Real-Life Math -- Solution
Hotel:
Food:
Bus Tour:
Entertainment:
- Benny "Elvis" Diamond: $3,249.95
- Sound System Rental: $250
- Limousine Service: $70
Subtotal: $8,001.95
Now figure out the percentages:
0.25
x 3,249.95 = 812.49
0.10 x 70 = $7
0.12 x 250 = $30
0.05 x 3,360
= $168
0.05 x 835 = $41.75
Your total cut: $1,059.24
Add
subtotal from above: $8,001.95
Grand total: $9,061.19
As
a conference organizer, you need to understand money and budgets -- and that
means math skills.
These days, conference organizers even use math
to determine how well they're doing their jobs. They use a concept called
return on investment. This relates to how much money a conference earns, compared
with how much it cost to put on.
David DuBois is the
president and CEO of the Professional Convention Management Association. He
believes that math skills are essential to becoming a good businessman or
businesswoman in any industry.
"I wouldn't be where I am today
if I didn't have a good ability and understanding of the accounting functions,"
he says.