Demand Forecasting Techniques

£199.00 +VAT | 1 Day EL06

Forecasting future demand is crucial. It impacts all departments so accuracy is crucial enabling the correct business decisions to be made. It is also the key driver of pricing. This one-day course will introduce the concept of demand forecasting and how, when successfully implemented, this can positively impact your revenue strategy and bottom line.

Great day. Loved it! Great course. So useful!
No more fudging around with excel. I have the toolkit and look forward to using it
I was reluctant to take a day out of the office as we are mid budgets - but I know I will save so much time in the long run. Thank you!

What you’ll learn

Why should you attend this course?

This course is designed to

  • Uncover the dynamics of demand generation and demand management
  • Discover what information and data are required to create a robust demand forecast
  • Demonstrate how to construct a forecast in Excel for your hotel and use this to create a solid manual forecast
  • Enable you to interpret a forecast, and managing accuracy and inaccuracy in forecasting
  • Provide you with the necessary skills to communicate effectively the results of a forecast to the team

What will I learn and gain from attending this course?

  • The principles of demand forecasting
  • Understanding the forecast as a management tool and what it can be used for.
  • How to collate pick up, pace and revenue data
  • Using past present and future data and the relative importance of each timeline into day of arrival
  • Forecasting by pick up pace and revenue
  • Building booking curves and using these to interpret future demand by day type
  • Determining arrivals and departures to creating more time to action strategies and address potential issues in inventory or rate management.
  • Forecasting exercises including managing groups and group wash
  • Working with probability – an introduction
  • Useful Excel tools including TREND, FORECAST and MOVING AVERAGE

Who is this course suitable for?

As a building block for developing future revenue management capabilities this course is for the following personnel:

  • Revenue Manager
  • Reception / Front Office
  • Reservations staff
  • Event Sales & Marketing staff
  • General Manager & Assistant General Managers
  • Food & Beverage Managers
  • Commercial Managers

Demand Forecasting Techniques

£199.00 +VAT | 1 Day EL06