Foundations of Hotel Budgeting and Forecasting
- Offered byCoursera
Foundations of Hotel Budgeting and Forecasting at Coursera Overview
Duration | 9 hours |
Start from | Start Now |
Total fee | Free |
Mode of learning | Online |
Official Website | Explore Free Course  |
Credential | Certificate |
Foundations of Hotel Budgeting and Forecasting at Coursera Highlights
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Foundations of Hotel Budgeting and Forecasting at Coursera Course details
- What you'll learn
- Create a hotel budget and forecast using industry-standard methods. (Higher-Order Thinking Skills - HOTS)
- Evaluate the financial performance of a hotel and identify areas for improvement. (HOTS)
- Understand the current trends and future outlook of hotel budgeting and forecasting.
- Develop actionable strategies based on budgeting and forecasting data.
- The "Foundations of Hotel Budgeting and Forecasting" course is designed to equip learners with the essential skills and knowledge needed to excel in the dynamic hospitality industry. As the industry continues to evolve, effective budgeting and forecasting have become imperative for hotel management. This course offers a comprehensive understanding of fundamental concepts, practices, and tools in hotel budgeting and forecasting, making it an ideal choice for various target learners. The course caters to a diverse audience, including Hospitality Management Students who are embarking on a career in hotel management and seeking a strong financial foundation. It also appeals to current Hotel Managers and Supervisors looking to enhance their budgeting and forecasting skills and Entrepreneurs in the Hospitality Industry interested in opening or managing their hotels. Furthermore, Finance and Accounting Professionals working in the hospitality sector can specialize in budgeting and forecasting through this course. Throughout the course, learners will acquire practical skills such as creating hotel budgets, evaluating financial performance, understanding industry trends, and developing actionable strategies based on financial data. Each lesson is thoughtfully structured, starting with foundational topics and gradually progressing to more advanced techniques and emerging trends. The course's practicality is emphasized through hands-on exercises and real-world case studies, ensuring that learners can apply their knowledge in real hospitality settings. Continuous learning is essential in the ever-changing hospitality industry, and this course encourages learners to embark on a journey of professional development. Learners are encouraged to explore advanced courses on topics like revenue management, data analytics, and customer experience to stay ahead of industry trends and remain competitive. Overall, the "Foundations of Hotel Budgeting and Forecasting" course is a valuable resource for individuals seeking to excel in hotel management and make informed financial decisions that drive success in the hospitality sector.
Foundations of Hotel Budgeting and Forecasting at Coursera Curriculum
Introduction to Hotel Budgeting and Forecasting
Introduction to the course and instructor
Why budgeting matters in hospitality
Key budgeting terminology
Budgeting in the hospitality industry
Practical application: Creating a budgeting framework
The role of forecasting in hotel management
Data sources for hotel forecasting
Forecasting models and tools
Hands-on forecasting: Data analysis and trend identification
Revenue projections
Expense planning
Budgeting for different departments
Building a comprehensive hotel budget
Forecasting methods
Evaluating forecast accuracy
Adjusting forecasts
Welcome to the course
Additional resources : Understanding the basics of hotel budgeting
Additional resources : Fundamentals of forecasting in the hotel industry
Additional resources : Creating a hotel budget
Additional resources : Forecasting techniques and accuracy
Introduction to hotel budgeting and forecasting
Discussion on budgeting significance in hospitality
Discussion on challenges and advantages of data sources in forecasting
Discussion on adjusting forecasts in response to market shifts
Performance Analysis and Improvement
Key financial metrics
Interpretation of metrics
Benchmarks and industry standards
Practical exercise: analyzing financial reports
Understanding variance
Conducting variance analysis
Decision-making based on variance
Case study: Using variance analysis for improvement
Root cause analysis
SWOT analysis for hotels
Guest feedback and performance improvement
Creating an improvement plan
Strategic planning
Change management in hotel operations
Measuring the impact of improvements
Case study: Successful implementation of improvements
Additional resources : Financial metrics for hotel performance
Additional resources : Variance analysis and decision-making
Additional resources : Identifying improvement areas
Additional resources : Implementing performance improvements
Performance analysis and improvement
Discussion on using financial metrics for operational changes
Discussion on variance analysis impact on hotel operations
Discussion on guest feedback's impact on financial decisions
Emerging Trends and Strategies
Technology advancements
Sustainable practices
Data analytics and machine learning
Case study: Embracing technological advancements
Dynamic pricing strategies
Personalization and customer experience
Distribution channel management
Hands-on: Developing a revenue management strategy
Sustainable budgeting practices
Green initiatives and cost reduction
Measuring environmental impact
Case study: Implementing sustainable practices
Strategic planning in hotel management
Scenario analysis and contingency planning
Risk management
Additional resources : Current trends in hotel budgeting and forecasting
Additional resources : Innovations in revenue management
Additional resources : Sustainable budgeting and forecasting
Additional resources : Strategic decision-making for hotel managers
Emerging trends and strategies
Discussion on financial implications of sustainable practices
Discussion on monetizing personalization in the hotel industry
Discussion on cost savings from green initiatives
Advanced Hotel Budgeting and Forecasting Strategies
Advanced data analytics
Machine learning in forecasting
Big data and predictive analytics
Real-time forecasting
Zero-based budgeting revisited
Activity-based budgeting
Rolling budgets
Beyond budgeting
Balanced scorecard in hospitality
Dashboard reporting
Key Metrics for revenue management
Strategic decision support systems (DSS)
Corporate social responsibility (CSR) in hospitality
Green budgeting practices
Reporting and transparency
Case study: Successful CSR integration
Additional resources : Advanced forecasting techniques
Additional resources : Budget optimization strategies
Additional resources : Performance metrics and decision support
Additional resources : Sustainable budgeting and CSR
Advanced hotel budgeting and forecasting strategies
Discussion on real-time forecasting in the hospitality industry
Discussion on pros and cons of the 'beyond budgeting' approach
Discussion on adapting the balanced scorecard for hospitality
Conclusion and Final Assessment
Conclusion
Foundations of Hotel Budgeting and Forecasting at Coursera Admission Process
Important Dates
Other courses offered by Coursera
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Foundations of Hotel Budgeting and Forecasting