How to explain the role of forecasting in hotel revenue management
Ways to create a forecast and measure its accuracy
Establish or recommend room rates that maximize profitability
Apply length-of-stay controls to your hotel
What you will learn
Successful revenue management strategies hinge on the ability to forecast demand and to control room availability and length of stay. This course explores the role of the forecast in a revenue management strategy and the positive impact that forecasting can also have on staff scheduling and purchasing.
Authored by Professor Sheryl E. Kimes from Cornell University’s School of Hotel Administration, during this course you’ll get a step-by-step approach to creating an accurate forecast as you learn how to build booking curves, account for "pick-up", segment demand by market, group, and channel, and calculate error and account for its impact.
This course includes:
Five self-check quizzes
Two Ask the Expert interactives
One downloadable tool to use on the job
One action plan to apply what you learn
One video transcript file
The course Introduction to Hotel Revenue Management is required to be completed prior to starting this course.