Reference
Event Procurement Glossary
Clear, concise definitions of the procurement and event terminology that matters — from DDR and attrition to PSLs, spend analysis and maverick spend.
Event ProcurementStrategic SourcingVenue SourcingRFP (Request for Proposal)RFQ (Request for Quotation)Preferred SupplierPSL (Preferred Supplier List)Supplier ConsolidationSpend AnalysisMaverick SpendTotal Cost of Ownership (TCO)Contracted RateVenue CommissionDDR (Day Delegate Rate)Minimum SpendAttritionCancellation TermsBenchmarkingCategory ManagementSpend Under ManagementSupplier ConcentrationDMC (Destination Management Company)
- Event Procurement
- Applying procurement discipline — strategic sourcing, supplier management, benchmarking, negotiation and reporting — to corporate event spend, treating events as a managed category. See what is event procurement.
- Strategic Sourcing
- A structured, data-led approach to sourcing that analyses spend, assesses the supply market and runs competitive processes rather than buying reactively. Applied to events as strategic event sourcing.
- Venue Sourcing
- The process of identifying, comparing and securing venues for events. At scale this becomes corporate venue sourcing, part of venue procurement.
- RFP (Request for Proposal)
- A structured invitation for venues or suppliers to submit comparable proposals against a defined specification. See event RFP management.
- RFQ (Request for Quotation)
- A request for pricing against a fixed, well-defined requirement — simpler than an RFP, used where only price needs comparing.
- Preferred Supplier
- A venue or supplier an organisation has vetted, contracted and agreed terms with in advance, so teams can book with confidence.
- PSL (Preferred Supplier List)
- The curated list of approved suppliers. Made valuable by a preferred supplier programme; see how to create a PSL.
- Supplier Consolidation
- Reducing a fragmented supplier base into a smaller, managed network to build leverage and simplify governance. See supplier consolidation.
- Spend Analysis
- Collecting and categorising expenditure to reveal the total and how it splits. See event spend analysis.
- Maverick Spend
- Purchasing made outside agreed processes — common in events, where it undermines leverage and visibility. See the hidden cost of maverick event spend.
- Total Cost of Ownership (TCO)
- The full cost of an event or supplier relationship — not just the headline price, but inclusions, add-ons, risk and administrative cost.
- Contracted Rate
- A rate agreed and fixed in a contract, often secured through negotiation and committed volume.
- Venue Commission
- A percentage many venues pay to the agency or partner that refers confirmed business. Arrangements vary by venue and don't apply to every booking or element. Where they do, venue sourcing can be provided at no additional client cost; see venue commission explained.
- DDR (Day Delegate Rate)
- A per-person, per-day conference rate typically covering room hire, catering and basic AV. A key figure in benchmarking conferences.
- Minimum Spend
- A contractual threshold of spend (often food and beverage) a client commits to in exchange for a venue or space. A common negotiation lever.
- Attrition
- A clause allowing reduction of booked numbers up to a limit without penalty; falling below it incurs charges. A significant risk term in venue contracts.
- Cancellation Terms
- Contractual provisions setting the cost of cancelling an event, usually rising as the date approaches. Often the largest financial risk in a venue contract.
- Benchmarking
- Comparing prices against comparable events and market norms to test whether a rate is competitive. See cost benchmarking.
- Category Management
- Managing a defined area of spend strategically, with an owner, strategy and KPIs. Applied to events as event category management.
- Spend Under Management
- The proportion of a category's spend actively sourced and managed through the procurement framework — a key event procurement KPI.
- Supplier Concentration
- A measure of how much spend is concentrated with the largest suppliers — an indicator of consolidation progress and leverage.
- DMC (Destination Management Company)
- A local specialist that arranges logistics, venues and experiences for events in a destination — central to incentive travel.
Ready to put these into practice? Start with what is event procurement, or request a procurement review.
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