Strategic Planning Flashcards
Accreditation
To certify as meeting all formal official requirements of academic standards, curriculum, facilities, etc.
Adjoined Rooms
Rooms that abut each other without adjoining doors.
Attrition
In comparison to the contracted figures for an event, the reduced amount of realized rooms or other proceeds. Compensation for such a reduction is calculated following a normally allowed percentage
Audioconference
A meeting that is conducted using audio transmission
Audiovisual
Materials directed at both the sense of hearing and the sense of sight, including films, recordings, video projections, and lighting and sound equipment.
Average Daily Room Rate
A statistical unit that is the typical mean amount earned for every inhabited room for a certain cycle of days. This rate and the overall occupancy rate are the basis for the health of the property’s finances.
Average Room Rate
a measurement of the typical rate for a hotel room; a key performance indicator
Budget
An assessment and calculation of payments, profits, and assets for a planned amount of time, based on prospective financial circumstances and objectives. This is a method for accomplishing objectives and quantifying performance, and a system for handling problems that may occur.
Budgeting
a process of planning and preparing estimated revenues and expenses in order to achieve financial goals
Call for papers
A call for abstracts for conference programs, for the general session or breakout sessions.
Capacity
legal qualification, competency, power or fitness. Example: a person’s capacity and authority to enter into a contract may be questioned
Cash Accounting
A record keeping system in which earnings are document when money is received and costs are documented when money is paid out.
Cash Basis Accounting
Another term for cash accounting
Certified Meeting Professional
An events industry council program - dating to 1985. The program aims to standardize industry practices, bolster the industry’s standing, increase trust in the industry, and provide training and resources to industry professionals.
Certificate in Meeting Management (CMM)
A graduate level program requiring applications to have seven years experience in the meeting/event industry including at lease three years of management and two years of P&L responsibility. The CMM is offered by the Meeting Professionals International and many college.s
Commission
Fee paid to a salesperson, agent or broke who helps perform a commercial transaction
Contract
A lawful written compact consisting of a proposal, deliberation over it and agreement to it. The participation of the two or more legally capable parties forming this compact must be intentional and uncoerced.
Conventions and Visitors Bureau
Non-profit organization that provides information about services and resources in a specific destination. Can be a good resource for event planners. CVBs are often supported by hotel taxes.
Cost, Insurance and Freight (CIF)
This term, often found in the international sales contracts, commits the seller to paying for the insurance, costs and freight against the buyer’s risk of damage or loss goods in transit to a destination
Economic Impact/Footprint
impact of an event on community finances and ROI of the event.
Flat Rate
A fixed rate for whatever hotel room, is available when guest checks in
Host Committee
Regional experts from a locality being considered for an event, usually provided by the area’s DMO or DMC
Hosted Buyer Program
Offers free transportation, registration and lodging to prequalified buyers who agree to meet with providers during an event.
Housing Bureau
Group in charge of finding and managing large event hotel bookings
Inclusive Rate
room or catering price that incorporates service fees, taxes and tops
Meeting Management Company
A company that manages a meetings logistics, arranges contracts, and determines a venue on behalf of a host organization
Meeting Professional International
The association for the events and meeting industry, an events industry council member, is the biggest in the world.
Online Registration
an internet facilitated registration for an event or a hotel.
Perfect of Gross
The cost of facility’s goods sold subtracted from a facility total sales revenue
Program Design
process of planning, developing and producing events using design principles meant to engage the audience
Prospectus
A brochure or other document describing the major features, attractions or services to prospective clients.
Registration Area
Designated area for participants to register for an event on-site.
Registration Data
Participants details collected during registration
Request for proposal
a document created by an organization that announces its need for a service or commodity, with the purpose of getting bids from vendors to provide that service or commodity.
Resume
the background of an event’s requirements, summarized in a brief document
Value Added Tax
A consumption tax on the amount by which the value of an article has bee increase at each stage of its production to the point of sale.
