Hotel Revenue Management SHAC4

7/30/2019 Hotel Revenue Management SHAC4

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eCornell Online ProfessionDevelopment Program

Certificate Program

Hotel Revenue Manageme

866-326-7635

+1-607-330-3200enterprise.ecornell.com

power


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Certi f ic ate Program

Hotel Revenue Manageme

Certificate Information

his certificate program is comprised of 5nline courses:

HA531: Introduction to Hotel RevenueManagement

HA532: Forecasting and Availabilityontrols in Hotel Revenue Management

HA533: Pricing Strategy and Distributionhannels in Hotel Revenue Management

HA534: Overbooking Practices in Hotelevenue Management

HA535: Non-Traditional Applications of Hotelevenue Management

Accreditat ion

articipants who successfully complete the five courses inhe series receive a Certificate in Hotel Revenue

Management from Cornell Universitys School of Hoteldministration.

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Certificate OverviewThis certificate prepares you to make a lasting impact at your organization by employing advarevenue management techniques and strategies for your hotel operation.

Description

Do you make smart, strategic decisions about revenue? Do you have a working system in p

to manage occupancy, pricing, marketing? Hotel revenue management is an increasingly vi

function and involves a coordinated effort across the organization. Hotels can increase rev

by balancing demand, reservation scheduling and variable pricing. It is essentially selling t

right room to the right person at the right time for the right price.

This five-course certificate series was developed by revenue management expert/pione

Sheryl Kimes of Cornells School of Hotel Administration. Hotel Industry leaders the wor

over have learned the fundamentals of hotel revenue management from Dr. Kimes.

The courses in this series focus on several high-impact drivers for maximizing reven

forecasting and availability controls, pricing and distribution channel management,

overbooking and group management, and non-traditional revenue management

applications. Each course explores a topic in depth, with particular emphasis on t

role of strategy in effective revenue management.

This certificate prepares you to make a lasting impact at your organization by

employing advanced revenue management techniques and strategies for y

hotel operation.

Who Should Enroll in This Certificate?

This hotel management training certificate series is designed for hospi

managers, general managers, revenue managers, and other hospita

professionals responsible for improving the financial performance of organization.


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Introd uct ion to Hotel Revenue Managem

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Author ing Facul tyheryl E. Kimes, Ph.D., Professor

Sponsoring Schoolornell University's School of Hoteldministration

Total Learning Timepproximately 5 to 6 hours over a period of 2

weeks for each course.

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Description

Implementing a revenue management strategy is perhaps the most vital of hotel operations. Tcourse provides an overview of revenue management for the hotel industry and encourages h

managers to adopt a strategy that is focused on revenue per available room (RevPAR), a con

pioneered by course instructor Dr. Sheryl Kimes.

Revenue management is a systematic process designed to increase revenue by considerin

demand, reservation scheduling and variable pricing (selling the right room to the right pers

the right time for the right price). In addition to evaluating different pricing models and apply

duration-management strategies, this course provides a foundation for more advanced rev

management courses in forecasting, group management and overbooking, pricing strateg

and application of revenue management techniques to other hospitality-related industries

including spas and athletic facilities.

Who Should Take This Course?

This course is designed for hospitality managers, general managers, revenue manaand other hospitality professionals responsible for the financial performance of their

organization.

Benefits to the Learner

Participants who complete this course will be able to:

Describe hotel revenue management and identify potential benefits

it can bring an organization

Discuss the strategic levers of hotel revenue management and

how they can be manipulated to increase revenue

Describe hotel revenue management in terms of its component

parts and critical considerations

Recommend non-traditional ways in which revenue managemen

techniques can be applied to increase revenue in the

hospitality industry


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Forecasting and Avai labi l i ty Control

Hotel Revenue Managem

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Description

Successful revenue management strategies hinge on the ability to forecast demand and to coroom 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 schedu

and purchasing.

This course presents a step-by-step approach to creating an accurate forecast. Youll learn

to build booking curves; account for "pick-up"; segment demand by market, group, and chan

and calculate error and account for its impact.

The course also explores the impact of availability controlsincluding length-of-stay

managementon revenue management and how they can be leveraged.


This course is designed for hospitality managers, general managers, revenue manage

and other hospitality professionals responsible for the financial performance of theirorganization.



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

Prerequisites Participants use Microsoft Excel to practice forecastinavailability control techniques.


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Pricing Strategy and Distr ibut ion Channel


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Description

A smart pricing strategy is the best way to increase revenue. This course teaches you how toprices, develop rate fences (differentiate prices by customer type), and how to use multiple

distribution channels to manage price more effectively.

You'll learn about the impact of variable pricing and discounting on revenue management in

context of price elasticity, optimal price mix, perceived fairness, and congruence with positio

and sales strategies.

Channel management is an essential tool for controlling differentiated pricing, maintaining

fences, and increasing revenue. Explore various approaches to managing distribution cha

including direct sales, agencies, the Internet, and opaque pricing channels.

Discuss best practices and observe industry case studies so you can contextualize and

an in-depth look into pricing strategy.


This course is designed for hospitality managers, general managers, revenue mana

and other hospitality professionals responsible for the financial performance of th

organization.



Use variable pricing strategies to increase revenue

Develop effective rate fences

Manage prices using distribution channels


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Overbooki ng Pract ice


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Description

Businesses that accept reservations must cope with the problem of no-shows: customers whmake a reservation but fail to honor it. Hotels can protect themselves against revenue loss fro

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.

Examine the components of a successful overbooking strategy: no-show forecasting, no-sho

rates, arrival uncertainty, pricing policies, and cancellation forecasts. Learn the risks of

overbooking and review strategies to minimize costs and mitigate customer impact.

To fully realize your property's revenue potential, you must be able to effectively manage

reservations. Youll learn how to create a group forecast and explore yieldable and

non-yieldable business and incremental group costs and revenue opportunities. Employ

models to calculate displacement costs and contribution margins to determine which

customer groups can be the most profitable.


This course is designed for hospitality managers, general managers, revenue

managers, and other hospitality professionals responsible for the financial perform

of their organization.



Develop an overbooking strategy

Manage issues associated with overbooking

Evaluate groups to determine appropriate rates

Prerequisites Participants will use Microsoft Excel to practiceoverbooking and group-management techniques.

Other Requirements Use of Microsoft Excel is required for this

course.


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Non-Tradit ional Application


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Description

Revenue management concepts and practices can be applied to nearly any hospitality-relatedindustry: restaurants, meeting spaces, spas, even golf facilities. In practice, revenue manage

can be applied to any industry that has a relatively fixed capacity, time-variable demand and

perishable inventory.

You'll learn a step-by-step process to develop, implement and monitor a revenue manageme

strategy that maximizes revenue for your operation.


This course is designed for hospitality managers, general managers, revenue managers,

other hospitality professionals responsible for the financial performance of their organiza



Apply revenue management strategy to secondary businesses within

the hotel industry

Extend the practice of revenue management to other industries

Lead a revenue management effort, from gathering baseline data

to monitoring results post-implementation


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Hotel Revenue Management SHAC4

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