Cornell Research Center Issues New Forecasting Tool to Assist Hotel Revenue Managers
Hotel revenue management forecasts are made clearer with this spreadsheet-based program
A spreadsheet-based tool that will assist revenue managers in making demand forecasts is now available from Cornell's Center for Hospitality Research. The tool, "Revenue Management Forecasting Aggregation Analysis Tool," was developed by Gary Thompson, a professor at the Cornell School of Hotel Administration.
A spreadsheet-based tool that will assist revenue managers in making demand forecasts is now available from Cornell's Center for Hospitality Research. The tool, "Revenue Management Forecasting Aggregation Analysis Tool," was developed by Gary Thompson, a professor at the Cornell School of Hotel Administration. The hotel revenue management tool and a user guide are available from the CHR at no charge at
"The key point here is to determine the aggregation level of the forecast," Thompson explained. "Hotel revenue managers usually forecast arrivals for each day, for each length of stay, and for each rate class. For each level of aggregation, the tool will evaluate three different methods of forecasting, two of which use a wide range of parameter values. Based on whichever of five error measurements is selected, this tool will show which forecast method is best, and rank-order the others."
The tool involves a series of worksheets that are formatted to allow hotel revenue managers to plug in their own historical data. The tool is limited to seven lengths of stay and five rate classes.
Meet and interact with Dr. Thompson, an active member of the executive education faculty at the School of Hotel Administration, when he presents sessions in the Professional Development Program:
Thanks to the support of the Center for Hospitality Research partners listed below, all publications posted on the center's website are available free of charge, at
About the Center for Hospitality Research
The purpose of the Center for Hospitality Research is to enable and conduct research of significance to the global hospitality and related service industries. CHR also works to improve the connections between academe and industry, continuing the School of Hotel Administration's long-standing tradition of service to the hospitality industry. Founded in 1992, CHR remains the industry's foremost creator and distributor of timely research, all of which is posted at no charge for all to use. In addition to its industry advisory board, CHR convenes several industry roundtables each year for the purpose of identifying new issues affecting the hospitality industry.
Center Members: Accenture • Access Point Financial, Inc. • Barclaycard US • Cvent • Davis & Gilbert LLP • Deloitte & Touche USA LLP • DerbySoft • Four Seasons Hotels and Resorts • Fox Rothschild LLP • Hilton Worldwide • Host Hotels & Resorts • Hyatt Hotels Corporation • IDeaS Revenue Solutions • InterContinental Hotels Group • Jumeirah Group • Marriott International • NTT DATA • Preferred Hotels & Resorts • priceline.com • PwC • The Rainmaker Group • RateGain • ReviewPro • Revinate • Sabre Hospitality Solutions • STR • Taj Hotels Resorts and Palaces • Tata Consultancy Services • Wipro EcoEnergy • Wyndham Hotel Group