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2.02
hospitality
13
Other
12th Grade
03/14/2023
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Booking engines. A website’s booking engine is the software application being used to secure online reservations.
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Degree of accuracy Estimation is a very underrated tool in math and science. It is very useful for us to see and gain an understanding of what the number actually means in nature. 
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Forecasting is a critical aspect of revenue management in the hospitality industry. By using historical data and predictive analytics, hotels and other businesses can estimate future demand and revenue, and make informed decisions about pricing, inventory, and marketing strategies.
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Inventory or stock refers to the goods and materials that a business holds for the ultimate goal of resale, production or utilisation. Inventory management is a discipline primarily about specifying the shape and placement of stocked goods.

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The law of demand states that when prices rise, the quantity of demand falls. That also means that when prices drop, demand will grow. People base their purchasing decisions on price if all other things are equal. The exact quantity bought for each price level is described in the demand schedule.
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No-show rate = Number of no-shows / Total number of appointments Ex: If there were 100 appointments in a day, and 10 visitors did not show up, your no-show rate is 10 / 100 = 0.1, or 10%. Calculating your no-show percentage gives you a nice starting point from which you can begin improving your business’ visitor show rates.
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What does "outstay" mean?
To stay beyond the set limits or expected duration of; outstay
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the action of reserving something
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A supply chain is a complex logistics system that consists of facilities that convert raw materials into finished products which are later distributed to end consumers or end customers

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the time period where you have to keep a hotel
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Definition of UNDERSTAY: Hotel guest checking out earlier than the scheduled date of departure. Skip to primary navigation Skip to main content
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walk ins are when someone shows up to hopefully get a room that time and day
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Yield management is a strategy to maximize revenue from a limited resource, such as a hotel room, by adjusting the price based on demand and supply.
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