Forecasting for Accommodation Providers

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With an accurate forecast, the General Manager can plan the staff requirements for each day knowing the number of guests who will be in the hotel each day. Management will have a good understanding of their performance goals in terms of occupancy, rate and overall rooms revenue.  Accurate forecasts will make pricing decisions much simpler.

Description

Hotel rooms are goods with a shelf life of one day, so it is important for hoteliers to maximise their value.

With an accurate forecast, the General Manager can plan the staff requirements for each day knowing the number of guests who will be in the hotel each day. Management will have a good understanding of their performance goals in terms of occupancy, rate and overall rooms revenue.  Accurate forecasts will make pricing decisions much simpler.

A forecast is a tool used to run a hotel more effectively and profitably.

YOU WILL LEARN
  • What are the different types of forecasts?
  • What are the objectives for each of the types of forecasts?
  • What information do I need to put a forecast together?
  • How do I find this information?
  • What questions should I ask when putting together a forecast?
  • How often should I be adjusting the forecasts?
  • What are the steps that I need to follow to put the forecast together?
  • What is the difference between unconstrained and constrained demand?
  • What are the elements of an accurate forecast

Additional Information

Department

Revenue Management

Level

Operations