REVENUE MANAGEMENT IN AN HOTEL

CHAPTER ONE
1.1       INTRODUCTION
Revenue management is a way of increasing profitability and can be applied to any business that has relatively fixed capacity, perishable inventory, and time-variable demand. The Hotel Businesses face important decisions regarding selling the right room to the right client at the right moment at the right price. Revenue Management uses data-driven tactics and strategy to answer these questions in order to increase revenue. The discipline of revenue management combines data mining and operations research with strategy, understanding of customer behavior, and partnering with the sales force. Today, the revenue management practitioner must be analytical and detail oriented, yet capable of thinking strategically and managing the relationship with sales. Revenue management is a systematic process designed to increase revenue by selling the right product to the right customer at the right time for the right price. In addition to evaluating different pricing models and applying duration-management strategies.
(Source: https:en.m.wikipedia.org/wiki/Revenue_management)

1.2       STATEMENT OF PROBLEM
Revenue management has remained the most complex part of any organization, it can also be said to be the backbone of most successful companies around the globe. The problems confronting revenue management in Kadewa Hotel, Ilupeju, Lagos are listed below;
·        Price listing
·        Record keeping     
·        Inventory
·        Stock control
·        Effective income management
·        Effective outcome management
·        Report of sales analysis
The aforementioned duties are currently being done by the revenue manager in the Hotel which is carried out manually.

1.3       AIM AND OBJECTIVE OF THE STUDY
The aim of this project is to develop an automated system that will help in reducing labor and to effectively replace the manual method currently used in managing the revenue of the Hotel.
The objective of this project work entails the development of a software system that will help in solving the problems earlier stated.

1.4       SCOPE OF THE STUDY
A Hotel is a large establishment, which consist of different section/department with their various responsibilities that bring about the efficient running of the Hotel service. Revenue management is primarily concerned with the analysis of the basic income and outcome of a company. This project work is aimed at taking the record of the Hotel’s operation and day-to-day analysis of the company sales.

1.5       RESEARCH METHODOLOGY
There are two main sources of data collection in carrying out this study, information was basically obtained from two sources which are:
(a)   Primary source
(b)   Secondary source
·        Primary source
Primary source refers to the sources of collecting original data in which the researcher makes use of empirical approach such as personal interview, questionnaires or observation.
In my research, I used the personal interview method for my primary source of information, this is done by asking question from staff of the company. I also used a method of observation where I was attentive to all activities of the company, studying their activities and recording them down on a daily basis or as required.
·        Secondary Source
The need for the secondary sources of data for this kind of project cannot be over emphasized. The secondary data were obtained by me from online articles. 

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Item Type: Project Material  |  Attribute: 45 pages  |  Chapters: 1-5
Format: MS Word  |  Price: N3,000  |  Delivery: Within 30Mins.
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