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Course Criteria
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3.00 Credits
Implementing a revenue management strategy can be one of the most important revenue-generating initiatives available to a hotel, significantly increasing room revenue and profits. This course provides an overview of revenue management applications to the hotel industry designed to inspire a strategic shift to managing revenue per available room (RevPAR). Revenue management is a systematic process designed to increase revenue by selling the right room to the right person at the right time for the right price. In addition to evaluating different pricing models and applying duration-management strategies, this course provides a foundation for more advanced revenue management courses in forecasting, group management and overbooking, pricing strategy, and application of revenue management techniques to other hospitality-related industries including spas and athletic facilities. 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: Describe hotel revenue management and its benefits to the organization Discuss the strategic levers of hotel revenue management and how they can be manipulated to increase revenue Describe hotel revenue management in terms of its component parts and critical considerations Recommend non-traditional ways in which revenue management techniques can be applied to increase revenue in the hospitality industry 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
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3.00 Credits
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
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3.00 Credits
Pricing is one of the most powerful tools a hotel can use to increase revenue. This course teaches you how to set the right prices, develop rate fences (differentiate prices by customer type), and use multiple distribution channels to manage price more effectively. You'll learn about the impact of variable pricing and discounting on revenue management in the context of price elasticity, optimal price mix, perceived fairness, and congruence with positioning and sales strategies. Channel management is an essential tool for controlling differentiated pricing, maintaining rate fences, and increasing revenue. You'll explore various approaches to managing distribution channels including direct sales, agencies, the Internet, and opaque pricing channels. Finally, discussions of best practices and industry case studies help you extend and contextualize your learning experience. Learners use Microsoft Excel to practice pricing and distributionchannel- management 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: Use variable pricing strategies to increase revenue Develop effective rate fences Manage prices using distribution channels 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
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3.00 Credits
Businesses that accept reservations must cope with the problem of no-shows: customers who make a reservation but fail to honor it. Hotels can protect themselves from the revenue-losing no-shows and generate increased revenue by overbooking. This course teaches you how to strategically overbook and how to manage issues associated with overbooking, as well as how to evaluate groups and determine which rates to charge. This course explores the components of a successful overbooking strategy including no-show forecasting, no-show rates, arrival uncertainty, pricing policies, and cancellation forecasts. It explores the risks of overbooking and presents strategies to minimize costs and mitigate customer impact. To fully realize your property's revenue potential, you must be able to manage group reservations. This course teaches you how to create a group forecast and explores yieldable and non-yieldable business and incremental group costs and revenue opportunities. It introduces models to calculate displacement costs and contribution margins to determine which groups are most profitable. Learners use Microsoft Excel to practice overbooking and group-management 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: Develop an overbooking approach Manage issues associated with overbooking Evaluate groups Determine appropriate group rates Certificate Information This course can be applied to the following certificate: Certificate in Hotel Revenue Management Other Requirements Use of Microsoft Excel is required for this course. Sponsoring School Cornell University's School of Hotel Administration
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3.00 Credits
Revenue management can be applied to any industry with relatively fixed capacity, time-variable demand, and perishable inventory. This course teaches you how to apply revenue management concepts and practices to hospitality-related industries such as restaurants, meeting spaces, spas, and golf facilities. You'll learn a step-by-step process to develop, implement, and monitor a revenue management strategy to maximize top-line revenue. 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: Refine the practice of revenue management to include other aspects of the hotel industry Extend the practice of revenue management to other industries Lead a revenue management effort, from gathering baseline data to monitoring results post-implementation 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
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3.00 Credits
The most successful hospitality managers and leaders are able to see their properties or companies from a strategic perspective. They use this skill to differentiate themselves from their competition and create value for their customers and for the organization. This course develops these skills by introducing key aspects of strategy formulation with an emphasis on the strategic management process, business direction, and an assessment of the broad external environment. The strategic management process is used as a framework to establish a clear organizational direction and set objectives. Learners use the process to monitor, forecast, and adapt to environmental forces that are difficult or costly to influence. This course defines and distinguishes strategic decisions from operational decisions and focuses on a deliberate strategycreating process. Learners develop the skills and techniques necessary to prepare mission and vision statements for their firm, communicate that direction internally, and strategically evaluate trends in the external environment. Who Should Take This Course This course is designed for senior leadership at hotel properties, including current and aspiring GMs and executive team members, and mid-to-senior-level management at corporate offices. Course Format This course contains the following modules: Strategy and Strategic Management What is strategy Strategy vs. operations The strategic management process Direction Setting Elements of direction setting Communicating a direction The External Environment Analyzing trends Strategies and the macro environment Benefits to Learner After completing this course, learners will be able to: Formulate a strategic vision and mission for directing their organization Communicate their organization's direction Perform an assessment of the general external environment 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
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3.00 Credits
