Cost of Meeting Calculator

Formula

The formula to calculate the cost of a meeting is:

\[ \text{CM} = (\text{N} \times \text{H} \times \text{R}) + \text{E} \]

Where:

$\text{CM}$ is the total cost of the meeting (\$)
$\text{N}$ is the number of participants
$\text{H}$ is the duration of the meeting (hours)
$\text{R}$ is the average hourly rate of participants (\$)
$\text{E}$ is the additional expenses related to the meeting (\$)

What is the Cost of a Meeting?

A Cost of Meeting refers to the total expenses incurred in organizing and conducting a meeting. This includes direct costs such as venue rental, equipment hire, catering, and travel expenses for attendees, as well as indirect costs such as the time spent by employees in preparing for and attending the meeting. The cost of meeting is an important consideration in business planning and budgeting, as it can significantly impact a company’s bottom line.

Example Calculation 1

Let's assume the following values:

Number of Participants (N) = 10
Duration of the Meeting (H) = 2 hours
Average Hourly Rate of Participants (R) = $50
Additional Expenses (E) = $100

Using the formula:

\[ \text{CM} = (10 \times 2 \times 50) + 100 = 1000 + 100 = 1100 \text{ \$} \]

The Total Cost of the Meeting is $1100.

Example Calculation 2

Let's assume the following values:

Number of Participants (N) = 20
Duration of the Meeting (H) = 3 hours
Average Hourly Rate of Participants (R) = $75
Additional Expenses (E) = $200

Using the formula:

\[ \text{CM} = (20 \times 3 \times 75) + 200 = 4500 + 200 = 4700 \text{ \$} \]

The Total Cost of the Meeting is $4700.