Forecasting and Availability Controls in Hotel Revenue Management
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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.
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
Module 1 - Creating a Forecast
- Accurate Forecasts Count
- Forecasting Step by Step
- Forecasting for Markets and Groups
- Forecasting Error
Module 2 - Controlling Availability
- Rate Recommendations
- Length of Stay
Who should attend
This course is designed for hospitality managers, general managers, revenue managers, and other hospitality professionals responsible for the financial performance of their organization.