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Maritime Security Awareness Training Both MTSA and the ISPS Code require that all facility personnel and seafarers have knowledge of: - Answer-The requirements of the Maritime Security Levels and behavioral patterns of persons likely to threaten security. Why are ports and facilities prime targets for terrorism? - Answer-Ports and facilities play a large role in international commerce Ports and facilities are often located in close proximity to large population centers and critical infra...

Hotel lodging Revenue management 3 major forecasts the Loews Chicago utilizes - Answer- budge, rolling forecast, 14 day forecast a good revenue manager: - Answer- Influencer (Working with other departments well to drive results and synchronize ideas that have been laid out.) Communicator Clearly and effectively explain complex pricing and get the point across to others. achievement factor - Answer- the % of the rack rate that a hotel actually receives; in hotels not using revenue ...

Hospitality Revenue Management Quiz 1 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- Prof...

Hospitality Revenue Management chapter 8-11 Travel Wholesaler - Answer- A large-volume travel industry intermediary who sells to other, smaller-volume travel intermediaries. Global Distribution System (GDS) - Answer- A group of companies that electronically connect travel-related businesses such as airlines and hotels with those individuals and companies seeking to buy from them Internet Distribution System (IDS) - Answer- The group of online reservation systems and travel portals...

Hospitality Revenue Management FINAL The primary purpose of accounting is to report on an organization's? - Answer- money and valuable property. When does accounting for a business begin? - Answer- Before the business opens The best definition of an accountant is a person who - Answer- is skilled in the recording and reporting of financial transactions. Which governmental entity establishes standards, and then awards qualified individuals the Certified Public Accountant (CPA) ...

Hotel Revenue Management ADR - Answer- rooms revenue divided by rooms sold chain scales - Answer- hotels are categorized based on their ADRs luxury upper upscale upscale upper midscale midscale economy independents company types - Answer- management, franchise, asset, membership, referral architect, developer, Real Estate Investment Trust asset management - Answer- fiduciary responsible for managing the lodging investment to meet the goals of the owner membership co...

Hospitality Revenue Management Final Exam Most of the entities below are classified as "Chains". Which one is a "Parent Company" consisting of multiple chains? - Answer- Accor Hotels Which is a true statement about Parent Companies? - Answer- Parent Companies and the related chains have changed over time What are the three different operation types? - Answer- Chain Management, Franchise, Independent Which is a true statement about Management Companies? - Answer- Managemen...

Revenue Management for the Hospitality Industry Exam 2 Travel Wholesaler - Answer- A large-volume travel industry intermediary who sells to other, smaller-volume travel intermediaries Global Distribution System (GDS) - Answer- A group of companies that electronically connect travel-related businesses such as airlines and hotels with those individuals and companies seeking to buy from them Internet Distribution System (IDS) - Answer- The group of online reservation systems and trav...

Chapter 8: Revenue management for Hotels True or False: Rooms are extremely profitable. - Answer- True Any serious exploration of hotel room rates and their management must include what basic information? - Answer- Room rate economics: supply and demand True or False: Room rate economics recognizes when supply is held constant, a decrease in demand leads to a decreased selling price. - Answer- True Is the inventory of rooms highly perishable - Answer- Yes The price at whic...

Hospitality Revenue Management Revenue management is the act of directing sources of income within the confines of - Answer- capacity, supply and demand GOPPAR takes into account which of the following variables that is not considered in RevPAR? - Answer- Controllable expenses Name revenue optimization strategies - Answer- Market segmentation, Duration control , BAR (Best Available Rate) Legoherel, Poutier, & Fyall point out that revenue optimization is not only about product v...