Forecasting your business is a key task for any business. All business rely on their forecast. A budget is a type of forecasting where you try and predict what will happen to your business over a year.
A forecast helps us to plan our business.
While it tells us the revenue we can make, it also serves other important purpose – planing for your operation.
If you forecast higher occupancy or banquet business, you can bring in more people for a temporary period of time.
In order to do a forecast, you need past and future data. Past helps you to understand the previous trends, but future helps you to analyse anything that would have changed.
Having an automated Revenue management system can help, but before you use the system, you need to learn some basic revenue management to help you and your team perform better.
Try the quiz
Test your knowledge of the Revenue Management terms.
Click on what you feel is the right answer
How much did you score? What about your team members.
If you or your colleagues want to learn more, sign up for our revenue management courses at the learning library.
We have courses on Revenue management and Forecasting as well as topics from all operational departments.
And if you are interested in training your team, do check out our training plans for hotels