Hotel Revenue Management

eCornell

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  • on demand

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eCornell

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Who should attend

  • Revenue managers and directors
  • General managers
  • Front desk managers
  • Night auditors
  • Sales and marketing analysts
  • Hospitality professionals responsible for financial success
  • Aspiring hospitality management professionals looking for a strong foundation of revenue concepts

About the course

Make a lasting impact at your organization by employing revenue management techniques and strategies for your hotel operation and earn a highly recognized credential from Cornell University’s world-renowned School of Hotel Administration.

This program provides you with in-depth training in the most critical revenue management techniques and strategies that you can apply on the job immediately. This program was developed by hotel revenue management expert and pioneer Sheryl E. Kimes, PhD, professor of operations management in the School of Hotel Administration at Cornell University.

Course content is structured around relevant case examples and interactive exercises, giving you the experience you need to translate theory into practice.

COURSES

  • Introduction to Hotel Revenue Management

Revenue management is key to any business that has relatively fixed capacity, perishable inventory, and time-variable demand. This course introduces you to the basics of revenue management in the hotel industry: how to apply pricing and length-of-stay tools and how to measure your revenue management performance. It is designed to inspire you to shift your thinking about revenue management from a focus on occupancy and average room rate to a focus on revenue per available room (RevPAR).

This course teaches you how to accurately forecast guest arrivals at your hotel, examine pricing models in accordance with revenue management principles, and to manage overbooking. All of the techniques and practices discussed in this course are applicable to a variety of service management roles.

By completing this course you will have compiled detailed notes and recommendations for implementing revenue management at the organization where you work.

  • Forecasting and Availability Controls in Hotel Revenue Management

Successful revenue management strategies hinge on the ability to forecast demand and to control room availability and length of stay. This course explores the role of the forecast in a revenue management strategy and the positive impact that forecasting can also have on staff scheduling and purchasing.

Authored by Professor Sheryl E. Kimes from Cornell University’s School of Hotel Administration, during this course you’ll get a step-by-step approach to creating an accurate forecast as you 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.

This course includes:

  • Five self-check quizzes
  • Two discussions
  • Two Ask the Expert interactives
  • One activity
  • One downloadable tool to use on the job
  • One action plan to apply what you learn
  • One video transcript file

The course Introduction to Hotel Revenue Management is required to be completed prior to starting this course.

  • Pricing Strategy and Distribution Channels in Hotel Revenue Management

A smart pricing strategy is the best way to increase revenue. This course teaches you how to set prices, develop rate fences (differentiate prices by customer type), and use multiple distribution channels to manage price more effectively. You'll also learn about the impact of variable pricing and discounting on revenue management in the context of price elasticity, optimal price mix, perceived fairness, and congruence with positioning and sales strategies.

Discover the ins and outs of channel management, an essential tool for controlling differentiated pricing, maintaining rate fences, and increasing revenue. Explore various approaches to managing distribution channels including direct sales, agencies, the Internet, and opaque pricing channels. Sheryl E. Kimes, professor at Cornell University's School of Hotel Administration, will provide you with the knowledge you need to help run a successful organization.

It is recommended to take Introduction to Hotel Revenue Management prior to this course or have equivalent experience.

  • Overbooking Practices in Hotel Revenue Management

Businesses that accept reservations must cope with the problem of no-shows: customers who make a reservation but fail to honor it. Hotels can protect themselves against revenue loss from no-shows by overbooking. This course teaches you how to strategically overbook and how to evaluate groups in order to determine which rates to charge.

You will examine the components of a successful overbooking strategy: no-show forecasting, no-show rates, arrival uncertainty, pricing policies, and cancellation forecasts. You will consider the risks of overbooking and review strategies to minimize costs and mitigate customer impact.

This course, authored by Cornell University Professor Sheryl E. Kimes, will help you create a group forecast and explore yieldable and non-yieldable business and incremental group costs and revenue opportunities. Finally, you will employ models to calculate displacement costs and contribution margins to determine which customer groups will return the most profit.

This course includes:

  • Four self-check quizzes
  • Two discussions
  • Two tools to download and use on the job
  • Three Ask the Expert interactives
  • One activity
  • Two action plans to apply what you learn
  • One video transcript file

The courses Introduction to Hotel Revenue Management and Pricing Strategy and Distribution Channels in Hotel Revenue Management are required to be completed prior to starting this course.

  • Non-Traditional Applications of Hotel Revenue Management

Any business that has relatively fixed capacity, perishable inventory, and time-variable demand can increase revenue using revenue management—not just hotels. This course, authored by Cornell University’s Professor Sheryl E. Kimes, reviews the basics of revenue management and outlines the application of revenue management principles to other businesses, both inside the hotel and beyond, such as spas, restaurants, and golf courses.

Through your work on the course project, you will reinforce what you have learned about the refinement and extension of revenue management practices and will develop notes and recommendations for implementing and extending revenue management at the organization where you work.

This course includes:

  • One self-check quiz
  • Two discussions
  • One tool to download and use on the job
  • Three Ask the Expert interactives
  • One scored project in multiple parts
  • One video transcript file

These courses are required to be completed prior to starting this course:

  • Introduction to Hotel Revenue Management
  • Pricing Strategy and Distribution Channels in Hotel Revenue Management
  • Overbooking Practices in Hotel Revenue Management"

KEY COURSE TAKEAWAYS

  • Apply the strategic levers of hotel revenue management to increase revenue
  • Explain the role of forecasting in hotel revenue management
  • Create a forecast and measure its accuracy
  • Establish or recommend room rates that maximize profitability
  • Establish or recommend approaches to making price more variable
  • Set appropriate rate fences to create appropriate customer segments
  • Analyze the implications to revenue management of using various distribution channels
  • Manage potential customer issues associated with overbooking
  • Create strategies to make group-management decisions that maximize revenue
  • Refine the practice of hotel revenue management so it can be applied to additional areas of the hotel
  • Learn methods for extending the practice of revenue management to other industries
  • Develop a functional revenue management plan, from gathering baseline data to monitoring post-implementation results

WHAT YOU'LL EARN

  • Hotel Revenue Management Certificate from Cornell Hotel School
  • 40 Professional Development Hours (PDHs)

Experts

Sheryl Kimes

Education Qualifications PhD, Operations Management, University of Texas at Austin, 1987 MBA, New Mexico State University, 1983 MA, Public Administration, University of Virginia, 1977 AB, Political Science and Mathematics, University of Missouri, 1975 Academic Experience Visiting Professor, Na...

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Hotel Revenue Management at eCornell

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