REVolution® toolkit

Module 4: REVolution® Demand Forecasting – “The Art & Science of Forecasting”

This workshop is designed to introduce a structured process, as well as tools, responsibilities and expectations as they relate to the challenges of forecasting at the property level. Participants will be introduced to a more comprehensive approach to forecasting. The workshop does not attempt to cover the detailed “number crunching” side of forecasting, but rather focuses on the structure of the overall process and the introduction of tools to enable that process. Expectations regarding forecast accuracy are clearly outlined and participants are required to establish forecast accuracy benchmarks and goals.

Topics covered:

Review of current forecasting practices and processes
The value of forecast accuracy
Differences in 3 forecasting methodologies
Industry forecast processes in transition
Introduction of a comprehensive forecasting process – taking forecasting from an “event” to an ongoing cycle
Interpretation of trends
Holistic approach to forecasting
Dynamic relationship of segments – group & tour wash methodology
Responsibilities of a collaborative forecasting effort
Drill-down demand forecasting methodology in development of revenue & occupancy forecasts
Introduction of decision support tools
Establishment of forecast accuracy goals and incentives

Module 4 includes the following hotel revenue management topics: Full day workshop 7 Decision Support Tools: Forecast Accuracy Analysis Occupancy Forecast Revenue Forecast Demand Forecast (includes embedded Transient Booking Pace Report) Group Pick-up Forecast Micro-segment ROB Report RM Strategy Worksheet 7 Standard Operating Procedures 4 one-hour coaching sessions

 

See also:

Module 1: Product Definition
Module 2: Competitive Benchmarking
Module 3: Strategic Pricing
Module 4: Demand Forecasting
Module 5: Business Mix Manipulation
Module 6: Distribution Management