What is the definition of Forecast in the hotel industry?
Any hotel looking for to capitalize on earnings, should look ahead and try to foresee a future position. One way to do this in an prepared manner, is to generate something called a Forecast. Forecasting can be completed at any time of year, by any kind of organization in the hotel sector (not only large hotels but also small, self-governing hotels) across the world.
The best way to Forecast expectation bookings and demand is to use a computation – to ask a comparatively simple question: ‘At our hotel, what is the likely predictable income in 2019, based on our income management team’s examination of figures from 2015 (occupancy and average rate)?’
A Forecast need not only be based on a entire year, of course. Occasionally it can be helpful to generate a month-to-month, or even a week-to-week forecast!
Forecasting is somewhat that no hotel should pay no attention to, as it can help monitor and foreseeing development in customer behavior and therefore precisely gauge the insist of each season.