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Siebel Hospitality Guide > Setting Up Pricing and Property Pricing > Function Space Pricing Administration > Defining Function Space Pricing RulesFunction space pricing rules must be defined for each function space for quote prices to be generated. The pricing rules provide both the benchmark and threshold pricing for each day part and each day of the week. The benchmark rental price for a function space is the normal price at which the function space is rented out to a customer. Some hospitality companies only accept function space business when an event on their properties meets a required amount of profit. This profit threshold is used to qualify an event opportunity based on the event's profit potential. Thresholds indicate how much profit needs to be made to complete the booking. The quote's aggregate function profit must be compared with the threshold defined for the function space for the indicated time period. If the quote falls below the minimum threshold, the sales representative cannot change the quote status to anything higher than prospect. Any inventory being held is released after a predefined time interval if the function status is still at Prospect. When setting up prices for function spaces, the administrator first sets up the default rates and then creates exception pricing. This task is a step in Function Space Pricing Administration. Creating the Default Function Space Pricing RulesThe following procedure details how to create the default function space pricing rules. To define the default function space pricing rules
NOTE: If you make changes to the function space pricing rules in the Function Spaces list, you must click Apply after making the changes to make sure that the changes are reflected in the Pricing Controls list. Creating Exceptions to Default Function Space Pricing RulesAdministrators may sometimes wish to define exceptions to the pricing of a function space. For example, during certain busy periods, the administrator may wish to increase the price of the function space but may want the price to go back to the benchmark rental rate after the busy period is over. An administrator can define an exception by creating a new rule that has effective start and end dates. The newly created rule will take precedence over the existing rule when the quote price is calculated. To define exceptions to the default function space pricing rules
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