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CMP > Project Managment > Flashcards

Project Managment Flashcards

1
Q

24-Hour Hold

A

A term used to describe the type of reservation made on function space within a venue (hotel, convention centre, etc.). An event organizer who has 24-hour hold on a space has exclusive use and access to that space for a period of 24-hours, usually 00:00 - 23:59.

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2
Q

Acceleration Clause

A

A provision sometimes used in contracts to accelerate deposit payment schedule or to demand full prepayment of master account in the event of a default or lack of credit by the purchasing organization. May also apply in other situations, such as assignments. Primarily used in North America

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3
Q

Acceptance

A

A requirement for entering into a binding contract. If a contract proposal (offer) is made, it is accepted if the offeree signs the offer as submitted. If the offeree makes any changes to the offer before signing, it is a counteroffer, not acceptance.

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4
Q

Act of God/ FORCE MAJEURE

A

An extraordinary natural disaster such as extreme weather, flood, hurricane, tornado, earthquake, etc. that cannot be reasonably foreseen or prevented and over which a contracting party has no reasonable control. The occurrence makes performance of the contract illegal, impracticable or impossible, leaving the contract parties with no legal responsibility to continue performance of the contract.

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5
Q

Agent

A

1) Broadly, one who acts or has the power to act; more usually, one that acts as the representative of another. In travel, agent is specified by purpose, such as a retail travel agent. 2) Person that obtains engagements for entertainers, is paid by the entertainers and has no contract for production responsibilities. 3) Person in a speaker bureau/agency who acts on behalf of the seller (speaker) or on behalf of the buyer (customer). 4) Venue finding, third party or production service provider. Meaning differs by region

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6
Q

Alternative Dispute

A

Resolution Methods for resolving contract disputes without going to court.

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7
Q

Arbitration

A

Private dispute resolution process in which the parties agree to submit their dispute to an impartial third party for a decision. Depending on the type of arbitration, the arbitrator’s decision may or may not be binding. A form of ALTERNATE DISPUTE RESOLUTION.

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8
Q

Attrition

A

The difference between the actual number of sleeping rooms (or food and beverage, or revenue) realized and the number agreed to in the facility’s contract. Usually a percentage or actual shortfall limit is allowed before damages are assessed.

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9
Q

Audit

A

1) A methodical examination and review of records pertaining to an event. For instance, an independent verification of attendance figures submitted by an exhibition’s producers. 2) An unbiased examination and evaluation of the financial statements of an organization. It can be conducted internally (by employees of the organization) or externally (by an outside firm).

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10
Q

Authorized Signatory

A

A person who is authorized to legally bind an individual or organization to a contract, to sign checks on behalf of an organization, or charge to an organization’s master account.

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11
Q

Average Room Rate

A

Mathematical average of a series of sleeping room rates.

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12
Q

Best Available Rate (BAR)

A

Lowest available rate for non-group reservations at a hotel.

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13
Q

Bid

A

A proposal submitted to an event organizer by a convention and visitors bureau and/or hotel(s) or other suppliers, that includes detailed specifications (such as dates, rates, concessions, etc.) and estimated costs.

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14
Q

Blind Commission

A

A commission that is paid by a hotel to a third party for services; it comes out of the hotel sleeping room rate but is not disclosed to the guests or the event organizer. In some countries, this practice could be subject to legal restrictions and/or ethical concerns

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15
Q

Booking Policy

A

Guidelines by which a convention centre (or other venue) prioritizes reservations; may correspond to hotel rooms the event will use in the area.

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16
Q

Buying Agent

A

An agent who purchases goods on behalf of a company or agency

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17
Q

Cancellation Clause

A

Provision in a contract which outlines damages to be paid to the non-cancelling party if cancellation occurs, due the cancelling party’s breach of the contract.

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18
Q

Cancellation or Interruption Insurance

A

Insurance that protects an event organizer against financial loss or expenses incurred when contractually specified perils necessitate cancelling or relocating an event or cause a reduction in attendance.

