UNDERSTAND FORECASTING SKILLS TO IDENTIFY POTENTIAL COST AND PROFIT FOR HOSPITALITY AND TOURISM DESTINATIONS. Forecasting.

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Presentation transcript:

UNDERSTAND FORECASTING SKILLS TO IDENTIFY POTENTIAL COST AND PROFIT FOR HOSPITALITY AND TOURISM DESTINATIONS. Forecasting

What is Forecasting? A planning tool that helps management in its attempts to cope with the uncertainty of the future, relying mainly on data from the past and present and analysis of trends.planningtoolattemptsuncertaintydataanalysistrends

Notebook Vocabulary Define the following terms: booking engine, degree of accuracy, forecasting, inventory, level of demand, no-show percentage, overstays, reservations, supply chain, ten-day forecast, under-stays, walk-ins, and yield management.