All posts tagged Data

10 Biases that Afflict Hotel Revenue Managers

Categories: Revenue Management
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Elon Musk recently took to Twitter to declare that cognitive biases “should be taught to all at a young age.”  He referenced an infographic that listed the 50 most common biases. These biases affect us most in the decisions that we make on a daily basis. It, therefore, follows that these biases play a major role in Hotel Pricing and Revenue Management. In the absence of collaborative data analysis, decisions made under uncertainty become highly subjective activities. The most relevant Read more

From PAR to PAC: The Big Revenue Management Reset

Categories: Analytics, Guest Analytics, Hotel Analytics, Per Available Customer, Revenue Management, Total Revenue Management
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Today, a revolution is happening in hotel revenue management as hoteliers with the highest profit expectations are beginning to follow the customer instead of the product.  They are using advanced analytics to dump their dependence on the crude “Per Available Rooms” (PAR) averages and have begun the move to measure their world by predictive indicators based on “Per Available Customers” (PAC).  This is the Big RM Reset.  It is a seismic shift that is reframing the Hotel Revenue Manager’s world Read more