eCornell Online Professional Development Programs

Certificate Program in

Hotel Revenue Management

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Certificate Program in

Hotel Revenue Management

Certificate Information
This certificate program is comprised of 5 online courses: SHA531: Introduction to Hotel Revenue Management SHA532: Forecasting and Availability Controls in Hotel Revenue Management SHA533: Pricing Strategy and Distribution Channels in Hotel Revenue Management SHA534: Overbooking Practices in Hotel Revenue Management SHA535: Non-Traditional Applications of Hotel Revenue Management

Certificate Overview
This certificate prepares you to make a lasting impact at your organization by employing advanced revenue management techniques and strategies for your hotel operation.

Description
Do you make smart, strategic decisions about revenue? Do you have a working system in place to manage occupancy, pricing, marketing? Hotel revenue management is an increasingly vital function and involves a coordinated effort across the organization. Hotels can increase revenue by balancing demand, reservation scheduling and variable pricing. It is essentially selling the right room to the right person at the right time for the right price. This five-course certificate series was developed by revenue management expert/pioneer Dr. Sheryl Kimes of Cornells School of Hotel Administration. Hotel Industry leaders the world over have learned the fundamentals of hotel revenue management from Dr. Kimes. The courses in this series focus on several high-impact drivers for maximizing revenue: forecasting and availability controls, pricing and distribution channel management, overbooking and group management, and non-traditional revenue management applications. Each course explores a topic in depth, with particular emphasis on the role of strategy in effective revenue management. This certificate prepares you to make a lasting impact at your organization by employing advanced revenue management techniques and strategies for your hotel operation.

Accreditation
Participants who successfully complete the five courses in the series receive a Certificate in Hotel Revenue Management from Cornell Universitys School of Hotel Administration.

Who Should Enroll in This Certificate?

This hotel management training certificate series is designed for hospitality managers, general managers, revenue managers, and other hospitality professionals responsible for improving the financial performance of their organization.

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Introduction to Hotel Revenue Management SHA531

Authoring Faculty
Sheryl E. Kimes, Ph.D., Professor

Description
Implementing a revenue management strategy is perhaps the most vital of hotel operations. This course provides an overview of revenue management for the hotel industry and encourages hotel managers to adopt a strategy that is focused on revenue per available room (RevPAR), a concept pioneered by course instructor Dr. Sheryl Kimes. Revenue management is a systematic process designed to increase revenue by considering demand, reservation scheduling and variable pricing (selling the right room to the right person at the right time for the right price). In addition to evaluating different pricing models and applying duration-management strategies, this course provides a foundation for more advanced revenue management courses in forecasting, group management and overbooking, pricing strategy, and application of revenue management techniques to other hospitality-related industries, including spas and athletic facilities.

Sponsoring School
Cornell University's School of Hotel Administration

Total Learning Time

Approximately 5 to 6 hours over a period of 2 weeks for each course.

Who Should Take This Course?

This course is designed for hospitality managers, general managers, revenue managers and other hospitality professionals responsible for the financial performance of their organization.

Benefits to the Learner

Participants who complete this course will be able to: Describe hotel revenue management and identify potential benefits it can bring an organization Discuss the strategic levers of hotel revenue management and how they can be manipulated to increase revenue Describe hotel revenue management in terms of its component parts and critical considerations Recommend non-traditional ways in which revenue management techniques can be applied to increase revenue in the hospitality industry

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Forecasting and Availability Controls in Hotel Revenue Management SHA532

Authoring Faculty
Sheryl E. Kimes, Ph.D., Professor

Description
Successful revenue management strategies hinge on the ability to forecast demand and to control room availability and length of stay. This course explores the role of the forecast in a revenue management strategy and the positive impact that forecasting can also have on staff scheduling and purchasing. This course presents a step-by-step approach to creating an accurate forecast. Youll learn how to build booking curves; account for "pick-up"; segment demand by market, group, and channel; and calculate error and account for its impact. The course also explores the impact of availability controlsincluding length-of-stay managementon revenue management and how they can be leveraged.

Sponsoring School
Cornell University's School of Hotel Administration

Total Learning Time

Approximately 5 to 6 hours over a period of 2 weeks for each course.

Who Should Take This Course?

