How to prepare an accurate and realistic budget and successfully manage the hotel room forecast.

Context

Accurate and realistic budgeting and planning are the foundation of a healthy Revenue Management strategy. The short term reality can differ from the long term plan; therefore the Revenue Manager is the key to ensuring that the forecasting process is both accurate and transparent.

Main Objectives

The program opens the door to a detailed set of forecasting tools and methods that enable the Revenue manager to accurately predict
when the hotel has a chance to earn higher than normal revenue from sales. The participants will learn how to prepare, present, and
develop a budget that aligns with business strategies. They will set up an actual operating budget, and practice evaluating and revising the
budget to increase its chances of acceptance. Participants will do so based on the 5 key principles of Revenue Management.

Program Experiences

• Reflect on the basics of sound revenue management
• Understand the importance of both the Rooms Budget and Forecast as tools to strategically manage the hotel's revenue optimization process
• Explain the impact of both Rate and Occupancy strategies on archiving the hotels budget
• Understand the Rooms Budget Process
• Identify the key tools for creating a budget and managing the forecasting process
• Understand the Rooms Forecasting Process
• Understand the impact of unconstrained demand on forecasting
• Complete a Group Displacement Calculation

Qualification

This course requires at least one year’s involvement in Revenue Management. The participants have to be department heads or their assistants or above with a sound understanding of the application of Revenue Management principles.

Duration

2 Days