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19
Q

Cancelled Business

A

Business that was confirmed definite by contract and was later cancelled.

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20
Q

Change Order

A

Facility form to advise departments of changes in reservations or functions.

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21
Q

Commission

A

A payment made to an individual or organization for bringing business to another individual or organization.

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22
Q

Commissionable Rate Commitment

A

A contract in which the room rate to be charged to attendees includes a commission to be paid to either the sponsoring group or a third party, such as a travel agent, or independent event planning or site selection organization

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23
Q

Concessions

A

1) Merchandise or refreshments sold to individuals on site, in conjunction with an event. 2) Contractual agreement where one party provides something of value to the other party in exchange for something else, pending certain conditions.

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24
Q

Consideration

A

The inducement to a contract. The cause, motive, price, or impelling influence which induces a contracting party to enter a contract.

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25
Q

Contra Agreement

A

A type of barter. The exchange of goods and services instead of using money. In North America, referred to as TRADE-OUT. RELATED TERMS: TRADE-OUT.

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26
Q

Contract

A

An agreement between two or more parties that creates in each party a duty to do or not do something and a right to performance of the other’s duty or a remedy for the breach of the other’s duty.

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27
Q

Critical Path

A

represents the chain of activities that must begin on time and stay on track in order to achieve project milestones and ultimately execute the project on time.

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28
Q

Damage Clause

A

Part of a contract dealing with procedures, penalties, and rights of the party causing damages

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29
Q

Electronic Request for Proposal (E-RFP)

A

Requests for proposals that are generated using on-line tools, including those from meeting technology suppliers and hotel websites; often used for site selection as well as other sourcing for event products and services.

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30
Q

Event-Contracted Block (ECB).

A

The rooms that are contracted by an event organizer with a hotel(s) or housing facility(s) for a particular event.

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31
Q

Exclusive

A

Any agreement which limits who may provide specific products or services under certain conditions to only one party. No other contractor is allowed to provide the same services or products in that facility. The legality of exclusive contracts varies by jurisdiction.

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32
Q

Exclusive Contract

A

Contract between a facility and a service provider designating that provider as the only source of a specific service or product in that facility.

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33
Q

Exclusive Contractor

A

Contractor appointed by event or building management as the sole agent to provide specific services or products.

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34
Q

Flat Rate

A

Rate for which a hotel agrees to offer any of its available sleeping rooms (with the exception of suites) to a group. Final assignment of rooms is at the discretion of the hotel.

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35
Q

Force Majeure Clause

A

A clause in an agreement that excuses performance in the event that a FORCE MAJEURE makes the performance impracticable or impossible.

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36
Q

Forward Contract

A

An agreement guaranteeing a specific price for a product or service at a given future date. May also guarantee a specific rate of exchange when foreign currency is used.

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37
Q

Gantt Chart

A

provides a graphical illustration of a schedule that helps to plan, coordinate and track specific tasks in a project.

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38
Q

Group Rate

A

Confirmed rate extended to attendees booking their sleeping room accommodations as part of a group room block.

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39
Q

Guarantee

A

A promise of commitment to provide a minimum amount of sleeping rooms, food and beverage (F&B), or other revenues. Usually there is financial liability if the commitment is not met.

40
Q

Hold Harmless

A

An indemnity clause that provides that both parties agree to defend and/or compensate each other for asserted claims against, or liability damages incurred by one party, due to the acts or omissions of the other.

41
Q

Indemnification Clause

A

A contract clause in which one party agrees to pay damages or claims that the other party may be required to pay to another. For example, if a hotel is sued by an attendee that is injured at an event due to the fault of the group, an indemnification clause might require the group to pay back the hotel. Sometimes the law requires one party to indemnify another even without a specific clause. Generally, the terms of the clause will be followed over the state law.

42
Q

Joint Agreement

A

Union contract covering more than one employer and a union, more than one union and an employer, or a number of employees and a number of unions.

43
Q

Key performance indicators (KPI)

A

a measurable value that demonstrates how effectively a company is achieving key business objectives.

