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Siebel Hospitality Guide > Setting Up Pricing and Property Pricing > Function Space Pricing Administration > Defining Function Space Threshold PricingSome hospitality companies only accept function space business when an event on their properties meets a required revenue amount. This profit threshold is used to qualify an event opportunity based on the event's revenue potential. If the event brings in the required threshold profit, the event can be booked by the sales team without the intervention of the revenue manager. Thresholds are only defined for function space by day and day part. Thresholds indicate how much profit needs to be made to complete the booking. The quote profit must be compared with the threshold defined for the function space for the indicated time period. Thresholds are defined for a specific date range. 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. The threshold should be calculated only when every function is associated with a function space, so that there is no partial threshold to be calculated. Use the Property Pricing Administration screen's Threshold view to define function space threshold pricing for each day of the week and the parts of a day. The thresholds are set up for function space revenue only and do not include the sleeping room revenue. NOTE: You must define the day parts before you can define thresholds and use the Function Space Diary. For more information, see Defining Property Day Parts. This task is a step in Process of Setting Up Pricing and Property Pricing. To define a threshold and threshold values
To define a threshold exception
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