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HRTM71-205: Revenue Management

Description

Revenue Management is used in service organisations to enable prices to be set strategically; optimise the management of inventory; and sell more strategically to maximise revenue and profitability. An understanding of revenue management practices will enable students to apply data-based decision making to answer important questions such as what to sell, when to sell, whom to sell to and at what prices.  Students will learn about the role of revenue management specifically in the hotel and tourism industries and discover how this role interacts with, and is influenced by, other departments within an organisation to optimise revenue outcomes. Students will put their skills in revenue management into practice as they work in teams to manage a simulated hotel using the Hotel Operations, Tactics and Strategy (HOTS) system. They will implement revenue management and other operational decisions as they aim to meet their goals to improve the performance of the hotel.

Subject details

Type: Postgraduate Subject
Code: HRTM71-205
EFTSL: 0.125
Faculty: Bond Business School
Semesters offered:
  • May 2023 [Standard Offering]
Credit: 10
Study areas:
  • Business, Commerce, and Entrepreneurship
Subject fees:
  • Commencing in 2023: $5,300.00
  • Commencing in 2024: $5,410.00
  • Commencing in 2023: $5,710.00
  • Commencing in 2024: $6,060.00

Learning outcomes

  1. Create a plan to achieve revenue management goals for a hotel.
  2. Interpret revenue management metrics in an accommodation context.
  3. Evaluate how revenue management practices and other managerial decisions affect revenue outcomes to recommend strategies for improvement.
  4. Develop occupancy and revenue forecasts for a hotel, thoroughly justifying your recommendations.
  5. Demonstrate effective contribution to a team which is responsible for implementation of management decisions to maximise revenue in a simulated hotel.
  6. Deliver an oral presentation which evaluates revenue management achievements and challenges and defends recommendations for improvement.

Enrolment requirements

Requisites:

Nil

Assumed knowledge:

Assumed knowledge is the minimum level of knowledge of a subject area that students are assumed to have acquired through previous study. It is the responsibility of students to ensure they meet the assumed knowledge expectations of the subject. Students who do not possess this prior knowledge are strongly recommended against enrolling and do so at their own risk. No concessions will be made for students’ lack of prior knowledge.

Assumed Prior Learning (or equivalent):

Restrictions:

Subject dates

  • Standard Offering
    Enrolment opens: 19/03/2023
    Semester start: 15/05/2023
    Subject start: 15/05/2023
    Cancellation 1: 29/05/2023
    Cancellation 2: 05/06/2023
    Last enrolment: 28/05/2023
    Withdraw - Financial: 10/06/2023
    Withdraw - Academic: 01/07/2023
    Teaching census: 09/06/2023
Standard Offering
Enrolment opens: 19/03/2023
Semester start: 15/05/2023
Subject start: 15/05/2023
Cancellation 1: 29/05/2023
Cancellation 2: 05/06/2023
Last enrolment: 28/05/2023
Withdraw - Financial: 10/06/2023
Withdraw - Academic: 01/07/2023
Teaching census: 09/06/2023