44
Q

Letter of Agreement

A

Document outlining proposed services, space, or products which becomes binding upon signature by authorized representatives of both parties.

45
Q

Liability Clause

A

Part of a contract outlining conditions of liability.

46
Q

Liability Disclaimer

A

Legal statement releasing the organization from responsibility for any arrangements made by attendees with services listed by the organization (e.g., childcare).

47
Q

Licensing Agreement

A

A right or permission granted by the owner of a property (tangible or intangible) to engage in some business or occupation or engage in some transaction, which would be unlawful without such right or permission. A business arrangement in which the manufacturer of a product (or a firm with proprietary rights over certain technology, trademarks, etc.) grants permission to some other group or individual to manufacture that product (or make use of that proprietary material) in return for specified royalties or other payment. Many convention centre agreements are written as license agreements.

48
Q

Low/off Season

A

Period when the demand for a supplier’s product or service is lowest. Prices generally decrease in low season. Compare with HIGH SEASON.

49
Q

Markup

A

Difference between the cost and the selling price of a given product. Difference between the net rate charged by a tour operator, hotel, or other supplier and the retail-selling price of the service. Generally, a percentage of the net rate rather than a fixed amount, as in a 20 percent markup on the net.

50
Q

Mediation

A

Dispute resolution process in which the parties use a third party to assist them in reaching a compromise.

51
Q

Meeting Profile

A

A written report outlining statistics of previous events, anticipated use of all services, profile of attendees, hotel occupancy patterns, etc.

52
Q

Memorandum of Understanding (MOU)

A

A document that describes a formal agreement between two or more parties.

53
Q

Milestones

A

key events that occur during the project and ultimately drive the project schedule

54
Q

Net Rate

A

Non-commissionable rate.

55
Q

Non-Performance

A

To neglect to carry out an agreement.

56
Q

Offer

A

1) A promise, proposal or other expression of willingness to make and carry out a contract under proposed terms with another party which has the ability to accept it upon receiving it. 2) Space and rent proposal from a facility. It may be in the form of a contract or license agreement.

57
Q

Operations

A

Performing the practical work of operating a programme. Usually involves the in-house control and handling of all phases of the services, both with suppliers and with clients.

58
Q

Option

A

1) Space which is reserved but not yet contracted for an event. The right of first refusal to confirm a tentative space reservation if there is demand from another group. 2) Options - Activities other than those included in the formal agenda which are optional and often require the payment of an additional participation fee done at the guest’s discretion.

59
Q

Option Date

A

A prearranged date by which a hotel or facility will no longer hold tentative arrangements for a group.

60
Q

Package

A

1) Hotel, conference centre, or tour arrangement components combined and sold at a single all-inclusive price. 2) A single-fee booth/stand package offered by event management which might include booth/stand space, one electrical outlet, and basic furnishings.

61
Q

Percent of the Gross

A

Type of payment involving a fixed percent of the gross income for that service. This type of agreement is often used by facilities as the rental.

62
Q

Percent of the Net

A

Type of payment involving a fixed percent of the net income after costs of providing that service. This type of payment is often used in services provided by exclusive contractors within a facility.

63
Q

Post-Con Meeting

A

Meeting at the primary facility at which an event occurred just after it has ended. Attendees generally include the primary event organizer, representatives of the event organizer/host organization, department heads at the facility, other facility staff as appropriate, and contractors.

64
Q

Post-Event Report (PER) .

A

The industry preferred term for a report of the details and activities of an event. A collection of post event reports over time will provide a comprehensive history for an event

65
Q

Power of Attorney

A

An instrument in writing whereby one person, as principal, appoints another as his/her agent and confers authority to perform certain specified acts or kinds of acts on behalf of the principal.

66
Q

Productivity Tickets

A

Complimentary tickets awarded by the official airline after the event according to the number of attendees who used the airline.

67
Q

Project plan

A

documents how a project will be completed within a certain timeframe.

