Monthly Archives: June 2015

Why is Knowledge of Revenue Management Important for Managers – Part II

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.

Key Benefits
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

singh_anjanaAnjana 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

 

 

Why is Knowledge of Revenue Management Important for Managers – Part I

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.

Hospitality managers are charged with making strategic and proactive decisions to increase occupancy rates and total revenue for their properties. Applying a systematic process to such decision-making can increase their success. This course certificate series in hotel revenue management, developed by hotel management faculty at Vedatya Institute, provides a holistic view of the application of revenue management concepts and practices to the hospitality industry.

Vedatya has been a leader in research as well as academic discourse in the area of revenue and profit management for over a decade. In fact, it continues to be one of the very few hospitality institutions in India to offer revenue management as a part of its curriculum for the undergraduate programs of study.

The above mentioned one year post graduate program in revenue management (PGPRM) is inspired by the feedback received from the industry and a growing demand for trained and educated ‘Revenue & Profit Managers’ emanating from all segments of the hospitality industry in India. Over the years many hospitality firms have deployed internal training program, to bridge this gap in demand and supply, but lack of proper education, training and academic underpinnings, has prevented them from achieving the desired outcomes. In fact, while the hospitality industry in India struggles to put in place the trained manpower to ensure that their perishable product guestroom, restaurant cover and other facilities are sold to generate maximum profits. The sector in the developed world is moving in a direction where every employee is expected to act as a revenue and profit driver.

This specialized program is customized for those intending to work in the sector and aspiring to boost their career in a new direction by moving into the domain of Revenue Management. The curriculum delivery pedagogy will ensure that sound conceptual clarity drawn from theoretical underpinnings forms the base on which candidates learn and develop their understanding of the subject area. An overall application focus of the program delivery will ensure employability of successful candidates.

The program is also offered in a blended learning mode specifically designed for working professionals. The participants enjoy the classroom learning experience while retaining their jobs. This approach combines face-to-face instructions with online learning wherein participants are required to attend classes once a week on campus and rest of the teaching is delivered on digital platform. The incorporation of face-to-face and online teaching into one integrated instructional approach is a major contributor to student satisfaction and strength of this mode of learning.
The program promises to offer skills and knowledge required to pursue a career in revenue management in hospitality sector.

The courses in this series focus on several high-impact drivers for maximizing revenue: forecasting and availability controls, pricing and distribution channel management, overbooking and group management, and non-traditional revenue management applications. Each course explores a topic in depth, with particular emphasis on the role of strategy in effective revenue management and the practical application of tools and techniques in the hospitality setting.

Who Should Take the Revenue Management Course
This course is designed for hospitality managers and professionals of hospitality industry interested in pursuing Revenue Management as career pathway.

Why is Knowledge of Revenue Management Important for Managers – Part II

singh_anjanaAnjana 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