Enter the number of participants, duration of the meeting, average hourly rate of participants, and additional expenses into the calculator to determine the total cost of the meeting.

Cost of Meeting Formula

The following formula is used to calculate the cost of a meeting. 

CM = (N * H * R) + E

Variables:

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

To calculate the cost of a meeting, multiply the number of participants by the duration of the meeting in hours, then multiply the result by the average hourly rate of the participants. Add any additional expenses related to the meeting to get the total cost.

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.

How to Calculate Cost of Meeting?

The following steps outline how to calculate the Cost Of Meeting using the given formula:

  1. First, determine the number of participants (N).
  2. Next, determine the duration of the meeting in hours (H).
  3. Next, determine the average hourly rate of participants (R).
  4. Next, determine any additional expenses related to the meeting (E).
  5. Finally, calculate the Cost Of Meeting using the formula CM = (N * H * R) + E.
  6. After inserting the variables and calculating the result, check your answer with a calculator.

Example Problem:

Use the following variables as an example problem to test your knowledge:

Number of participants (N) = 50

Duration of the meeting in hours (H) = 3

Average hourly rate of participants (R) = 25

Additional expenses related to the meeting (E) = 100