Exam (elaborations)
Revenue Management Final Exam (1)
Revenue Management Final Exam (1)
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Revenue Management Final Examdemand - ANS- the number of potential buyers with the interest and ability to purchase
the products sold by a business at the specific price offered
trailing period - ANS- a data collection method characterized by the act of discarding the
oldest piece of data in a data set when the newest data are added, this updating the
set's information while keeping the set size constant.
fixed average - ANS- an average calculated by using historical data generated during a
specific and unchanged time period
rolling average - ANS- an average calculated by using historical data generated during
a changing time period
minimum length of stay (MLOS) - ANS- a revenue management strategy that instructs
reservationists to decline any room reservation request tat does not equal or exceed the
predetermined minimum number of nights allowed.
group rooms pace report - ANS- a summary report describing the amount of future
demand for a lodging property's group rooms and the rates at which the group business
has been captured.
pick up - ANS- the proportion of previously reserved rooms that are ultimately occupied.
(occupied/originally held=pick up rate)
demand generator - ANS- an entity or event that produces a significant increase in
business
demand drain - ANS- a circumstance that produces a significant decrease in business
rooms inventory - ANS- all os the unique forms of guest room products offered for sale
by a lodging facility
room code - ANS- a property-specific, shorten description used to identify a specific
room product in a hotel (NSDD- nonsmoking, double-double room)
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