Attendees:
Present: Jay Alameda, Shawn Strande, Cindy Wong, John Towns, Dina Meek, Lavanya Podila, Kim Bruch, Shannon Bradley, Lisa Kaczmarczyk
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Decisions made during the meeting:
- Go ahead and reserve booth for SC24 and perform a Cost Analysis to see if it is the benefit we believe it is - with the possibility we would pull out if we decide it is not
Use Decision Macro
Next Meeting: 27th September 2023
Action Tracker:
- Lavanya Podila - post meeting survey to whole team - Due
- Cindy Wong - post meeting survey to EAB - Due
- Lavanya Podila Shannon Bradley - pull action items out of notes and work with Shannon to get them in track-able tasks -
- Lavanya Podila - look at contract for SC24 to see how much a booth costs -
- John Towns - Talk to EC about SC24 booth -
- @everyone - review Year 1 NSF Panel Questions -
- Lavanya Podila - put Deember meeting on EC meeting for next week - Due
Use Action Item Macro to track assigned To Do Items - check the box when it is complete
Reference
ACO Action Tracker (this will soon be replaced) - now lives here: ACO Action Tracker
Cost Analysis for Conferences:
Conducting a cost analysis to determine whether it's worth attending a conference involves evaluating both the direct and indirect costs associated with the conference and comparing them to the potential benefits. Here's a step-by-step guide to help you make an informed decision:
Identify the Conference: Start by identifying the specific conference you're considering attending. Understand the conference's purpose, agenda, location, and potential benefits.
Determine Your Goals: Clearly define your goals for attending the conference. Are you looking to gain knowledge, network, showcase your work, or achieve some other objective?
Estimate Costs:
a. Registration Fees: Determine the cost of registration, including any early bird discounts or group rates.
b. Travel Expenses: Calculate travel costs, including airfare, accommodation, transportation to and from the conference, and daily expenses for meals and incidentals.
c. Materials: Consider any additional expenses for materials such as business cards, promotional materials, or presentation materials.
d. Time Away from Work: Calculate the value of the time you'll be away from work or other responsibilities. Include the days of the conference and any travel time.
e. Additional Costs: Factor in any other potential costs, such as visa fees or special attire required for the conference.
Estimate Benefits:
a. Knowledge and Skills: Assess the potential knowledge and skills you'll gain from attending the conference and how they may benefit your career or projects.
b. Networking Opportunities: Consider the potential networking opportunities and how they could lead to new connections, collaborations, or job prospects.
c. Visibility and Reputation: Think about how attending the conference might enhance your professional reputation or visibility in your field.
d. Business Opportunities: If applicable, assess whether attending the conference could lead to new business opportunities or clients.
e. Personal Satisfaction: Consider any personal benefits or satisfaction you might derive from attending the conference.
ROI Analysis: a. Calculate the Return on Investment (ROI) by subtracting the total estimated costs from the estimated benefits. b. Consider both short-term and long-term benefits. Some benefits may not materialize immediately but can have a significant impact over time.
Risk Assessment: Evaluate potential risks, such as the possibility that the conference doesn't meet your expectations or that the benefits may not materialize as planned.
Alternatives: Consider whether there are alternative ways to achieve your goals without attending the conference. This could include online courses, webinars, or local events.
Decision: Based on your cost analysis, consider whether the potential benefits outweigh the costs. If the ROI is positive and aligns with your goals, it may be worth attending the conference. If not, you might want to explore other opportunities.
Plan and Budget: If you decide to attend, create a detailed budget that includes all anticipated expenses. Make sure to plan your schedule and objectives for the conference in advance.
Post-Conference Evaluation: After attending the conference, assess whether you achieved your goals and whether the benefits matched your expectations. This evaluation can help inform future decisions about attending similar events.
Remember that the value of attending a conference can vary greatly depending on your specific circumstances and objectives. A well-thought-out cost analysis will help you make an informed decision that aligns with your professional and personal goals.