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Convention & Meeting Mgmt > Quiz 1 > Flashcards

Quiz 1 Flashcards

0
Q

What is necessary data that you should gather prior to creating meeting objectives

A

Past meeting history, information about host organization or sponsors, information about stakeholders

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1
Q

Stakeholder

A

All individuals who are invested in a project or event such as sponsors attendees vendors media and others

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2
Q

What are some benifits of meeting objectives

A
  • 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
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3
Q

What are some examples of past meeting history

A

– 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

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4
Q

What is a host organization or sponser

A

The company you’re working for or major sponsors

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5
Q

Create meeting objectives…

A 
– Compare and contrast data
– Find the trends
-referred back to goals, objectives and strategies
- prioritize
-determine what is attainable
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6
Q

What information should you gather about the meeting host

A
  • Vision, mission statement, core values, and strategic goals of the organization hosting meeting or event
  • external and internal challenges faced by the host organization
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7
Q

What kind of information should you get your stakeholder

A
  • 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
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8
Q

Level 0

A

Statistics, scope, volume

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9
Q

What are some good level zero objectives

A

– 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

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10
Q

Level 1

A

Reaction, satisfaction, and planned action

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11
Q

What are some good level 1 objectives

A

– 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
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12
Q

What are some examples of level one objectives

A

– 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

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13
Q

Level 2

A

Learning

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14
Q

What do level two objectives address

A

What the attendees will learn or acquire at the meeting and form of knowledge, skills, attitudes, opinions, and professional contacts

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15
Q

Level 3

A

Application

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16
Q

What do level three objectives address

A

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

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17
Q

Level 4

A

Business impacts

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18
Q

What do level four objectives address

A

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

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19
Q

What are the three components to the level 2 learning objectives?

A

Performance, condition, criteria

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20
Q

Level 5

A

ROI- return on investment

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21
Q

What does level five objectives address

A

ROI- what the return on vestment will be for the meeting host, attendees, exhibitors, sponsors, and so on

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22
Q

Do you calculate ROI

A

Meeting benefits -meeting cost/meeting cost
Times 100

Results in a percentage

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23
Q

How do you calculate BCR (benefit cost ratio)

A

Meeting benefits – meeting cost divided by meeting cost

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24
Q

Agenda

A

A list, outline, or plan of items to be done or consider an event or do you need a specific time block

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25
Q

Content

A

The educational components of a meeting

26
Q

Concurrent sessions

A

Multiple sessions scheduled at the same time. Programs on different themes or subjects offered simultaneously

27
Q

Delegate

A

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

28
Q

Demographics

A

Characteristics that help create a profile of exhibitors and attendees for example- gender, age, company location, purchase intentions

29
Q

Facilitator

A

An individual who guides discussion and or decision-making

30
Q

Focus group

A

Method of doing research using a small group led by a facilitator

31
Q

Keynote

A

Opening remarks or presentation at a meeting that sets the tone or theme of the event and motivates attendees

32
Q

Request for proposal RFP

A

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

33
Q

Return on investment ROI

A

I financial ratio indicating the degree of profitability

34
Q

Program design

A

Structure of event program elements to achieve specific goals and objectives

35
Q

What is the first step of financial planning for a meeting

A

Establishing the meetings financial objectives and desired ROI
Break even, profit , loss

36
Q

What is the second step of financial planning for a meeting

A

Developing the meeting budget

37
Q

Developing the meeting budget…

A

-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

38
Q

What is the third step of financial planning for a meeting

A

To create a realistic functional income and expense budget for the meeting

39
Q

Creating a realistic functional EXPENSE budget for the meeting

A

– 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

40
Q

Expenses should be categorized as one of these three…

A

Fixed cost, variable cost, indirect costs

41
Q

Fixed costs

A

Do not change and are not dependent on attendance, but remain a constant
EX: Hotel, audiovisual

42
Q

Variable costs

A

Per person expenses that change depending on the number of attendees, exhibitors, or other participant types
EX:food and beverage

43
Q

Indirect costs

A

Not touching the overall even

EX. Salaries, administrative overhead, or equipment repair and maintenance

44
Q

Creating a realistic and functional INCOME budget….

A

– 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

45
Q

What is the fourth step of financial planning for a meeting

A

Increase income and or reduce expenses in order to meet financial objectives

46
Q

What is the fifth step of financial planning for a meeting

A

Produce or obtain specific financial reports that show the financial status of the meeting
Exspreadsheet reports and income statements

47
Q

Cash basis accounting

A

Enters income and expenses into the books at the time when payment is received or expenses paid

48
Q

Accrual accounting

A

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

49
Q

Chart of accounts

A

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

50
Q

Variance analysis

A

A spreadsheet summary of accounts receivable and payable, showing the meetings cash flow and an analysis of specific expense items

51
Q

Advance fund management….

What to do with the money…

A

-Potential interest income
• bank accounts ( separate bank account for all income from meeting)
•Investment accounts- short-term interest paying account
-tax exempt status

52
Q

On-site fund management:

Bank account in meeting city…

A

If large amounts of income will be coming in may be a good idea to have a bank account in the meeting city

53
Q

On-site fund management:

A

-bonded staff
- policies regarding receipt and disbursement of funds
-apply cash income as credit to master
- Master account review
•daily
•post con

54
Q

International considerations…

A

-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?)

55
Q

Post event financial analysis…

A
  • budget vs actual
  • Analysis of variance
  • policy changes based on performance
56
Q

Zero based budgeting

A

Process of creating a budget without history from previous years

57
Q

What is the role of the CVB?

A

To deliver economic benefits to its constituents through attracting and hosting overnight nonresidents to their jurisdiction

58
Q

What is a PCO

A

ProFessional Congress Organizer

59
Q

What is it housing report

A

A document detailing housing utilization (reservations, pick up )

60
Q

What does ACOM stand for?

A

Association for convention operations manager

61
Q

Who are CSM’s employed by?

A

Hotels,convention centers and CVBs

62
Q

What does CMP stand for

A

Certified meeting professional

63
Q

What are the 3Rs of the convention services manager

A

resources, relationships, reliability

Convention & Meeting Mgmt (2 decks)

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