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Hotel Revenue Management

Certificate ID: SHAC4
Maximize revenue by applying forecasting and availability controls, managing pricing and distribution channels, using overbooking and group management practices, and through the use of nontraditional revenue management practices.

Description

Hospitality managers are charged with making strategic and proactive decisions to increase occupancy rates and total revenue for their properties. Applying a systematic process to such decision-making can increase their success. This five-course certificate series in hotel revenue management, developed by renowned revenue management expert Dr. Sheryl Kimes of Cornell’s School of Hotel Administration, provides a holistic view of the application of hotel revenue management concepts and practices to the hospitality industry.

The courses in this series focus on several high-impact drivers for maximizing revenue: 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 the role of strategy in effective revenue management and the practical application of tools and techniques in the hospitality setting.

Who Should Take This Certificate?

This hotel management training certificate series is designed for hospitality managers, general managers, revenue managers, and other hospitality professionals responsible for the financial performance of their organization.

Enrollment

To register, contact an Enrollment Counselor at info@ecornell.com or 1-866-eCornell (+1-607-330-3200 from outside the United States).

Certificate programs are eligible for eCornell Payment Plans. Discounts are available for military personnel, veterans, and Cornell University Alumni. eCornell programs are not eligible for financial aid or federal Pell Grants. Contact an enrollment counselor for more information.

Courses in this Certificate

Introduction to Hotel Revenue Management
- Implementing a revenue management strategy can be one of the most important revenue-generating initiatives available to a hotel, significantly increasing room revenue and profits. This course provides an overview of revenue management applications to the hotel industry designed to inspire a strategic shift to managing revenue per available room (RevPAR).
  Revenue management is a systematic process designed to increase revenue by selling the right room to the right person at the right time for the right price. In addition to evaluating different pricing models and applying duration-management strategies, this course provides a foundation for more advanced revenue management courses in forecasting, group management and overbooking, pricing strategy, and application of revenue management techniques to other hospitality-related industries including spas and athletic facilities.
  Course Description
Forecasting and Availability Controls in Hotel Revenue Management
- All successful revenue management strategies are based on the ability to forecast demand accurately and control room availability and length of stay.
  
  This course explores the role of the forecast in a comprehensive revenue management strategy, including the selection of the best type of forecast and the impact of forecasting on other functions such as labor scheduling and purchasing. It presents a step-by-step approach to the mechanics of creating an accurate forecast. Participants 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. The course also explores the impact of availability controls, including length-of-stay management, on revenue management and how they can be leveraged.
  
  Participants use Microsoft Excel to practice forecasting and availability control techniques.
  Course Description
Pricing Strategy and Distribution Channels in Hotel Revenue Management
- Pricing is one of the most powerful tools a hotel can use to increase revenue. This course teaches you how to set the right prices, develop rate fences (differentiate prices by customer type), and use multiple distribution channels to manage price more effectively. You’ll learn about the impact of variable pricing and discounting on revenue management in the context of price elasticity, optimal price mix, perceived fairness, and congruence with positioning and sales strategies.
  
  Channel management is an essential tool for controlling differentiated pricing, maintaining rate fences, and increasing revenue. You’ll explore various approaches to managing distribution channels including direct sales, agencies, the Internet, and opaque pricing channels.
  
  Finally, discussions of best practices and industry case studies help you extend and contextualize your learning experience.
  
  Participants use Microsoft Excel to practice pricing and distribution-channel-management techniques.
  Course Description
Overbooking Practices in Hotel Revenue Management
- Businesses that accept reservations must cope with the problem of no-shows: customers who make a reservation but fail to honor it. Hotels can protect themselves against revenue lost from no-shows and generate increased revenue by overbooking. This course teaches you how to strategically overbook and how to manage issues associated with overbooking, as well as how to evaluate groups and determine which rates to charge.
  
  This course explores the components of a successful overbooking strategy including no-show forecasting, no-show rates, arrival uncertainty, pricing policies, and cancellation forecasts. It explores the risks of overbooking and presents strategies to minimize costs and mitigate customer impact.
  
  To fully realize your property’s revenue potential, you must be able to manage group reservations. This course teaches you how to create a group forecast and explores yieldable and non-yieldable business and incremental group costs and revenue opportunities. It introduces models to calculate displacement costs and contribution margins to determine which groups are most profitable.
  
  Participants use Microsoft Excel to practice overbooking and group-management techniques.
  Course Description
Non-Traditional Applications of Hotel Revenue Management
- Revenue management can be applied to any industry with relatively fixed capacity, time-variable demand, and perishable inventory. This course teaches you how to apply revenue management concepts and practices to hospitality-related industries such as restaurants, meeting spaces, spas, and golf facilities. You’ll learn a step-by-step process to develop, implement, and monitor a revenue management strategy to maximize top-line revenue.
  Course Description

Accreditation

Participants who successfully complete the five courses in the series receive a Certificate in Hotel Revenue Management from Cornell University’s School of Hotel Administration.

Technical Requirements

With all eCornell courses, access is easy. Participants only need a computer and an Internet connection. To view specific technology requirements, visit our Technology Requirements page.