Ithaca, NY (PRWEB) September 11, 2009
A spreadsheet-based tool that will assist revenue managers in making demand forecasts is now available from Cornell's Center for Hospitality Research. The tool, Revenue Management Forecasting Aggregation Analysis Tool," was developed by Gary Thompson, a professor at the Cornell School of Hotel Administration. The hotel revenue management tool and a user guide are available from the CHR at no charge at http://www.hotelschool.cornell.edu/research/chr/pubs/tools/ .
"The key point here is to determine the aggregation level of the forecast," Thompson explained. "Hotel revenue managers usually forecast arrivals for each day, for each length of stay, and for each rate class. For each level of aggregation, the tool will evaluate three different methods of forecasting, two of which use a wide range of parameter values. Based on whichever of five error measurements is selected, this tool will show which forecast method is best, and rank-order the others."
The tool involves a series of worksheets that are formatted to allow hotel revenue managers to plug in their own historical data. The tool is limited to seven lengths of stay and five rate classes.
Meet and interact with Dr. Thompson, an active member of the executive education faculty at the School of Hotel Administration, when he presents sessions in the Professional Development Program: http://www.hotelschool.cornell.edu/industry/executive/pdp/ .
Thanks to the support of the Center for Hospitality Research partners listed below, all publications posted on the center's website are available free of charge, at http://www.chr.cornell.edu .
About The Center for Hospitality Research
A unit of the Cornell School of Hotel Administration, The Center for Hospitality Research (CHR) sponsors research designed to improve practices in the hospitality industry. Under the lead of the center's 77 corporate affiliates, experienced scholars work closely with business executives to discover new insights into strategic, managerial and operating practices. The center also publishes the award-winning hospitality journal, the Cornell Hospitality Quarterly. To learn more about the center and its projects, visit http://www.chr.cornell.edu .
Center Senior Partners: American Airlines Admirals Club, General Growth Properties, Inc., job.travel, McDonald's USA, Philips Hospitality, Southern Wine and Spirits of America, Inc., Taj Hotels Resorts and Palaces, and TIG Global
Center Partners: AIG Global Real Estate Investment, Davis & Gilbert LLP, Deloitte & Touche USA LLP, Denihan Hospitality Group, eCornell & Executive Education, Expedia, Inc., Four Seasons Hotels and Resorts, Fox Rothschild LLP, French Quarter Holdings, Inc., FX Real Estate and Entertainment, Inc., HVS, InterContinental Hotels Group, Jumeirah Group, LRP Publications, Marriott International, Inc., Marsh's Hospitality Practice, Mobil Travel Guide, Inc., PricewaterhouseCoopers, Proskauer Rose LLP, SAS, Smith Travel Research, SynXis (a Sabre Holdings Corporation), Thayer Lodging Group, Thompson Hotels, Travelport, WATG, and WhiteSand Consulting
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