This course seeks to equip the revenue management professional with the ability to apply the concepts in revenue management to implement forecasting and pricing strategies to achieve key performance indicators of room revenue and profitability.
Who Should Attend
This course is beneficial and useful to revenue management professionals.
By the end of the course, participants will be able to acquire the following learning outcomes:
- Apply concepts of revenue management, using the organisation’s rooms inventory
- Create operational road maps for rooms allocation and pricing
- Determine break-even points and profitability
- Determine market segments and demand drivers of the organisation
- Create forecasting dashboards and use key metrics to develop working forecasts
- Interpret benchmark reports generated for the organisation and competitors
- Create a competitor set to perform competitor analyses against the organisation's KPI
- Communicate organisation’s room revenue management to other team members
- Seek ways to improve reservation confirmation
- Introduction to Revenue Management
- History of Revenue Management
- Objectives of Room Revenue Management
- Conditions for Room Revenue Management
- Principles of Room Revenue Management
- Components of Room Revenue Management
- Room Inventory Management
- Perishable Inventory
- Market Segmentation
- Price Management
- Supply and Demand
- The Role of Cost in Pricing
- Break-even Analysis
- Pricing Strategies
- The Nature of Competitive Markets
- Market Position
- Competitive Set
- The Competitive Set Analysis
- Completing a Price: Value Index
- Benchmark Report: STR Reports
- Distribution Channels
- Forecasting Demand
- Understanding Data
- Analysing Data
- Forecasting Dashboards
- Key Metrics to Develop Forecasts
- Room Allocation and Pricing
- Performance Measures of Room Revenue Management
- Useful Measures of Performance
- Hotel Revenue Management Process
Full Course Fee (incl GST)
1, 2, 4, 5, 7Nett Course Fee Payable after SSG Funding, incl. GST (Singaporeans/PRs/Long Term Visit Pass Plus Holders ≥ 21 years old)
3, 4, 7Nett Course Fee Payable after MES Funding, incl. GST (Singaporeans ≥40 years old)
Absentee Payroll rate at S$ 4.50 per hour, capped at S$ 100,000 per enterprise per calendar year
1Singaporeans and Singapore PRs, aged 21 and above, will be eligible for up to 50% SSG funding. Funding is subjected to SSG’s prevailing corporate policies and final approval.
2Singaporeans may also utilize available funds within their Post-Secondary Education Account (PSEA) or SkillsFuture Credits (where applicable) to offset total net course fee payable. All Singaporeans aged 25 and above can use their S$ 500 SkillsFuture Credit from the government to pay for a wide range of approved skills-related courses. Visit the SkillsFuture Credit website www.skillsfuture.sg/credit to choose from the courses available on the SkillsFuture Credit course directory.
3The SkillsFuture Mid-Career Enhanced Subsidy (MES) is for Singaporeans aged 40 years old and above.
4NTUC members enjoy 50% unfunded course fee support for up to $250 each year (or up to $500 for NTUC members aged 40 years old and above) when you sign up for courses supported under UTAP (Union Training Assistance Programme). Please visit e2i’s at https://e2i.com.sg/individuals/employability/union-training-assistance-programme-utap/ to find out more.
5Training support will be extended to Long Term Visit Pass Plus (LTVP+) Holders with effect from 1 October 2021. The LTVP+ scheme applies to lawful foreign spouses of Singapore Citizens (SCs) with (i) at least one SC child or are expecting one from the marriage, or at least three years of marriage, and (ii) where the SC sponsor is able to support the family. LTVP+ holders will be identified with their green visit pass cards, with the word ‘PLUS’ on the back of the card.
6SME companies are required to log-in to Enterprise Portal for Jobs and Skills to update their SME status if they have not done so. All companies will be notified to log in to the portal to declare monthly salary and hours worked per week in order to receive Absentee Payroll.
7Companies and individuals are liable for the full course fee in the event that the SSG funding and subsidy are not approved.
8Class commencement is subjected to minimum class size met. Public holidays are excluded, where applicable
9 Eligible companies can offset the additional out-of-pocket expenses with the SkillsFuture Enterprise Credit (SFEC). Please refer to https://www.enterprisejobskills.gov.sg/content/upgrade-skills/sfec.html for more information.
The following payment modes are available:
- SkillsFuture Credit
- Bank Transfer
- Credit Card
- Internet Banking
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