Overbooking Practices in Hotel Revenue Management
Course ID: SHA534Overbook strategically to account for no-shows and minimize costs, uncertainty, and customer impact. Examine visiting groups' costs and revenues to identify profitable targets.
Description
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.
Who Should Take This Course?
This course is designed for hospitality managers, general managers, revenue managers, and other hospitality professionals responsible for the financial performance of their organization.Certificate Information
This course can be applied toward the following certificate:Benefits to the Learner
Participants who complete this course will be able to:
- Develop an overbooking approach
- Manage issues associated with overbookingEvaluate groups
- Determine appropriate group rates
Authoring Faculty
Sheryl E. Kimes, Ph.D., ProfessorSponsoring School
Cornell University's School of Hotel AdministrationTotal Learning Time
Approximately five to six hours over a period of two weeks.Requirements
Use of Microsoft Excel is required for this course.Enrollment
Price: $599.00To register for this , click 'Add to Cart' above, or contact an Enrollment Counselor at enroll@ecornell.com or 1-866-eCornell (+1-607-330-3200 from outside the United States)
December 16, 2009
January 20, 2010
Click 'Add to Cart' to see available dates beyond January 20, 2010.
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Students who purchased this course also purchased:- Non-Traditional Applications of Hotel Revenue Management
- Forecasting and Availability Controls in Hotel Revenue Management
- Pricing Strategy and Distribution Channels in Hotel Revenue Management
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.
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