Strategic Planning

Question 1

Accreditation

Answer 1

To certify as meeting all formal official requirements of academic standards, curriculum, facilities, etc.

Question 2

Adjoined Rooms

Answer 2

Rooms that abut each other without adjoining doors.

Question 3

Attrition

Answer 3

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

Question 4

Audioconference

Answer 4

A meeting that is conducted using audio transmission

Question 5

Audiovisual

Answer 5

Materials directed at both the sense of hearing and the sense of sight, including films, recordings, video projections, and lighting and sound equipment.

Question 6

Average Daily Room Rate

Answer 6

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.

Question 7

Average Room Rate

Answer 7

a measurement of the typical rate for a hotel room; a key performance indicator

Question 8

Budget

Answer 8

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.

Question 9

Budgeting

Answer 9

a process of planning and preparing estimated revenues and expenses in order to achieve financial goals

Question 10

Call for papers

Answer 10

A call for abstracts for conference programs, for the general session or breakout sessions.

Question 11

Capacity

Answer 11

legal qualification, competency, power or fitness. Example: a person’s capacity and authority to enter into a contract may be questioned

Question 12

Cash Accounting

Answer 12

A record keeping system in which earnings are document when money is received and costs are documented when money is paid out.

Question 13

Cash Basis Accounting

Answer 13

Another term for cash accounting

Question 14

Certified Meeting Professional

Answer 14

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.

Question 15

Certificate in Meeting Management (CMM)

Answer 15

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

Question 16

Commission

Answer 16

Fee paid to a salesperson, agent or broke who helps perform a commercial transaction

Question 17

Contract

Answer 17

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.

Question 18

Conventions and Visitors Bureau

Answer 18

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.

Question 19

Cost, Insurance and Freight (CIF)

Answer 19

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

Question 20

Economic Impact/Footprint

Answer 20

impact of an event on community finances and ROI of the event.

Question 21

Flat Rate

Answer 21

A fixed rate for whatever hotel room, is available when guest checks in

Question 22

Host Committee

Answer 22

Regional experts from a locality being considered for an event, usually provided by the area’s DMO or DMC

Question 23

Hosted Buyer Program

Answer 23

Offers free transportation, registration and lodging to prequalified buyers who agree to meet with providers during an event.

Question 24

Housing Bureau

Answer 24

Group in charge of finding and managing large event hotel bookings

Question 25

Inclusive Rate

Answer 25

room or catering price that incorporates service fees, taxes and tops

Question 26

Meeting Management Company

Answer 26

A company that manages a meetings logistics, arranges contracts, and determines a venue on behalf of a host organization

Question 27

Meeting Professional International

Answer 27

The association for the events and meeting industry, an events industry council member, is the biggest in the world.

Question 28

Online Registration

Answer 28

an internet facilitated registration for an event or a hotel.

Question 29

Perfect of Gross

Answer 29

The cost of facility's goods sold subtracted from a facility total sales revenue

Question 30

Program Design

Answer 30

process of planning, developing and producing events using design principles meant to engage the audience

Question 31

Prospectus

Answer 31

A brochure or other document describing the major features, attractions or services to prospective clients.

Question 32

Registration Area

Answer 32

Designated area for participants to register for an event on-site.

Question 33

Registration Data

Answer 33

Participants details collected during registration

Question 34

Request for proposal

Answer 34

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.

Question 35

Resume

Answer 35

the background of an event's requirements, summarized in a brief document

Question 36

Value Added Tax

Answer 36

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.