Hotel Management Forecasting Techniques

Hotel forecasting

What you'll learn
Simple forecasting techniques for hotels
Advanced forecasting techniques for hotels
Time series forecasting techniques for hotels
Estimating the number of sold rooms in a specific period
Using historical data to estimate the number of sold rooms in a specific period
How to project future sales
How to set up a simple forecast
How to set up more advanced forecasts
Long term forecasting
Short term forecasting
Forecasting based on the booking curve
Requirements
Basic knowledge of hotel management
Basic understanding of math
Basic understanding of Excel or other spreadsheet programs
Basic knowledge of the rooms division within a hotel
Understanding hotel operations
Description
This course 'Hotel management forecasting' is based towards students who are new to the hospitality industry or are small business owners who want to learn how to predict future sales in an accurate manner.Forecasting is one of the most important things you can ever learn as hotel manger or business owner in general. It helps to set your business up in a proper way for the future and make decisions based on accurate estimations. Whether you need to figure out how much products you'll sell, rooms you'll rent or how many costs you'll be making, forecating is the technique to help you figure all that out.If you have little to no experience when it comes to forecasting this course will help you understand and apply a complex strategy in a simple way.Together we will discuss all the basics of forecasting and go over the steps needed to set up a simple forecast, a more advanced forecast and an elaborate time series forecast. By the end of this course you will have a solid foundation and basic understanding of; what forecasting is, how to set up different type of forecasts, what data to use and how to structure it and how to interpret the data.When you've finished this course you'll be able to calculate and understand things like; a baseline, seasonality index, regression analysis and more.So jumpstart your forecasting skills today!

Overview

Section 1: Introduction

Lecture 1 Introduction

Section 2: The basics of forecasting

Lecture 2 Forecasting explained part 1

Lecture 3 Forecasting explained part 2

Section 3: Basic forecasting techniques part 1

Lecture 4 The naive forecast for the hotel manager

Lecture 5 The percentual growth method for the hotel manager

Section 4: Basic forecasting techniques part 2

Lecture 6 The average method for the hotel manager

Lecture 7 The weighted average method for the hotel manager

Section 5: Introduction to advanced forecasting

Lecture 8 Introduction

Section 6: The short term and long term forecast

Lecture 9 2.1 Short term and long term forecasting part 1

Lecture 10 2.2 Short term and long term forecasting part 2

Section 7: The moving average forecasting techniques

Lecture 11 3 The moving average forecast

Lecture 12 4 The weighted moving average forecast

Section 8: Exponential smoothing forecasting

Lecture 13 5 Exponential smoothing for hotel managers

Section 9: Introduction to time series forecasting

Lecture 14 Introduction

Lecture 15 The introduction to time series forecasting

Section 10: Time series forecasting

Lecture 16 The elements and formula

Lecture 17 The averages

Lecture 18 The seasonality

Lecture 19 The time series forecast

Section 11: Outro

Lecture 20 The outro

Section 12: Q & A

Lecture 21 Questions

Lecture 22 Answers

Beginner hotel managers,Hotel managers,Revenue managers,Bed and breakfast owners,Rooms division managers,Manager of establisments that sell/rent space like rooms, seats and more