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1. discussionLast week you focused on learning about the revenue management simulation and playing a practice round. After you have had the opportunity to look at your reports from the practice round, what do you think is the most important thing you need to change going forward, and WHY?2. Attached you will find an Excel file that contains instructions and data you will use to prepare a weighted forecast. Complete your forecast in the yellow shaded cells.Save your file as “yournameweighted.xlsx” (you can use just your first name). Submit your completed file using this assignment submission link by Sunday at 11:59 PM Eastern.3. 5 questionsQUESTION 1Forecasts are prepared for multiple time periods. Which of these is the most important in determining the operation of the hotel? A. Annual B. Six Months C. 30 Days D. 10 Days QUESTION 2Describe how an Econometric forecast is prepared differently than a Time Series forecast.QUESTION 3Most systems today use Time Series forecasts (rather than Econometric forecasts). Why? A. Econometric forecasts are less accurate than time series forecasts B. Time series forecasts are less expensive to produce because the company already has all of the data. C. There is really no difference between the two methods. Companies use Time Series out of habit. D. Most companies do not use Time Series forecasts. QUESTION 4Why do time series forecasts need to be modified by Revenue Managers? QUESTION 5Describe why a weighted forecast is generally more accurate than a non-weighted forecast.
weighted_forecast_assignment.xlsx

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You are the Revenue Manager for the Hotel Moderne. You are preparing your updated forecast for the next we
using historical averages. You have applied a weight to each of these prior forecasts you feel best represents ho
these will impact your current week, based on your knowledge of what was happening in the market.
Forecast
Occupied Rooms
Last Month
Last 3 Months
Last 6 Months
Last 8 Months
Average
Weight
Last Month
Last 3 Months
Last 6 Months
Last 8 Months
Total Weight
Weighted Forecast
Last Month
Last 3 Months
Last 6 Months
Last 8 Months
Total Rooms Forecast
Monday
Tuesday
Wednesday
Thursday
Friday
850
800
750
700
775
850
800
750
700
775
900
800
750
775
806
775
750
800
900
806
500
450
350
200
375
40%
30%
25%
5%
100%
40%
30%
25%
5%
100%
30%
30%
30%
10%
100%
35%
35%
25%
5%
100%
40%
30%
25%
5%
100%



Instructions: Complete the forecast in the Yellow Shaded Area.
Save your Excel File as “Yournameweighted.xlsx”
Submit the Excel File through the assignment link.


updated forecast for the next week
casts you feel best represents how
was happening in the market.
Saturday
Sunday
500
450
350
200
375
200
350
450
500
375
30%
30%
30%
10%
100%
20%
20%
30%
30%
100%



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