68
Q

Project scope

A

the work that must be performed to deliver a product, service or result with the specified features and functions.

69
Q

Proposal

A

1) Plan put forth for consideration or acceptance. 2) Communication sent by a supplier to a potential customer detailing the supplier’s offerings and prices.

70
Q

Qualifying

A

The act of determining a person’s authority or financial ability to purchase a product or service or perform a specific function.

71
Q

Rain Date

A

An alternate event date contracted to use in case of inclement weather. May also be referred to as an option date or rain option (referring to an alternate venue). Primarily used in North America

72
Q

Released Value

A

1) Limit of a carrier’s liability. 2) Stated value of a shipment when released to the carrier. If shipper declares a higher value than the per-pound limit, shipping costs will increase.

73
Q

Rental Contract

A

Contract stating terms and conditions for rental of exhibition venue or for individual booth/stand within a venue.

74
Q

Request for Proposals RFP.

A

A document that stipulates what services the organization wants from an outside contractor and requests a bid to perform such services.

75
Q

Reservation Review Date

A

Designated day when the facility will release a block of sleeping rooms to the general public.

76
Q

RFP Distribution Date

A

The date a Request for Proposals (RFP) is to be passed along if an event organizer is using an intermediary to distribute the RFP [i.e., If an event organizer sends an RFP to a Convention & Visitors Bureau (CVB), and wants the CVB to send the RFP to member hotels on a certain date, that date is the RFP Distribution Date].

77
Q

RFP Published Date

A

The date a Request for Proposals (RFP) is released from an event organizer and is made public.

78
Q

Rider

A

Additional clause in a contract stipulating special requirements.

79
Q

Right of First Refusal

A

A courtesy a facility extends to a previously booked party to approve or disapprove a concurrent booking or to save uncontracted space for the previously booked party for programme growth.

80
Q

Season

A

Period of time when the demand for a certain supplier’s product or service is high, low, or neither.

81
Q

Second Option

A

Second place on a waiting list. The organization holding the second option for specific dates at a facility, for example, may book those dates only if the organization holding the first option decides not to book within a certain period of time.

82
Q

Shoulder

A

The beginning and ending days of a room block when fewer rooms are contracted.

83
Q

Shoulder Season

A

Period when the demand for a supplier’s product or service is neither high nor low.

84
Q

SLA Service Level Agreement.

A

Usually an adjunct document to a vendor contract.

85
Q

Slippage

A

Reduction in the number of rooms used from the original reserved block.

86
Q

SMERF

A

Acronym for a category of event market segments including Social/Sport, Military, Educational, Religious and Fraternal groups. May also be written as SMURF for Social/Sport, Military, Union, Religious and Fraternal.

87
Q

Space Reservation Form

A

Form or special request to use a particular space.

88
Q

Surcharge

A

Charge over and above established rates, such as an energy surcharge.

89
Q

Tentative Hold

A

A space temporarily held by a facility or venue for a specific date pending a definite booking. There are no consequences for cancellation.

90
Q

Timelines

A

Schedule which includes each task to be accomplished and is the core of the programme plan. Also known as timescale, project schedule, or programme schedule.

91
Q

Trade-Out

A

1) A type of barter. 2) The exchange of goods and services instead of using money. Term used primarily in North America. In other regions, barter or CONTRA AGREEMENT is used.

92
Q

Waiver of Subrogation

A

1) A release of rights to substitute one party for another party. 2) The release of an insurance company right to succeed to the insured’s rights to sue for damages against the tortfeasor, after the insurance company pays an insured’s claim of loss due to another’s tort.

93
Q

Work breakdown structure (WBS)

A

Organizes and describes in detail the total scope of the project

94
Q

Wash

A

The difference between number of reservations at cut-off date and the number of final reservations at the end of an event. Can be positive or negative and be expressed as a number or percentage.

95
Q

Yield Management

A

A financial management method of pricing and capacity control that yields maximum profit. History, occupancy data, and competition are among the considerations used in this method.

CMP (7 decks)

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