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.
Introduction to Vedatya’s Revenue Management Course
Revenue management is a systematic process designed to increase revenue by leveraging tools designed to manage length-of-stay and apply effective pricing strategies.
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.
Revenue & Profit Management (Basic skills): This module is included to develop the basic understanding of quantitative aspect of a business function. The module includes the History, Background and principles of Revenue Management along with the concepts of basic accounting record keeping and analysis issues. Profit is maximized by controlling different expense and maximizing & optimizing Revenue Resources. By end of this module, you will get quite familiar with the terminology and their relevance to understand and practice the advanced module in 2nd Semester.
After completing this course, you 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.
Why is Knowledge of Revenue Management Important for Managers – Part I
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