Revenue Management Final Exams Bundle with Complete Solutions 2023/2024

What is the main reason that travelers today have more clout than ever before? - Correct Answer They have information on virtually everything at their fingertips. Revenue Management is NOT necessarily about... - Correct Answer Achieving 100 % occupancy and a perfect science The Hurdle Rate is....

What is bigger in the tourism industry, fixed costs or variable costs? - Correct Answer fixed costs are bigger -Think of an airplane: staffing, airport fees (fixed) - huge amount of the costs for airplanes come from fixed costs; food, fuel (variable) - not as easy to determine the variable costs ...

Revenue Management Final Exam Study Guide with Complete Solutions

What is the industry term used to describe the sum of prices paid by a business's customers? - Correct Answer total revenues Historically, what concept have hospitality managers chiefly used to calculate their selling prices? - Correct Answer costs What is an algebraic equivalent of the formu...

Revenue - Correct Answer The total amount of sales achieved in a specified time period Revenue is calculate as: - Correct Answer Number of Units Sold x Unit Price Effective managers of an organization's revenues MUST do three things - Correct Answer 1. Understand the importance of revenue man...