10109108Meetings Industry Budget and Financial Management
Course Information
Description
Establishing a realistic and sound budget is vital to creation of successful meetings. This course examines the steps in developing a meeting budget. Students learn techniques for projecting and managing budgets including per person methodology and break-even analysis. Emphasis is placed on situations oriented to the event industry.
Total Credits
2
Course Competencies
  1. Develop a foundation for strategic financial management
    Assessment Strategies
    on a written test
    Criteria
    you use financial management terminology
    you identify characteristics of an effective strategic financial management system
    you determine the difference between budgeting and financial management

  2. Create a budget for a meeting
    Assessment Strategies
    by submitting a written budget
    on a written exam
    Criteria
    you use an electronic spreadsheet to create budget
    Budget includes all expenses associate with a program
    Budget includes fixed and variable expenses
    Budget includes the determination of the attendance break-even point
    Budget includes a registration fee that equals or exceeds the total expenses incurred for each registrant
    Budget data is displayed so that the logic of how the registration fee was established is easily understood

  3. Determine the importance of recovering administrative overhead in a meeting budget
    Assessment Strategies
    on a written exam
    Criteria
    you identify general office overhead expenses
    you estimate general office expenses
    you identify tips for developing the general overhead budget

  4. Identify methods for administrative fee cost recovery
    Assessment Strategies
    on a written exam
    Criteria
    you determine flat administrative fee for a meeting
    you determine per person variable fee for a meeting
    you determine percentage of total expenses for a meeting
    you identify two methods to recover general overhead expenses for a meeting

  5. Develop a financial management plan to manage a long-term meeting
    Assessment Strategies
    on a written exam
    Criteria
    you use an electronic spreadsheet to create a five year budget
    you identify common mistakes made in developing a computerized strategic financial management system
    you identify the six steps of designing a comprehensive financial management system for a meeting

  6. Identify the human political, organizational factors that affect the financial management of a meeting
    Assessment Strategies
    on a written exam
    Criteria
    you identify the principles for success in design of a meeting's financial management plan
    you identify the principles for success in implementation of a meeting's financial management plan
    you analyze the key leadership skills needed by meeting planners that work with financial management plans