Archives: Glossary

Description.

Year-Over-Year (YOY

What Is Year-Over-Year (YOY)? Year-Over-Year (YOY) is a commonly used financial evaluation for relating two or more quantifiable events on an annualized basis. Looking at YOY presentation allows for evaluating if a company’s financial performance is refining, static, or worsening. For example, in financial reports, you may read that a specific business reported its revenues improved for the third …

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Yield

What is the definition of Yield in the hotel industry? Yield just means revenue made. But a general mistake is to take for granted that Yield is the revenue created from the selling of rooms and suites and from in-house services inside the hotel. That is not essentially so! Yield can sometimes also mean the …

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Yield Management

Yield management is a variable pricing strategy, frequently used in the air travel and hospitality industry to take full advantage of income from a unpreserved and fixed account (e.g. hotel rooms, airline seats, etc.). Usually speaking, pleasing into a yield management strategy suggests proposing different values to different clients for the same merchandise (at different times). That’s because different consumers …

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Youth Hostel

What is the definition of Youth Hostel? A youth hostel is a lower priced lodging type in the hotel industry catering towards a younger aim market. The facilities, services, and product offered are all devoted towards the needs and desires of younger explorers. In general youth hostels are the preferred option for backpackers and more …

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Zero Base Budgeting

What is the definition of Zero Base Budgeting in the hotel industry? Zero Base Budgeting stands for ZBB. The term is used when the budgeting for appointing employees takes into account the tenancy anticipated for a precise time period or season. This is usually used in seasonal hotels or in hotels where workers may be …

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Zero-Hour Contract

A zero-hour contract is a type of agreement between an boss and a worker, where the employer is not grateful to provide any least working hours, while the worker is not appreciative to accept any work open. The employee may sign an arrangement to be accessible for work as and when mandatory, so that no particular number of hours …

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