Introduction to Forecasting for Accommodation Suppliers
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- Last updated Feb, 2021
Affordable from US$55
Pathway to Revenue
12 Months Access
Hotel rooms are perishable goods with a shelf life of one day, so it is important for hoteliers to maximise their value. The clearer the picture you have of demand, the better you can prepare accordingly in many phases of operation, from staffing to marketing to pricing. Forecasting demand for your rooms allows you to identify needs and build a strategy based on projected occupancy. Forecasting is a complex discipline and can be overwhelming at first, and it can be easy to learn when broken down into simple steps.
With an accurate forecast, hotel management will have a good understanding of their performance goals in terms of occupancy, rate and overall rooms revenue. For example, if a popular event in the area brings a number of new guests to the door, forecasting helps hoteliers understand how to set prices to maximise revenue. In addition, your forecast will determine when it is necessary to lower rates to boost occupancy on days with lower demand. Simply put:
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?
- How to forecast during a pandemic, and why you should forecast!
- Those pursuing the HSMAI Revenue Ready “Certificate in Revenue Management (Hospitality)”
- This course can be a stand-alone course for people wanting to learn about the methods hoteliers can use to forecast their room bookings. You could be an asset owner, management company, holiday rental agent or hotelier wondering if it’s worth investing funds into revenue management systems.
- This course serves as a learning base for those who wish to do further study on revenue management to get into a revenue role;
- People just starting in the revenue department will benefit from learning how revenue people can influence booking volumes at their property.
- Vendors or partners in the travel & tourism industry interested in how accommodation suppliers plan their business volume.
This course is created by Hoteliers, for Hoteliers. The leaders in hotels around the global have worked together to create a curriculum for people looking to grow their careers in revenue management. This course was developed by the HSMAI Revenue Advisory Board with the kind support of IDeaS Revenue Management Solutions.
Read more about the hotel leaders who helped create this course.
- HSMAI Members pay only US$55 for this course, or get your Certificate and complete the 10-course program for just US$350, a saving of US$150
- Non-members pay only US$65 for the single course, or get your Certificate and complete the 10-course program for just US$500
- One step closer in getting your Certificate in Revenue Management (Hospitality)
- 12 months online access to course material
- Globally recognised, HSMAI accredited course