if a 3 unit apartment complex has 2 units with 6 rooms and 3 bedroom and 1 unit with 4 rooms and 2 bedrooms, how much is the price of a bedroom? Please help thanks
Revenue Management has not really moved into F&B except in very special circumstances at large hotel companies and in academics. For the most part. F&B pros are not required to know anything about RM, which means that if you have an understanding of the relationship between demand and pricing you will have a clear advantage over your colleagues. I recommend you try to understand RM from a general perspective so that you can be aware how RM policies affect the F&B results in a property. Think like this, best guests = higher f&b, but you can't fill up an entire hotel with just best guests, so RM plays with pricing which might not bring in the best guests for the best f&b results.
@@originworldlabsowl7870 thank you for the information which makes it a lot clear in terms of Food and beverage . How ever if one needs to move out of Food and Beverage to revenue management what will you recommend . I really appreciate the video which gives a lot of information but I would Like to learn more.
@@originworldlabsowl7870 But is is the future of F&B management. Dynamic pricing is overall accepted for rooms, but why not for a steak? especially as the F&B inventory is almost as much as Room inventory subject to detoriation due to lack of sales.
@@pascaldemarchi9023 but aren´t group rates most of the times lower than individual rates? I mean, they are heavily negociated. At least here in portugal.
@@jeroenvandenbos7783 You are right, what I saying is when you have a good room group base you can increase the rate to the rooms available for transient (depending market/demand... obviously). Regarding rate, you may sometime see that group conference/business rooms rate is not so low as you can expect. Now the same group on a weekend may have a very different rate.
![Origin World Labs [OWL]](http://yt3.ggpht.com/ytc/AIdro_lDbCRMnCSX29j3hmMKlBNi84EFx1UxdyV5qnFpc12DZLGp=s48-c-k-c0x00ffffff-no-rj)
it is often best to use the median to represent central tendency measurements instead of the average or mean because it's less impacted by outliers.
If the outliers deviate much, right? (kinda new here on this subject :))
thank you very much but why you did not try to optimize the prophet.
nice one!! this gave me a good head start.
if a 3 unit apartment complex has 2 units with 6 rooms and 3 bedroom and 1 unit with 4 rooms and 2 bedrooms, how much is the price of a bedroom? Please help thanks
Very Good Explanation & Video :) Thank you !!
very good teacher. are you a professor?
what are the qualifications you would recommend Food and Beverage managers to have with regard to revenue managements
Revenue Management has not really moved into F&B except in very special circumstances at large hotel companies and in academics. For the most part. F&B pros are not required to know anything about RM, which means that if you have an understanding of the relationship between demand and pricing you will have a clear advantage over your colleagues. I recommend you try to understand RM from a general perspective so that you can be aware how RM policies affect the F&B results in a property. Think like this, best guests = higher f&b, but you can't fill up an entire hotel with just best guests, so RM plays with pricing which might not bring in the best guests for the best f&b results.
@@originworldlabsowl7870 thank you for the information which makes it a lot clear in terms of Food and beverage . How ever if one needs to move out of Food and Beverage to revenue management what will you recommend . I really appreciate the video which gives a lot of information but I would Like to learn more.
@@originworldlabsowl7870 But is is the future of F&B management. Dynamic pricing is overall accepted for rooms, but why not for a steak? especially as the F&B inventory is almost as much as Room inventory subject to detoriation due to lack of sales.
hello.. can i know the difference between with or without group?
I believe he is referring to the room rate differentiation in case of group reservations and without group reservations.
Group in house reduces your inventory so you can put an higher rate on your last rooms to sell
@@pascaldemarchi9023 but aren´t group rates most of the times lower than individual rates? I mean, they are heavily negociated. At least here in portugal.
@@jeroenvandenbos7783 You are right, what I saying is when you have a good room group base you can increase the rate to the rooms available for transient (depending market/demand... obviously). Regarding rate, you may sometime see that group conference/business rooms rate is not so low as you can expect. Now the same group on a weekend may have a very different rate.
Great
wow, really love it, i am so excited! tq