Recommendations on How to Improve Hotels Revenue Management
SUBJECT: SET OF INSTRUCTIONS
You are being asked to prepare a proposal memo and a set of instructions. The instructions can be for something specific we agree upon in class (such as how to change an upper radiator hose on a 1978 El Camino) or an idea you come up with that is related to your academic major or professional interests or a specialized hobby (e.g., testing poultry for a specific disease or condition / preparing a 10x12 3” concrete slab for a garage).
Here are the specifications for the set of instructions:
Due: TBD
Length: Three to four typed pages excluding illustrations (800-1000 words), but may be significantly longer
Topic: A set of instructions for a process that interests you.
Purpose: To help someone follow a process or understand how to perform a specific task.
Audience: Someone who needs to perform the task or process.
Topic Selection:
Your set of instructions should enable a reader (user) to perform a specific task or procedure or to operate a specific device. The topic chosen should be related to your major academic field (or a closely related area) or to your work experience or to a favorite hobby or activity. There are occasional exceptions, requiring my permission, for topics relating to hobbies if the procedure is sufficiently complicated. Carefully consider the prospective users of your instructions, and design and write your instructions to meet their needs. You also need to motivate the reader to read and follow the steps in the procedure. That means you should anticipate difficulties, give warnings when needed, and provide explanations to help the reader. If appropriate, you should also include sections on background information, definitions, and troubleshooting. In assigning a grade, I will take into account the difficulty and complexity of the task you have chosen. This means that, in most cases, you should choose a procedure that can be broken into several “stages” or sub-procedures, under separate subheadings. It also can mean that you earn credit for tackling a challenging topic.
Format
• Use subheadings to break the procedure into “stages,” that is, smaller segments.
• For maximum readability, single space within each step and double space between steps.
• Use a slightly larger font than your base font for your title.
• Use an 11- or 12-point font as your base font.
Illustration(s)
Visual aids or illustrations are important features in most sets of instructions. The illustration(s) should be appropriately located so as to be of maximum benefit to your reader. Pay particular attention to the way you identify segments or parts (or the way you label columns and rows if you are using a table). Use the same terms you use in the text of your instructions. If you use an illustration taken from a source, you must give credit to the source; do so immediately below the illustration.
Cover Memo
The cover memo is a very important part of this assignment. The purpose of your memo is to prepare me to read and evaluate the set of instructions you have written. Typically, the length of the memo for this assignment is 1-2 pages. Its length will vary, depending on how much explanation you need to provide in the memo (as opposed to within the set of instructions).
Remember to begin the memo with an introductory paragraph that includes an overview or “forecast” of the topics to be covered. Define any terms the reader may not already know. Also use subheadings within your memo.
In your memo, cover the following topics:
1) PURPOSE
Tell me why these instructions (or procedures) are necessary–in other words, justify your choice of topic.
2) AUDIENCE
Identify and describe the intended users and the situation in which these instructions would be used; also identify what you feel is the biggest problem facing people trying to learn this procedure–and then tell me what you will do to address this problem.
3) BACKGROUND/DEFINITIONS
Provide any explanations or definitions I may need (as a non-specialist reader) to understand your instructions; you will probably also include these in the instructions.
Instructor
Course
Date
Recommendations on How to Improve Hotels Revenue Management
Background Information
Revenue management is a very important concept in hospitality and other industries. Revenue management allows hotel managers to forestall demand and maximize the pricing and availability of goods and services to accomplish the best financial results. Revenue management involves the use of data and analytics to predict the demand for goods and services and customer behavior. Revenue management is important in industries where consumers can pay different prices for the same product. The main aim of revenue management is to improve the financial results of any company. In hospitality, revenue management ensures that hotels can cope with the perishable inventories and high fixed costs (Ivanov, &Vladimir Sashov Zhechev 180). For example, hotels have rooms which have fixed costs despite the number of people who will occupy the rooms in a day. Thus revenue management assists hotel managers to predict the prices of the rooms. If hotels and restaurants are not able to manage their revenue well, the organizations might incur losses. In this case, there is a need to have recommendations that will assist restaurants and hotels to increase their profits and revenues at the end of every financial year.
Why revenue management is Important
Revenue management is very important for hotels and restaurants. Revenue management ensures that hotels have been able to make profits from the perishable inventories of the rooms. Further revenue management allows hotels to maximize the amount of money the business can generate daily. This is because decision-makers are always informed of all the operations that are taking place in the hotel instead of relying on the information that is provided by the employees in the organization. Just like all other businesses hotels also have fixed costs (Burgess, Cathy & Keith Bryant 147). The managers need to ensure that these fixed costs are paid regardless of how many rooms have been occupied on a certain day. Regardless of the amount of money that the guest has paid, these fixed costs must be paid. Thus through revenue management, hotel owners will always ensure that these costs have been paid and prices and services have been maximized significantly
Further revenue management of hotels ensures that resources have been managed effectively. Revenue management also safeguards the hotel against the rostering of too many employees during slow times. It also ensures that hotels have the right number of employees who will be available all the time. When revenue management is implemented effectively in hotels, then these hotels can get maximum profits. This because it is associated with improved profits. With revenue management hotels can implement data-driven strategies that will influence the decision of the owners in managing the inventories (Kimes 9). This also ensures that everyone is informed of all the decisions of the company. As a result, the revenue of the restaurants goes upwards.
Revenue management needs technological support like optimization of algorithms. This ensures that all the results have been achieved in the company. Thus hotel managers need to understand all the nece...
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