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Course ProjectInstructions:This project consists of four parts. As you progress through this course, you will periodically be directed to this document to answer questions relating to course concepts. Save this document to a convenient location on your computer so you can find it again when you are ready to complete subsequent parts of the project later in the course. At the end of the course, you will be instructed to submit this entire document to your instructor for review.Part One—Refine These PracticesQuestion OneThe first part of this course has given you some ideas about how revenue management practices could be applied to organizations, especially those which involve non-traditional uses of this approach, such as spas, restaurants and golf courses.Identify below your industry/function or one you choose to work on for this project. Question TwoRevenue management involves a number of areas, including such activities as: Managing group and volume accounts Distribution-channel management Customer-relationship management IT Integration Regional and centralized management Cluster approach—managing several brands as members of the same brand family Are any of these points relevant to your chosen organization? If so, please summarize any thoughts you have so far on how you might approach them from a revenue management standpoint. Moreover, how would you investigate the potential of these areas for increased revenue? This is the end of Part One of your course project. As you complete the next section of the course, you will return to this document to complete Part Two. Part Two—Extend These PracticesQuestion ThreeNow that you have read Professor Kimes’s article about restaurant revenue management, how would you compare and contrast hotels and restaurants as revenue management candidates? Specifically, how do these two industries compare with respect to the strategic levers of revenue management?Question FourNow think about the organization you have chosen for your course project. How does that organization compare to a hotel in terms of suitability for revenue management? (If your organization is a hotel, you can focus on key aspects of your hotel that differ from those of an ideal candidate for hotel revenue management. If your organization is a restaurant, you can focus on key aspects of your restaurant that you would focus on when creating a revenue management plan.) Question FiveNow identify two revenue management extension opportunities at your chosen organization. If there are currently no good candidates for revenue management extension at your organization, please suggest two hypothetical units or areas or two industries not considered in this course. What makes these candidates good choices for revenue management? How would you focus your efforts in these units or in these industries? This is the end of Part Two of your course project. You will return to this document to complete Part Three later in the course. Part Three—Develop a Five-Step PlanQuestion SixExamine the revenue consequences of shortening the tee time at a golf course such as Talking Stick. For this calculation, assume that:The course is open for 12 hours.The tee-time interval is 10 minutes.Players require four hours to complete 18 holes. Players need to complete all 18 holes before the course closes.The maximum number of players per party is 4.Each player pays a maximum of $145/person on weekends.For those of you who don’t play golf, think of a round of golf as dinner at a restaurant:The tee-time is the reservation time.Up to 4 people can sit at each table.It typically takes 4 hours from the time someone sits down at the table until they have completed the meal, paid the bill and left.Each meal costs $145/per person.In order to be sure the kitchen can accommodate everyone properly, the restaurant requires an interval of 10 minutes between reservations. So if a reservation is made for 6 pm, the next available reservation is 6:10 pm, then 6:20 pm and so forth. In the second part of the question, you will assess the financial impact of reducing the interval between reservations to 9 minutes—in other words, 6 pm, 6:09 pm, 6:18 pm, and so on.The restaurant opens at 7 am and closes at 7 pm.Using these data, the maximum number of parties per day at Talking Stick is _____________When the tee-time interval is 10 minutes, the maximum total revenue per day is ________Now let’s look at tee-time intervals of 9 minutes. All other assumptions above still apply.Using these data, the maximum number of parties per day is ________When the tee-time interval is 9 minutes, the maximum total revenue per day is ______How much extra revenue is possible with the new 9-minute tee-time interval? _________Question SevenConsider the five steps of the revenue management approach and how you might apply these steps to extend revenue to other areas of business at your chosen organization. Establish the baselineUnderstand the causesDevelop a strategyImplement the strategyMonitor the impactIf you have relevant information about your organization, use it to establish your baseline. If you don’t, make some guesses about your organization’s performance based on what you do know, and use those for the baseline. In step two, include one or more causes you believe are behind these baseline findings. Then, considering your notes for steps one and two, recommend a strategy in step three. For example, how would you attempt to manage things such as the uncertainty of arrival and duration, and how would you manage price? Finally, list several considerations you’d like to keep in mind when you implement your strategy, and describe how you would monitor the outcome.This is the end of Part Three of your course project. You will return to this document to complete the final section at the end of the course. Part Four—Complete Your ProjectQuestion EightIn the essential reading for this section, we learn that Kimes and McGuire chose to measure what they call ConPAST in their revenue analysis. Why did they focus on contribution instead of revenue at Raffles? Question NineThe opening scenario for this section presents two tables containing day-part-contribution data for six function spaces. These two tables present two views of the same data. What reasons can you think of for providing either one of those views or for providing both of them?Question TenFinally, please revisit your recommendations for the five steps at your chosen organization and all the notes you’ve made about the suitability of revenue management, refining revenue management, extending revenue management, and calculating revenue gains. Using these notes and the five steps as a framework, compose the final draft of your revenue management plan. If you haven’t already done so, include the specific activities that will be needed to put those steps into action. Describe what you will do and what others will do, and include a timeline for implementation. Explain how you would present your revenue management plan to your boss and to other employees. When you have finished all parts of this document and saved it on your computer or storage area, return to the course assignment page, “Course Project, Part Four” and follow the instructions for submitting this document to your instructor for review and grading. ................
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