Long-term success in the hospitality industry requires a competitive advantage that can be leveraged to deliver superior results. This course focuses on the overall process of creating value within a firm and how managers can create sustainable competitive advantage by utilizing key internal resources and capabilities. Successful hospitality managers and leaders have a thorough understanding of the process of creating value and the role of the value proposition in developing the best strategy to create a unique, sustainable competitive advantage. This course develops the skills necessary to evaluate strategic alternatives such as cost advantage and differentiation strategies, as well as the strategies of competitors, where they generate value, and their positioning. Learners learn to assess business-level strategies designed to create value at the property level; and corporate strategies, which deal with the strategic direction of the firm, the markets in which it will compete, and managing a portfolio of properties. Who Should Take This Course This course is designed for senior leadership at hotel properties, including current and aspiring GMs and executive team members, and mid-to-senior-level management at corporate offices. Course Format This course contains the following modules: Business-Level Strategies Value and the value proposition Cost advantage and differentiation strategies Best-value strategy Sustainable Competitive Advantage The components of competitive advantage Value chain analysis Competitor analysis Corporate-Level Strategies Corporate growth strategies Strategy selection criteria Benefits to Learner After completing this course, learners will be able to: Create value and sustainable competitive advantage at their hotel Recommend strategies for competitive positioning appropriate to their hotel 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
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3.00 Credits
The most-common reasons why good strategies fail are poor execution and implementation. This course is designed to develop the skills in hospitality managers and leaders to implement a strategy and ensure ongoing superior results. This course focuses on the stage of the strategy process model devoted to putting the best strategy into action. It explores why strategies fail in their implementation and how strategic control systems can ensure that strategic objectives are being met. Learners learn how to write an implementation action plan and build capabilities to manage stakeholder relationships and organizational resources to implement and manage a strategy to create competitive advantage. Who Should Take This Course This course is designed for senior leadership at hotel properties, including current and aspiring GMs and executive team members, and mid-to-senior-level management at corporate offices. Course Format This course contains the following modules: A Process View of Strategy Implementation From formulation to implementation Action and alignment Inter-organizational Relationships Identifying external stakeholders Building successful partnerships Organizational Relationships and Control Systems Managing people Developing a strategic control system Benefits to Learner After completing this course, learners will be able to: Use process tools to implement strategy at your hotel Manage internal and external relationships to support strategy implementation Use strategic control systems to monitor and revise your strategy 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
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3.00 Credits
A hotel's real estate is one if its most valuable assets and it is essential to be able to accurately value this critical investment. This course uses practical and theoretically grounded tools of investment analysis and valuation to introduce learners to contemporary practices in lodging investments. Learners will learn to evaluate hotel investments and hotel financing decisions and structure deals that meet the needs of the owner, the operator, and the lender. This course explores the multiple elements and factors involved in the hotel investment decision including the hotel owneroperator- lender partnership and the different ways each party will evaluate a real estate investment deal. This multi-party view will enable you to negotiate the most favorable agreement based on your priorities and requirements and evaluate alternatives. This course provides thorough coverage of how a deal is structured using debt and equity financing, and the impact of debt financing on equity returns. Who Should Take This Course This course is designed for: Managers and professionals in the hospitality industry with financial or operational responsibility for real estate, investments, or management contracts General managers, asset manager and others with asset management responsibilities Business development professionals with branded operators who have professional interaction with owners Lenders, investors, real estate professionals, and developers who seek entrance into the hospitality real estate market Course Format This course contains the following modules: The Hotel Owner-Operator-Lender Partnership Evaluating the Deal: How Owners, Operators, and Lenders Evaluate Proposed Projects Structuring the Deal: Current Equity and Debt Financing Structures Benefits to Learner Learners who complete this course will be able to: Explain the varied motivations of owners, operators, and lenders in pursuing real-estate investments Analyze and evaluate investment projects from the perspective of owners, operators, and lenders Structure hotel investments that meet the needs of all parties Make informed decisions about the attractiveness of hotel investments, especially the decision to invest equity in a hotel Certificate Information This course can be applied to the following certificate: Hotel Real Estate Investments and Asset Management Sponsoring School Cornell University's School of Hotel Administration
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3.00 Credits
In most hotels, the physical ownership of the property is separated from the control and management of the hotel. This course explores the ways in which hotel investors separate ownership from control of the hotel and examines the two major decisions faced by owners: first, what are the benefits and costs of franchise affiliation Second, under what conditions should an owner hire a professional operator Learners will learn how management contracts are negotiated and about the motivations of each negotiating party. They will learn to prepare term sheets from the perspectives of both owners and operators to provide insight into how to structure the most advantageous deal. This course also examines contemporary hotel leases prevalent around the world. Who Should Take This Course This course is designed for: Managers and professionals in the hospitality industry with financial or operational responsibility for real estate, investments, or management contracts General managers, asset manager and others with asset management responsibilities Business development professionals with branded operators who have professional interaction with owners Lenders, investors, real estate professionals, and developers who seek entrance into the hospitality real estate market Course Format This course contains the following modules: Operating Agreement Choices and Trends Negotiating Contemporary Hotel Franchise Agreements Negotiating Contemporary Management Contracts Benefits to Learner Learners who complete this course will be able to: Explain the factors contributing to deciding who controls the daily operations of hotels and why Describe the key attributes of contemporary hotel leases and their applicability in different international settings Evaluate a proposed franchise agreement Assemble term sheets for new management contracts Analyze management contracts from the perspective of owners and operators Certificate Information This course can be applied to the following certificate: Hotel Real Estate Investments and Asset Management Sponsoring School Cornell University's School of Hotel Administration
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