Course overview
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.
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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
✅ Week 1 - Revenue management fundamentals
The revenue management game
The principles 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
Course details
Who is the course for?
This course is designed for hospitality professionals, hotel owners, entrepreneurs starting a hospitality business and any professional with business experience wishing to update their skills and learn new revenue management techniques.