Quiz 1 Flashcards
What is necessary data that you should gather prior to creating meeting objectives
Past meeting history, information about host organization or sponsors, information about stakeholders
Stakeholder
All individuals who are invested in a project or event such as sponsors attendees vendors media and others
What are some benifits of meeting objectives
- They tie The meeting to strategic objectives of the host organization,
- provides direction to staff, planning companies, speakers and others.
- Serve as she marketing messages and contract between attending an organizer,
- Offers direction and guidance on logistics
- establish basis for evaluation of meeting
What are some examples of past meeting history
– Data found with in the post event report
– Attendance figures in traffic flows for the meeting
– Attendee, sponsor, and exhibitor demographics, profiles, and preferences
-Actual expenses and revenues from previous meeting
– Meeting content,messages and program design
What is a host organization or sponser
The company you’re working for or major sponsors
Create meeting objectives…
– Compare and contrast data – Find the trends -referred back to goals, objectives and strategies - prioritize -determine what is attainable
What information should you gather about the meeting host
- Vision, mission statement, core values, and strategic goals of the organization hosting meeting or event
- external and internal challenges faced by the host organization
What kind of information should you get your stakeholder
- reasons or objectives for attending or participating
- benefits they expect or could attain from the meeting
- information they possess that would be critical to the design, planning, or success of the meeting
- concerns they have about the meeting , the meeting host, and it’s ssuccess
- they are currently facing in the workplace, their industry, their culture, their country, or personal lives
Level 0
Statistics, scope, volume
What are some good level zero objectives
– Identify statistics that are important to the meeting organizer and or key stakeholders
-name statistics or key indicators that are measurable and easily collected following a meeting
Level 1
Reaction, satisfaction, and planned action
What are some good level 1 objectives
– identify ISSUES That are measurable and important to the meeting organizer and or stakeholders
- our attitude based, clearly worded and specific
- represent a satisfaction Index from key stakeholders
What are some examples of level one objectives
– A certain percentage of attendees would recommend the conference to others
– Participants will write the meeting as a good investment for the company on average of 4.3 out of five
Level 2
Learning
What do level two objectives address
What the attendees will learn or acquire at the meeting and form of knowledge, skills, attitudes, opinions, and professional contacts
Level 3
Application
What do level three objectives address
Application - What the attendees will do with the knowledge skills, attitudes, opinions, and professional contacts acquired at the meeting back in their workplace or lives
Level 4
Business impacts
What do level four objectives address
Business impacts -What personal, professional or business impact the meeting will have on the attendee, meeting host, exhibitor, sponsor on the speaker and so on
ex reputation of school
What are the three components to the level 2 learning objectives?
Performance, condition, criteria
Level 5
ROI- return on investment
What does level five objectives address
ROI- what the return on vestment will be for the meeting host, attendees, exhibitors, sponsors, and so on
Do you calculate ROI
Meeting benefits -meeting cost/meeting cost
Times 100
Results in a percentage
How do you calculate BCR (benefit cost ratio)
Meeting benefits – meeting cost divided by meeting cost
Agenda
A list, outline, or plan of items to be done or consider an event or do you need a specific time block
Content
The educational components of a meeting
Concurrent sessions
Multiple sessions scheduled at the same time. Programs on different themes or subjects offered simultaneously
Delegate
Person who attends an event primarily to visit exhibits or attend meetings and work conference sessions
This does not include exhibitors, media speakers, in companies or registered meeting attendees
Demographics
Characteristics that help create a profile of exhibitors and attendees for example- gender, age, company location, purchase intentions
Facilitator
An individual who guides discussion and or decision-making
Focus group
Method of doing research using a small group led by a facilitator
Keynote
Opening remarks or presentation at a meeting that sets the tone or theme of the event and motivates attendees
Request for proposal RFP
A document that stipulates what services the organization wants from an outside contractor and request a bid to perform such services
Return on investment ROI
I financial ratio indicating the degree of profitability
Program design
Structure of event program elements to achieve specific goals and objectives
What is the first step of financial planning for a meeting
Establishing the meetings financial objectives and desired ROI
Break even, profit , loss
What is the second step of financial planning for a meeting
Developing the meeting budget
Developing the meeting budget…
-identify/anticipate expenses and income
-Financial history
-factors affecting history
-zero based budgeting
-participant demographics
-identify line items as a % of budget
– Budget should be realistic
-budget hand book
What is the third step of financial planning for a meeting
To create a realistic functional income and expense budget for the meeting
Creating a realistic functional EXPENSE budget for the meeting
– List all possible expenses associated with the meeting
- include contingencies( having a back-up speaker
- estimating expenses:
•contract
•current cost plus % increase per year maximum
•Cost-of-living or inflation increases
• historical data
Expenses should be categorized as one of these three…
Fixed cost, variable cost, indirect costs
Fixed costs
Do not change and are not dependent on attendance, but remain a constant
EX: Hotel, audiovisual
Variable costs
Per person expenses that change depending on the number of attendees, exhibitors, or other participant types
EX:food and beverage
Indirect costs
Not touching the overall even
EX. Salaries, administrative overhead, or equipment repair and maintenance
Creating a realistic and functional INCOME budget….
– List all possible income/revenue associated with meeting
– Estimating income
•Historical data
•Research
•Raising fees based on market conditions
•Calculations based on pricing and or participation/attendance
What is the fourth step of financial planning for a meeting
Increase income and or reduce expenses in order to meet financial objectives
What is the fifth step of financial planning for a meeting
Produce or obtain specific financial reports that show the financial status of the meeting
Exspreadsheet reports and income statements
Cash basis accounting
Enters income and expenses into the books at the time when payment is received or expenses paid
Accrual accounting
Enters income and expenses into the books at the time of contract (when they are committed )instead of when they’re actually received or paid
Chart of accounts
And numbering system used to identify each one of the budget but a specific account number, allowing deposits and expenditures to be posted to the correct accounts
Variance analysis
A spreadsheet summary of accounts receivable and payable, showing the meetings cash flow and an analysis of specific expense items
Advance fund management….
What to do with the money…
-Potential interest income
• bank accounts ( separate bank account for all income from meeting)
•Investment accounts- short-term interest paying account
-tax exempt status
On-site fund management:
Bank account in meeting city…
If large amounts of income will be coming in may be a good idea to have a bank account in the meeting city
On-site fund management:
-bonded staff
- policies regarding receipt and disbursement of funds
-apply cash income as credit to master
- Master account review
•daily
•post con
International considerations…
-Currency exchange rates
• consider buying foward
•currencies to accept
-tax issues (Will attendees be responsible for paying the taxes since the meeting is being held overseas?)
Post event financial analysis…
- budget vs actual
- Analysis of variance
- policy changes based on performance
Zero based budgeting
Process of creating a budget without history from previous years
What is the role of the CVB?
To deliver economic benefits to its constituents through attracting and hosting overnight nonresidents to their jurisdiction
What is a PCO
ProFessional Congress Organizer
What is it housing report
A document detailing housing utilization (reservations, pick up )
What does ACOM stand for?
Association for convention operations manager
Who are CSM’s employed by?
Hotels,convention centers and CVBs
What does CMP stand for
Certified meeting professional
What are the 3Rs of the convention services manager
resources, relationships, reliability
