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Course Description

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.

You are required to have completed the following course or have equivalent experience before taking this course:

  • Introduction to Hotel Revenue Management

Faculty Author

Sheryl E. Kimes is a professor of operations management at the School of Hotel Administration. From 2005–2006, she served as interim dean of the School and from 2001-2005, she served as the school’s director of graduate studies. Kimes teaches restaurant revenue management, yield management and food and beverage management. She has been named the school’s graduate teacher of the year three times. Her research interests include revenue management and forecasting in the restaurant, hotel and golf industries. She has published over 50 articles in leading journals such as Interfaces, Journal of Operations Management, Journal of Service Research, Decision Sciences, and the Cornell Hospitality Quarterly. She has served as a consultant to many hospitality enterprises around the world, including Chevy’s FreshMex Restaurants, Walt Disney World Resorts, Ruby’s Diners, Starwood Asia-Pacific and Troon Golf. Kimes earned her doctorate in Operations Management in 1987 from the University of Texas at Austin.

Benefits to the Learner

  • How to explain the role of forecasting in hotel revenue management
  • Ways to create a forecast and measure its accuracy
  • Establish or recommend room rates that maximize profitability
  • Apply length-of-stay controls to your hotel

Prerequisites

Participants use Microsoft Excel to practice forecasting and availability control techniques.

Target Audience

  • Directors, general managers, and other hospitality professionals responsible for improving the financial performance of their organizations
  • Front desk managers, night auditors, and sales and marketing analysts who want to take on more responsibility for improving profitability in their property
  • Those who aspire to hospitality management positions and need a strong foundation of revenue concepts

Applies Towards the Following Certificates

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Cornell University School of Hotel Administration
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