Disclaimer: This post is completely based on fiction. Any resemblance to any company, living or dead, is coincidental and author does not take any responsibility for the same. The figures used to demonstrate are just for reference and to get the exact costs for your company, it is highly advisable to change the figures as per your company policies.
This post will provide an insight how to calculate a cost of any meeting. The meetings, that are intrinsic part of the corporate world, and that are key to bring in collaboration between stakeholders and teams, needs to be arranged and attended with a sense of ownership to avoid wastage.
Let us take an example from a live scenario in any IT services company where 10 stakeholders (3 management, 4 solution consultants, 2 reviewer, 1 coordinator) are required to drive a proposal. We will use the below scenario to calculate the costs
- Meeting 1: Initial meeting to broadcast the information is called for 30 mins in which all 10 people are present
- Meeting 2: To identify and align on the team members, a 60 mins meeting is called
- Meeting 3: To check if we are on track, a 60 mins meeting is called
- Meeting 4: To check if we are on track, a 30 mins meeting is called – 4 out of 7 participants do not turn up, hence meeting gets cancelled after 15 mins
- Meeting 5: To check and review the proposal, a 60 mins meeting is called – all required people come as there were escalations last time, there is a lot of hue and cry and amidst discussions, meeting gets extended to 90 mins.
- Meeting 6: To review the solution, a 60 mins meeting is called; changes suggested in the solution and next review meeting is planned for next day
- Meeting 7: To review the solution, a 60 mins meeting is called; 2 solution people got stuck in another meeting and hence not able to join, meeting cancelled after 15 mins
- Meeting 8: Review meeting called to review the complete proposal ; a 90 mins meeting is called
- Meeting 9: Final review and closing; a 90 mins meeting is called
If we look at the above meetings, here is the overall cost of each meeting that company incurred
|Duration (in hrs)||# of Management Personnel||# of Consultants||# of Reviewers||# of Coordinators||Total Cost (in USD)|
Please note that the above costs only include personnel costs. If you add infrastructure costs as well into it, this will definitely double up.
This simple scenario can be related in any organization, but will leave on to you to utilize this information to calculate the cost of the meetings and see how they will be looked after that!