hotel management tasks

1. discussion

Last week you focused on learning about the revenue management simulation and playing a practice round. After you have had the opportunity to look at your reports from the practice round, what do you think is the most important thing you need to change going forward, and WHY?

2.

Attached you will find an Excel file that contains instructions and data you will use to prepare a weighted forecast. Complete your forecast in the yellow shaded cells.

Save your file as “yournameweighted.xlsx” (you can use just your first name). Submit your completed file using this assignment submission link by Sunday at 11:59 PM Eastern.

3. 5 questions

QUESTION 1

Forecasts are prepared for multiple time periods. Which of these is the most important in determining the operation of the hotel?

A. Annual

B. Six Months

C. 30 Days

D. 10 Days

QUESTION 2

Describe how an Econometric forecast is prepared differently than a Time Series forecast.

QUESTION 3

Most systems today use Time Series forecasts (rather than Econometric forecasts). Why?

A. Econometric forecasts are less accurate than time series forecasts

B. Time series forecasts are less expensive to produce because the company already has all of the data.

C. There is really no difference between the two methods. Companies use Time Series out of habit.

D. Most companies do not use Time Series forecasts.

QUESTION 4

Why do time series forecasts need to be modified by Revenue Managers?

QUESTION 5

Describe why a weighted forecast is generally more accurate than a non-weighted forecast.