Study guides, Class notes & Summaries

Revenue Management Final Actual Exam Questions With Expert Revised Answers | 100% Guarantee Pass !! what is the industry term used to describe the sum of prices paid by a business's customers? -daily receipts -profit -profits less expenses -total revenues - ANSWER : -total revenues historically, what concept have hospitality managers chiefly used to calculate their selling prices? -income -revenue -costs -profits - ANSWER : -costs what is an algebraic equivalent of the form...

HHS - ANSWER-Health and Human Services NIH - ANSWER-National Institutes of Health FDA - ANSWER-Food and Drug Administration CDC - ANSWER-Centers for Disease Control and Prevention ATSDR - ANSWER-Agency for Toxic Substances and Disease Registry IHS - ANSWER-Indian Health Service HRSA - ANSWER-Health Resources and Services Administration SAMHSA - ANSWER-Substance Abuse and Mental Health Services Administration CMS - ANSWER-Centers for Medicare and Medicaid Services ACF -...

Hard Constraint Management in the Lodging Industry: # of rooms - ANSWER-# of rooms offered for sale each day cannot vary Hard Constraint in Lodging Industry: demand for rooms - ANSWER-demand for rooms varies widely, based on time of year, month, and day of the week Hard Constraint in Lodging Industry: # of rooms when it comes to demand - ANSWER-the number of rooms available cannot be increased in response to increased short - term demand Hard Constraint in Lodging Industry: # of rooms w...

What is the Key to being successful in the hospitality industry? - ANSWER-being a service-oriented person Ethics is (are)? - ANSWER-a set of moral principles and values used to answer questions about right and wrong Inseparability refers to: - ANSWER-the fact that production and consumption occur simultaneously Empowerment is: - ANSWER-A feeling in which employees feel responsible for their jobs and have stake in the organizations success All of the following are part of Disneys "Fi...

Positives of Revenue Management Strategies & Tactics - ANSWER-- Serve more guests - Increase market share - increase revenues & profitability - NOT to motivate employees What is the hurdle rate? - ANSWER-The lowest rate for a given day (T/F) A benefit of variable pricing within RM is the smoothing of demand - ANSWER-True Revenue Management can be defined as... - ANSWER-A set of strategies and techniques used to sell the right product, to the right customer, at the right time and at t...

Identify which of these is not a positive of using revenue management strategies and tactics: - ANSWER-Motivate employees The Hurdle Rate is...? - ANSWER-The Lowest Rate for a Given Day A benefit of variable pricing within revenue management is the smoothing of demand. - ANSWER-True Revenue management can be defined as - ANSWER-A set of strategies and techniques used to sell the right product, to the right customer, at the right time and at the right prices. Revenue management is a s...

What is the industry term used to describe the sum of prices paid by a business's customers? - ANSWER-total revenues Historically, what concept have hospitality managers chiefly used to calculate their selling prices? - ANSWER-costs What is an algebraic equivalent of the formula: Sales = Costs + Profit? - ANSWER-profit=sales-costs What is the name for the net value achieved by both parties in a business transaction? - ANSWER-profit What element is not present in a barter economy? - ...

Occupancy - ANSWER-The percentage of rooms occupied during a given period of time. Average Daily Rate (ADR) - ANSWER-The average rate sold during a given period of time. Revenue Per Available Room (RevPAR) - ANSWER-A metric calculated by multiplying the occupancy percentage by the ADR RevPAR Index - ANSWER-A measure of a hotel's performance against the market by comparing a hotel's RevPAR to the RevPAR of a set of other hotels. Cost Per Occupied Room (CPOR) - ANSWER-The total expen...

Goods-producing industries - ANSWER-agriculture ,mining, manufacturing, and construction; each of them creates some kind of tangible object Service industries - ANSWER-Those businesses that primarily sell their customers intangible goods. Revenue optimization strategies and tactics can be used any time a service business is characterized by: - ANSWER-•Constrained Supply •High Fixed Costs •Variable Demand •Versioning Opportunities •Perishable Inventory •Ability to Manage Di...

Revenue management is a set of revenue maximization strategies and tactics that - ANSWER-can be used to improve the profitability of certain businesses. When the American Airlines CEO developed yield management, what type of information was crucial to its success? - ANSWER-forecasting Which of the following statements about hotel revenue management is FALSE? - ANSWER-Revenue management is new, as are all of the strategies that are employed to maximize profit. Which of the following is N...