An Executive Conference Centre Has the Physical Ability to Handle

question 105

Essay

An executive conference centre has the physical ability to handle 1,200 participants. However, conference management personnel believe that only 1,050 participants can be handled effectively for most events. The last event, although forecasted to have 1,000 participants, resulted in the attendance of only 980 participants. What are the utilization and efficiency of the conference facility?

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Definitions:

Opportunity Cost

The cost of forgoing the next best alternative when making a decision or choice.

Specialize

The process of concentrating on and becoming expert in a particular subject or skill, often used in the context of labor and production.

Produce

Produce generally refers to agricultural products, especially fresh fruits and vegetables, harvested for human consumption.

Lower Cost

A situation or strategy in which the production or offering of goods and services is achieved with minimal expense.