Taking a look at Revenue Management through a six-part article which discusses why the subject is important for managers and gives an overview of the curriculum of Vedatya’s Revenue Management Course.
Understanding the Importance of Forecasting and Availability Controls in Hotel Revenue Management
All successful revenue management strategies are based on the ability to forecast demand accurately, as well as 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. Participants 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-of-stay management, on revenue management and how they can be leveraged.
Participants use Microsoft Excel to practice forecasting and availability control techniques.
Working with Opera: Opera is the most popular Property Management System in Global Hospitality sector. It deals with managing, selling and controlling the inventory and related products. Based on the data that you enter on a day to day basis, it generates various operational and managerial reports. These reports are the most important tool to practice Revenue Management Concepts. By end of this module, you will be able to operate, understand and analyse this PMS functions.
After completing this course, you 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
Why is Knowledge of Revenue Management Important for Managers – Part I
Why is Knowledge of Revenue Management Important for Managers – Part II
Anjana Singh has over 10 years of mixed experience in the hospitality Industry and academia, with almost 7 years in academics and 3 years in hotel operations. She has earlier held various operations and decision making positions with some of the major players of the Hospitality Industry – Taj Groups of Hotels, Hyatt Regency and The Imperial, New Delhi, India.
She had secured All India First Position in Annual examination for M.Sc. Hospitality Administration and was awarded Gold Medal, Certificate of Excellence from Ministry of Tourism.
Her Current Teaching assignments are Revenue Management, Human Resources, Intercultural Management in Hospitality, E-commerce, Career Planning, Environmental Management in Hospitality Industry, Developing Management Capabilities and Hospitality Operations. Read more