SHA 532 - Forecasting and Availability Controls in Hotel Revenue Management

Institution:

Cornell University

Subject:

Description:

All successful revenue management strategies are based on the ability to forecast demand accurately and control room availability and length of stay. This course explores the role of the forecast in a comprehensive revenue management strategy, including the selection of the best type of forecast and the impact of forecasting on other functions such as labor scheduling and purchasing. It presents a step-by-step approach to the mechanics of creating an accurate forecast. Learners 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. The course also explores the impact of availability controls, including length-ofstay management, on revenue management and how they can be leveraged. Learners use Microsoft Excel to practice forecasting and availability control techniques. Who Should Take This Course This course is designed for hospitality managers, general managers, revenue managers, and other hospitality professionals responsible for the financial performance of their organization. Benefits to Learner Learners who complete this course will be able to: Explain the role of forecasting in hotel revenue management Create a forecast and measure its accuracy Apply length-of-stay controls to their hotel Manage availability and make rate recommendations based on demand patterns Certificate Information This course can be applied to the following certificate: Certificate in Hotel Revenue Management Sponsoring School Cornell University's School of Hotel Administration

Credits:

3.00

Credit Hours:

Prerequisites:

Corequisites:

Exclusions:

Level:

Instructional Type:

Lecture

Notes:

Additional Information:

Historical Version(s):

Institution Website:

www.cornell.edu

Phone Number:

(607) 255-2000

Regional Accreditation:

Middle States Association of Colleges and Schools

Calendar System:

Semester

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