Event Performance Indices (EPI) Report

Transcription

1 Event Performance Indices (EPI) Report MeetingMetrics SM A comprehensive snapshot report to help you and your organization understand the value and performance of your meetings. Use this report to evaluate, track, and compare your meeting s overall performance.

2 1 Event Performance Indices (EPI) Report About This Report The EPI SM Report provides you with a concise but powerful summary of your meeting s overall performance results. You can use the analytics presented in the next few pages to assess and track the value of your event, as well as to compare it to benchmark data from the MeetingMetrics normative database. Meeting performance is a multi dimensional construct; as such, it entails many facets. The EPI SM Indices focus on the two most important components of performance: Meeting Effectiveness Meeting Cost per Attendee Meeting Effectiveness is a composite measure of how successful the meeting was in delivering on its fundamentals. In particular, the Meeting Effectiveness Index captures the meeting s ability to generate value on six key dimensions: the overall meeting experience, networking opportunities at the meeting, the job relevancy of the meeting s content to meeting participants, the quality of the educational courses the meeting offered, the event s motivational value, and the meeting worth in terms of money and time invested to attend it. As our research indicates, a truly effective event is one that provides value along these crucial components. Though meeting effectiveness is key, meeting performance is also defined by how cost efficient the event was. All things being equal, meetings that are both cost efficient and effective (i.e., they deliver value to attendees) are far superior to meetings that are only cost efficient and/or meetings that deliver value but waste resources and money. In sum, the EPI report focuses on essential aspects of effectiveness integrated and summarized in a single, comprehensive measure, the Meeting Effectiveness Index (MEI), as well as on the meeting s ability to provide a valuable experience in a cost efficient way. Building on these components, the EPI SM service examines overall meeting performance from different perspectives, providing the reader with significant intelligence and valuable benchmark data. For example, by comparing the performance of the current meeting with the performance of the average meeting in our normative database, the report helps you understand how the current meeting fares in terms of effectiveness, cost efficiency, and overall performance relative to the average event in the meeting industry. Please note that the use of benchmark data is highly recommended in this context as it offers further insights about your meeting s performance. For example, above average EPI SM scores are strong evidence that the current meeting s practices are generating an exceptional return on event. Conversely, below average EPI scores suggest that a careful analysis of the overall scoring profile may highlight which areas of meeting performance need immediate attention going forward.

3 2 Event Performance Indices (EPI) Report The EPI Suite The EPI Suite provides a full set of analytics that capture and gauge meeting performance. In particular, the report is structured as follows: Summary Table of Respondents. This table shows the number of attendees who participated in the current meeting s evaluation survey and the number of respondents for the average meeting evaluation survey in the MeetingMetrics normative database. This information is important to assess the accuracy of the EPI scores in your report. As a rule of thumb, the larger the sample of respondents who provided feedback about the effectiveness of the meeting, the more likely the EPI SM scores are to reflect the event s true performance. Percent Favorable Table. Percent favorable is a basic and easy way to assess the effectiveness of an event, indicating what share of attendees had a positive and satisfactory meeting experience. This table of results shows how favorably the measures included in the Meeting Effectiveness Index (MEI) were rated by attendees of the current meeting and how favorably they were rated by participants in the average meeting. The table also presents the percent favorable differences between the current meeting and the average meeting. Finally, the table provides the average % favorable score across all the items included in the MEI for the current meeting and the average meeting. This number can be viewed as a quick diagnostic to determine the portion of favorable views the meeting elicited on average among attendees. Meeting Effectiveness Index (MEI). The MEI table presents the MEI score as well as the average performance of each of the six items included in the computation of the MEI. Scores are shown for the current meeting and the average meeting along with the difference between current and average. Please note that effectiveness scores vary between 20 and 100, with 100 indicating the highest level of effectiveness and 20 indicating the lowest level of effectiveness. Meeting Efficiency Score (MES). This measure gauges the cost of achieving the observed level of meeting effectiveness. As such, the measure assigns a price tag or dollar value to each unit of effectiveness that the meeting generated. The MES table shows the MES score for the current meeting and the average meeting, as well as their difference. Given the nature of this metric, the lower the MES, the higher the meeting s cost efficiency.

