FIN512 - Financial Management Case Study Answer

Question 1

The operating budget is as follows:-

The term hotel revenue management refers to the process of proactively implementing distribution and pricing strategies with the intention of successfully selling a limited room inventory to the suitable consumers at the ideal times, with the end goal of increasing overall revenue development. In addition to that, the design will contain a variety of other aspects, such as the facilities of a hotel and the various food and drink alternatives.

The appraisal of the monetary worth that customers belonging to different audience groups are prepared to allocate in the name of a business's revenue management is at the core of this process. In order to successfully complete this mission, it is necessary to measure and keep track of both the supply of hotel rooms and the demand for them. This procedure comprises making use of data and analytics to keep track of the shifting relationships between supply and demand, which paves the way for the development of projections regarding the behaviour of consumers. As a consequence of this, persons are given the ability to make well-informed decisions regarding which lodgings to recommend to the appropriate clientele at the optimal period, with the ideal cost, utilising the most appropriate distribution channel.

Question 2

In case of the given scenario, I had a prior commitment to spend the day going sight-seeing, so I will take advantage of this opportunity and accept the offer. This option will bring an additional benefit, which will enable me to take complete advantage of the day. In a similar spirit, despite the fact that the activity is thought to be expensive, a thorough investigation of the costs that are incurred on Wednesdays indicates that the local tour operator is, in fact, offering the service at a fee that is very reasonable. As a result of the possibility that the allotted budget of $15 may not be sufficient to cover all of the essential items, it is likely that individuals will be required to bear additional costs while purchasing food.

References

Tzenios, N., FRSPH, F., & FWAMS, F. (2022). BUDGET MANAGEMENT FOR THE NON-PROFIT ORGANIZATION. International Journal of Global Economic Light , 8 (6), 9-13.

Rogelj, J., Forster, P. M., Kriegler, E., Smith, C. J., & Séférian, R. (2019). Estimating and tracking the remaining carbon budget for stringent climate targets. Nature , 571 (7765), 335-342.

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