 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 as organization produces and sells products (Week 1)
Contingency Planning
addresses the ability of the event professional to pull off the event as planned. (Week 1)
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. (Week 1)
Event Attendees/Participants
Individuals registered for or participating in an event. Includes, delegates, exhibitors, media, speakers and guests. (Week 1)
Event Owner
the person who has requested the event and is responsible for defining the events overall objectives and measurable outcomes. (Week 1)
Key Performance Indicators (KPI)
a type of performance measurement.[1] KPIs evaluate the success of an organization or of a particular activity in which it engages. Often success is simply the repeated, periodic achievement of some levels of operational goal and sometimes success is defined in terms of making progress toward strategic goals. (Week 1)
Qualitative Data
Descriptive information that is a record of what is observed, presented in narrative by the respondent. Also referred to as soft data. (Week 1)
Quantative Data
Information that is represented numerically so you can assign ranks or scores, or determine averages and frequencies. Also Called HARD DATA. (Week 1)
Return on Investment
ROI. 1) Net Profit divided by Net Worth. A financial ratio indicating the degree of profitability. 2) Net benefits divided by the full loaded meeting costs. (Week 1)
SMART and SMARTER Objectives
A common methodology for developing objectives focused on five criteria - specific, measurable, attainable, relevant, time-based. In some organizations the ER is utilized standing for ethical and recorded (Week 1)
Stakeholder
Internal and external person, group or organization that has an interest in or is impacted by another organizations activities (Week 1)
Stakeholder Approach
taking into account the responsibility to others and adopting a consultative demeanor, including stakeholders in the event’s decision-making process (Week 1)
Strategic Meeting Management (Plan)
A focused approach on increasing efficiency and reducing costs across an organisation for all of its events, typically using specialised software to centrally track all aspects of meeting expenditures across a department or organisation. (Week 1)
Strategic Planning
Long range plan of action for a company or organization. (Week 1)
Surveys
1) Solicitation of opinions regarding services; 2) questionnaire. (Week 1)
Waste Diversion
Recycling. Ways of reducing waste (Week 1)
Advanced Logistics
The management of all logistics associated with individual meetings as well as meeting functions. (Week 1)
Corporate Social Responsibility (CSR)
S form of corporate self-regulation integrated into the business and culture of an organization, which embraces responsibility for the organization’s actions and encourages s positive impact on the environment, consumers, employees, communities and other stakeholders (Week 1)
Delivery Stage
The stage of meeting design in which the design for the meeting is put into action (Week 1)
Development Stage
The stage of meeting design in which the design team develops meeting objectives and associated design elements (Week 1)
Discovery Stage
The stage of meeting design in which the design team analyzes the environment and performs a stakeholder needs analysis (Week 1)
Evaluation
1) Critiquing and 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. (Week 1)