4 3 Event Performance Indices (EPI) Report Relative Effectiveness Score (RES). This index gauges how the current meeting s effectiveness (i.e., MEI for current meeting) compares to the level of effectiveness we would expect for that event based on how much effectiveness costs on average (average MES). Please note that this measure represents a more comprehensive indicator of meeting performance as it combines both effectiveness and cost efficiency considerations. Interpreting RES scores is easy. For example, a RES score of 15% indicates that the effectiveness of the current meeting is 15% higher than what we would expect. Conversely, a RES score of 30% indicates that the level of effectiveness observed for the current meeting is 30% lower than what we would expect. Effectiveness/Cost Ratio (ECR). This is a global measure of meeting performance. In particular, the ECR compares relative effectiveness (i.e., current meeting s MEI vs. average meeting s MEI) to the relative cost per attendee (i.e., current vs. average). As an overall indicator of performance, the ECR is especially useful to track the performance of a suite of meetings or a single meeting over time. Please note that: o The higher the ECR, the stronger the overall performance of the meeting o If the ECR is equal to 0, then the current meeting s performance is comparable to the average meeting, both in terms of effectiveness and cost per attendee o If the ECR is lower than 0, then the current meeting s overall performance is weaker than the average meeting s o If the ECR score is greater than 0, then the current meeting s overall performance is stronger than the average meeting s Investment Net Worth (INW). This measure highlights the portion of meeting investment (i.e., meeting total cost) that generated a positive return. According to the INW, the net worth of a meeting investment can be viewed as that percentage of the investment (i.e., totality of meeting expenses) accounted for by the net number of meeting attendees with favorable views of the event. The INW table shows the net favorable score (i.e., net number of people who rated the meeting favorably), the meeting total cost, and the INW for the current meeting and the average meeting. Deltas (i.e., current minus average) are also presented. If the INW score is 100%, then we know that the totality of the meeting investment generated a positive return; if the INW score is lower than 100%, then only a part of the expenses sustained to plan, organize, and manage the meeting were truly worth the investment. A Note about MeetingMetrics Normative Database As the leading provider of meeting measurement in the meeting industry, MeetingMetrics has accumulated a wealth of data over the years across a variety of meeting users, meeting types, and industries. On average, our database is enriched annually by hundreds of meetings. Our normative database grows exponentially as our user base expands. If you have any questions about the EPI please contact MeetingMetrics at (212)

5 IMSA Annual Meeting Post-Meeting Report Run: February :12 PM EPI Report Summary Table of Respondents Current Meeting Average Meeting % Favorable Question Current Meeting Average Meeting Delta How satisfied are you with the meeting's overall value in helping you improve your on-the-job effectiveness? 85.24% 80.05% 5.19 How satisfied are you that the meeting was well worth the investment? 91.62% 87.15% 4.47 How satisfied are you with the overall meeting experience? 78.05% 73.00% 5.05 How satisfied are you that the meeting was motivating to you personally? 82.44% 66.76% How satisfied are you with the quality of the education sessions at the meeting? 56.5% 56.23% 0.27 How satisfied are you with the quality of the networking opportunities at the meeting? 77.41% 73.00% 4.41 Average 78.54% 72.70% 5.84 Meeting Effectiveness Index (MEI) The MEI table presents the MEI score as well as the average performance of each of the six items included in the computation of the MEI. Scores vary between 20 (lowest level of performance) and 100 (highest level of performance). Question Current Meeting Average Meeting Delta How satisfied are you with the meeting's overall value in helping you improve your on-the-job effectiveness? How satisfied are you that the meeting was well worth the investment? How satisfied are you with the overall meeting experience? How satisfied are you that the meeting was motivating to you personally? How satisfied are you with the quality of the education sessions at the meeting? How satisfied are you with the quality of the networking opportunities at the meeting? Overall MEI /17/2012 Copyright 2012 MeetingMetrics Page 1 of 2

6 IMSA Annual Meeting Post-Meeting Report Run: February :12 PM EPI Report Meeting Efficiency Score (MES) The MES assigns a dollar value to each unit of effectiveness that the meeting generated. The lower the MES, the higher the meeting s cost-efficiency. Current Meeting Average Meeting Delta MEI Meeting cost/attendee $ $ $ MES $8.31 $19.25 $10.94 Relative Effectiveness Score (RES) The RES gauges how the current meeting s effectiveness compares to the level of effectiveness we would expect for the current event based on how much effectiveness costs on average. A positive RES (i.e., greater than zero) indicates that the observed effectiveness is higher than what we would expect. A negative RES (i.e., lower than zero) suggests that the observed effectiveness is lower than what we would expect. Observed MEI Expected MEI RES % Effectiveness Cost Ratio (ECR) The ECR compares relative effectiveness (i.e., current meeting's MEI vs. average meeting s MEI) to the relative cost per attendee (i.e., current vs. average). The higher the ECR, the better the performance of the current meeting. If the ECR is greater than 0, then the performance of the current meeting is superior to the performance of the average meeting. If the ECR is lower than 0, then the performance of the current meeting is weaker than the performance of the average meeting. If the ECR is equal to 0, the current meeting is comparable to the average meeting. Effectiveness Ratio Cost Ratio ECR Investment Net Worth (INW) The INW highlights the portion of meeting investment (i.e., meeting total cost) that generated a positive return. If the INW is equal to 100%, then the totality of the meeting investment generated a positive return. If the INW is lower than 100%, then only a portion of the meeting investment was worth the money. Current Meeting Average Meeting Delta Net Fav Meeting Total Cost $ $ $ INW 71.49% 63.03% 8.46% 2/17/2012 Copyright 2012 MeetingMetrics Page 2 of 2