Exam (elaborations) Certified Revenue Cycle Specialist Exam Questions with Verified Answers Exam (elaborations) Chapter 5 Revenue Management Exam Questions and Answers Exam (elaborations) HB 100 - Chapters 1-8 Exam Questions with Correct Answers Exam (elaborations) HM 441 Final Exam Question...
[Show more]
What is the term to describe the average revenue generated by each available guest room during a specific period of time? - ANSWER-RevPAR 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 hospit...
Preview 2 out of 5 pages
Add to cartWhat is the term to describe the average revenue generated by each available guest room during a specific period of time? - ANSWER-RevPAR 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 hospit...
ADR - ANSWER-Actual room revenue / total rooms sold ADR index - ANSWER-A measure of one hotel's performance based on a comp set. Amortization - ANSWER-An accounting term that refers to the process of allocating the cost of an asset Ancillary revenue - ANSWER-A client's commitment to pay f...
Preview 2 out of 5 pages
Add to cartADR - ANSWER-Actual room revenue / total rooms sold ADR index - ANSWER-A measure of one hotel's performance based on a comp set. Amortization - ANSWER-An accounting term that refers to the process of allocating the cost of an asset Ancillary revenue - ANSWER-A client's commitment to pay f...
Chapter 6 - ANSWER- Donna is a hotel revenue manager preparing next year's rooms forecast. Donna knows that in November of next year a new hotel is opening near her own. As a result, she is considering reducing her rooms forecast for that month. If she does so, what data type will she be primari...
Preview 1 out of 4 pages
Add to cartChapter 6 - ANSWER- Donna is a hotel revenue manager preparing next year's rooms forecast. Donna knows that in November of next year a new hotel is opening near her own. As a result, she is considering reducing her rooms forecast for that month. If she does so, what data type will she be primari...
4 P's that ensure you have an accurate competitive set - ANSWER-1) Product (number of rooms, open date, hotel type, meeting space, amenities) 2) Proximity (distance, market and tract, location) 3) Pricing (scale, class) 4) Participation (monthly, daily, segmentation, additional revenue) ...
Preview 2 out of 5 pages
Add to cart4 P's that ensure you have an accurate competitive set - ANSWER-1) Product (number of rooms, open date, hotel type, meeting space, amenities) 2) Proximity (distance, market and tract, location) 3) Pricing (scale, class) 4) Participation (monthly, daily, segmentation, additional revenue) ...
Pace of build refers to: a) How quickly new hotel rooms and new hotels are being added to a comp set's total supply b)The rate at which reservations are being made for a future date c)How quickly the demand for substitute products is reducing demand for hotel rooms d)The speed with which curr...
Preview 2 out of 14 pages
Add to cartPace of build refers to: a) How quickly new hotel rooms and new hotels are being added to a comp set's total supply b)The rate at which reservations are being made for a future date c)How quickly the demand for substitute products is reducing demand for hotel rooms d)The speed with which curr...
Room night - ANSWER-The single night's use of a guest room. For example, one room sold for three consecutive nights yields three room nights. RMs are forced to implement one of three income-management alternatives when demand for their products is high - ANSWER-1.Establish one fixed price, then...
Preview 2 out of 6 pages
Add to cartRoom night - ANSWER-The single night's use of a guest room. For example, one room sold for three consecutive nights yields three room nights. RMs are forced to implement one of three income-management alternatives when demand for their products is high - ANSWER-1.Establish one fixed price, then...
Revenue - ANSWER-The total amount of sales achieved in a specified time period Revenue is calculate as: - ANSWER-Number of Units Sold x Unit Price Effective managers of an organization's revenues MUST do three things - ANSWER-1. Understand the importance of revenue management 2. Understand ...
Preview 3 out of 18 pages
Add to cartRevenue - ANSWER-The total amount of sales achieved in a specified time period Revenue is calculate as: - ANSWER-Number of Units Sold x Unit Price Effective managers of an organization's revenues MUST do three things - ANSWER-1. Understand the importance of revenue management 2. Understand ...
What is bigger in the tourism industry, fixed costs or variable costs? - 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 We can ...
Preview 2 out of 6 pages
Add to cartWhat is bigger in the tourism industry, fixed costs or variable costs? - 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 We can ...
revenue - ANSWER-the total amount of sales achieved a specified time period Revenue formula - ANSWER-number of sales x price per unit Revenue Managers must do 3 things - ANSWER-1. understand the importance of revenue mgt 2. understand the many complex factors 3. become better at making rev...
Preview 2 out of 9 pages
Add to cartrevenue - ANSWER-the total amount of sales achieved a specified time period Revenue formula - ANSWER-number of sales x price per unit Revenue Managers must do 3 things - ANSWER-1. understand the importance of revenue mgt 2. understand the many complex factors 3. become better at making rev...
Top 10 Revenue Management Mistakes - ANSWER-#1)Believing that discounting is an effective way to increase revenue. #2)Believing the right price to charge for a room night is established solely on the hotel's costs and ROI expectation. #3)Thinking that artificial intelligence - revenue management ...
Preview 1 out of 4 pages
Add to cartTop 10 Revenue Management Mistakes - ANSWER-#1)Believing that discounting is an effective way to increase revenue. #2)Believing the right price to charge for a room night is established solely on the hotel's costs and ROI expectation. #3)Thinking that artificial intelligence - revenue management ...
Demand (consumer) - ANSWER-The number of potential buyers with the interest and ability to purchase the products sold by a business at the specific price offered. Capital Improvement - ANSWER-An addition to a property that will enhance its value or increase its useful life. Examples; roof replace...
Preview 2 out of 8 pages
Add to cartDemand (consumer) - ANSWER-The number of potential buyers with the interest and ability to purchase the products sold by a business at the specific price offered. Capital Improvement - ANSWER-An addition to a property that will enhance its value or increase its useful life. Examples; roof replace...
Rooms Inventory - ANSWER-All of the unique forms of guest room products offered for sale by a lodging facility. DD Room - ANSWER-The common CRS and PMS code for a guest room containing two full-sized (double or queen) beds Close Out - ANSWER-to remove from sale or to stop selling Room Code ...
Preview 1 out of 3 pages
Add to cartRooms Inventory - ANSWER-All of the unique forms of guest room products offered for sale by a lodging facility. DD Room - ANSWER-The common CRS and PMS code for a guest room containing two full-sized (double or queen) beds Close Out - ANSWER-to remove from sale or to stop selling Room Code ...
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...
Preview 2 out of 6 pages
Add to cartRevenue 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...
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...
Preview 2 out of 8 pages
Add to cartGoods-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...
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 RevPA...
Preview 1 out of 2 pages
Add to cartOccupancy - 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 RevPA...
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 = Cost...
Preview 3 out of 17 pages
Add to cartWhat 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 = Cost...
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...
Preview 2 out of 8 pages
Add to cartIdentify 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...
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 sm...
Preview 2 out of 6 pages
Add to cartPositives 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 sm...
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 oc...
Preview 2 out of 7 pages
Add to cartWhat 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 oc...
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 I...
Preview 1 out of 4 pages
Add to cartHard 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 I...
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 HRS...
Preview 2 out of 8 pages
Add to cartHHS - 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 HRS...
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Stuvia is a marketplace, so you are not buying this document from us, but from seller lectknancy. Stuvia facilitates payment to the seller.
No, you only buy these notes for $30.49. You're not tied to anything after your purchase.
4.6 stars on Google & Trustpilot (+1000 reviews)
83637 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now