This course is designed for hospitality managers, general managers, revenue managers, and other hospitality professionals responsible for the financial performance of their organization.

Benefits to the Learner

Participants who complete this course will be able to: Explain the role of forecasting in hotel revenue management Create a forecast and measure its accuracy Apply length-of-stay controls to their hotel Manage availability and make rate recommendations based on demand patterns Prerequisites Participants use Microsoft Excel to practice forecasting and availability control techniques.

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Pricing Strategy and Distribution Channels in Hotel Revenue Management SHA533

Authoring Faculty
Sheryl E. Kimes, Ph.D., Professor

Description
A smart pricing strategy is the best way to increase revenue. This course teaches you how to set prices, develop rate fences (differentiate prices by customer type), and how to use multiple distribution channels to manage price more effectively. You'll learn about the impact of variable pricing and discounting on revenue management in the context of price elasticity, optimal price mix, perceived fairness, and congruence with positioning and sales strategies. Channel management is an essential tool for controlling differentiated pricing, maintaining rate fences, and increasing revenue. Explore various approaches to managing distribution channels including direct sales, agencies, the Internet, and opaque pricing channels. Discuss best practices and observe industry case studies so you can contextualize and have an in-depth look into pricing strategy.

Sponsoring School
Cornell University's School of Hotel Administration

Total Learning Time

Approximately 5 to 6 hours over a period of 2 weeks for each course.

Who Should Take This Course?

This course is designed for hospitality managers, general managers, revenue managers, and other hospitality professionals responsible for the financial performance of their organization.

Benefits to the Learner

Participants who complete this course will be able to: Use variable pricing strategies to increase revenue Develop effective rate fences Manage prices using distribution channels

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Overbooking Practices in Hotel Revenue Management SHA534

Authoring Faculty
Sheryl E. Kimes, Ph.D., Professor

Description
Businesses that accept reservations must cope with the problem of no-shows: customers who make a reservation but fail to honor it. Hotels can protect themselves against revenue loss from no-shows by overbooking. This course teaches you how to strategically overbook and how to evaluate groups in order to determine which rates to charge. Examine the components of a successful overbooking strategy: no-show forecasting, no-show rates, arrival uncertainty, pricing policies, and cancellation forecasts. Learn the risks of overbooking and review strategies to minimize costs and mitigate customer impact. To fully realize your property's revenue potential, you must be able to effectively manage group reservations. Youll learn how to create a group forecast and explore yieldable and non-yieldable business and incremental group costs and revenue opportunities. Employ models to calculate displacement costs and contribution margins to determine which customer groups can be the most profitable.

Sponsoring School
Cornell University's School of Hotel Administration

Total Learning Time

Approximately 5 to 6 hours over a period of 2 weeks for each course.

Who Should Take This Course?

This course is designed for hospitality managers, general managers, revenue managers, and other hospitality professionals responsible for the financial performance of their organization.

Benefits to the Learner

Participants who complete this course will be able to: Develop an overbooking strategy Manage issues associated with overbooking Evaluate groups to determine appropriate rates Prerequisites Participants will use Microsoft Excel to practice overbooking and group-management techniques. Other Requirements Use of Microsoft Excel is required for this course.

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Non-Traditional Applications of Hotel Revenue Management SHA535

Authoring Faculty
Sheryl E. Kimes, Ph.D., Professor

Description
Revenue management concepts and practices can be applied to nearly any hospitality-related industry: restaurants, meeting spaces, spas, even golf facilities. In practice, revenue management can be applied to any industry that has a relatively fixed capacity, time-variable demand and perishable inventory. You'll learn a step-by-step process to develop, implement and monitor a revenue management strategy that maximizes revenue for your operation.

Sponsoring School
Cornell University's School of Hotel Administration

Total Learning Time

Approximately 5 to 6 hours over a period of 2 weeks for each course.

Who Should Take This Course?

This course is designed for hospitality managers, general managers, revenue managers, and other hospitality professionals responsible for the financial performance of their organization.

Benefits to the Learner

Participants who complete this course will be able to: Apply revenue management strategy to secondary businesses within the hotel industry Extend the practice of revenue management to other industries Lead a revenue management effort, from gathering baseline data to monitoring results post-implementation

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