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.
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.
Participants 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
- Sheryl Kimes, Professor , School of Hotel Administration, Cornell SC Johnson College of Business
Estimated Hours to Complete Course: 6.0
About the School of Hotel Administration at the Cornell SC Johnson College of Business
The School of Hotel Administration at the Cornell SC Johnson College of Business is shaping the global knowledge base for hospitality management through leadership in education, research, and industry advancement. Accredited by the Association to Advance Collegiate Schools of Business (AACSB), the school provides management instruction in the full range of hospitality disciplines, educating the next generation of leaders in the world's largest industry. Founded in 1922 as the nation's first collegiate course of study in hospitality management, the Cornell School of Hotel Administration is recognized as the world leader in its field.