Graduation is here and we’re ready to test your knowledge on 15 general events planning terms (in alphabetical order) that anyone in the events industry should know. We’ve also done you the favor of creating a Quizlet (throwback to your college days) if you need to spend some time studying the terms with online flashcards.
This term refers to the specified time for crew and staff to arrive and access a venue for setup before the public or guests arrive.
2. Attrition Rate
The attrition rate measures the number of people who actually attend your event compared to how many signed up for your event. For example, if you have 10 people sign up for your rock decorating class and only 2 people show up, your attrition rate is 80% (not looking good). Generally, the greater expectations your event meets, the lower the attrition rate.
3. Cancellation Clause
The terms and conditions of a contract that states the time frames for all parties involved to amend or cancel an agreement, contract or reservation.
4. Contingency Plan
A back-up plan. Contingency plans can come in many forms but generally consist of an agenda to follow in the case of something going wrong (which is likely).
5. CMP – Certified Meeting Professional
A certification that internationally recognizes and certifies the competency of meeting professionals. According to the MPI Foundation, “The CMP program aims to increase the professionalism of meeting management professionals in all sectors of the industry.”
The logistics behind shipping all your event assets such as furniture and other materials you will need to set-up, execute and dismantle your event.
7. Estimated Departure Time and Estimated Arrival Time
Although these are technically two separate terms, we are counting them as one since they are used so often. ETA, which stands for estimated time of arrival, is exactly as it sounds. The estimated time something or someone is supposed to arrive. EDT (get ready) also means exactly as it sounds. The estimated time something or someone is supposed to depart.
8. Force Majeure Clause
French for “superior force” (we are not experts in French), the force majeure clause is a contract that removes the possible liabilities a party may face when faced with unavoidable events (an act of God for example).
9. Lead Time
This term defines the time between the start of a project and the date the project is due (or in this case, the date of your event).
10. Net Promoter Score (NPS)
The NPS can help you determine the success of your event and the probability of success for your future events (LINK TO 7 little things that make Big difference). The NPS helps improve customer experience management by asking the attendees to rate their “How likely is it that you would recommend this event to a friend or colleague?” on a scale of 1-to-10.
Typically, something non-transferable for your event will be the tickets your attendees purchase. This means that a ticket cannot be legally transferred from one person to another once purchased or during the event.
12. Risk Assessment/Management
The risk assessment or management usually consists of a plan that identifies potential risks and their impact on your event. A contingency plan is typically used to combat the risk assessment and soothe your worries when you wake up in the middle of the night thinking about how you forgot to check the weather for your outside event in two days.
13. RFP (Request for Proposal)
A common way of doing business, the RFP is a formal request from a certain entity to provide a service or product for your event.
14. Return on Equity/Event (ROE)
The ROE is a financial measurement to calculate the profit made from an event. This metric does not necessarily equate to a monetary value, but can also account for increases in brand awareness and engagement.
15. Value Added
Value added services or products are features that go beyond the original service or product. For example, you go to a clothing store to buy a new pair of pants and they offer you a cup of vegan iced tea you’ve always wanted to try. The tea is value added.
Now that you’re familiar with general events terminology, here is the Quizlet we made as promised: https://quizlet.com/_68lygw
Ready to put your knowledge to good use? Set up your next event today on Events.com.