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Meeting Cost Formula:
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The Meeting Cost Calculator estimates the total cost of a meeting based on the number of participants, their average hourly rate, and the duration of the meeting. This helps organizations understand the true cost of meetings and make informed decisions about meeting frequency and duration.
The calculator uses the meeting cost formula:
Where:
Explanation: The calculation multiplies the number of participants by their average hourly rate and the meeting duration to determine the total organizational cost of the meeting.
Details: Understanding meeting costs helps organizations optimize time usage, justify meeting outcomes, and improve productivity by making meetings more efficient or eliminating unnecessary ones.
Tips: Enter the number of participants (whole number), average hourly rate (in your currency), and meeting duration in hours (can use decimals for partial hours, e.g., 0.5 for 30 minutes).
Q1: How accurate is this calculation?
A: It provides a rough estimate. Actual costs may vary based on participant salaries, meeting effectiveness, and opportunity costs.
Q2: Should I include all participants in the count?
A: Yes, include everyone whose time is being used for the meeting, even if they're not active participants.
Q3: How do I determine average hourly rate?
A: You can use organizational average, department average, or calculate a weighted average based on actual participants' salaries.
Q4: Does this include other meeting costs?
A: No, this only calculates personnel time costs. Additional costs like venue, technology, or materials would need separate calculation.
Q5: Can I use this for virtual meetings?
A: Yes, the calculation works the same way for both in-person and virtual meetings.