The Primary Purpose of Revenue Management Is to

question 32

Short Answer

The primary purpose of revenue management is to
• Sell more rooms at discounted rates
• Increase profitability
• Monitor hotel restaurant and room service orders
• Assist the concierge with customer requests

Recognize the impact of organizational politics and bias on performance evaluations.

Understand the occurrence and implications of criterion deficiency and contamination.

Identify the uses and limitations of various evaluation methods (peer, self, team evaluations).

Recognize the importance of linking performance evaluations to strategic objectives.

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Definitions:

Cost Control

The practice of managing and reducing business expenses to increase profitability.

Management Accounting

The process of preparing management reports and accounts that provide accurate and timely financial and statistical information necessary for managers to make day-to-day and short-term decisions.

Cost Accounting

A branch of accounting focused on calculating and controlling costs of producing or providing services.

Competitive Environment

The external factors and forces that affect an organization's ability to compete in its market, including competitors, market trends, and regulatory conditions.