What is Conference & Simultaneous Interpreting?

You have seen them on TV, at UN sessions or in "The Interpreter" movie with Nicole Kidman and Sean Penn: Conference Interpreters. But how do they work? What does conference interpreting, simultaneous and consecutive interpreting involve? How many interpreters work in a booth? How to prepare them and how do they charge? What is important to ensure you get it right for your next international conference?
Invited as guest speaker for the Lingo Facto Training Series, 2M Language Services CEO Tea C. Dietterich explains what is Conference Interpreting including simultaneous interpreting and consecutive interpreting.