This online course will provide you with the knowledge, skills, and competencies required to develop and execute strategic revenue management processes in hospitality organizations. You will learn how to integrate multiple data sources and analyze them to improve hotel performance through price optimization, demand forecasting, availability control, and inventory allocation.
What you will learn
Apply different methods to forecast future demand Identify new data sources and conduct a comprehensive data analysis Distinguish between revenue optimization and revenue generation Evaluate hotel performance using KPIs Discuss the key trends in revenue management for hospitality businesses
Who is the course for?
Week 1 Revenue management fundamentals The revenue management game The principales of revenue management Pricing strategy Prisoner’s dilemma Game theory and best rate guarantee Price discrimination Rate fence Week 2 Forecasting Demand management Unconstrained demand vs. constrained demand Booking curve and pickup forecasting Forecasting methods Error measurement Overbooking Introduction Overbooking policy Week 3 Inventory allocation and capacity control The basics of inventory allocation Expected marginal revenue Nested reservation system Protected level vs. booking limit Group management Week 4 Revenue management implementation Key performance indicators (KPIs) Revenue management systems (RMS) Total revenue management Big data analytics Data Visualization Week 5 Final assessment