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Synopsis

Taking the fear out of revenue management can yield huge benefits to a property. Revenue management is practiced everyday within a hotel, even if you are not aware of it. Yes, most hotel companies have computerized revenue management systems that assist in the process of obtaining the best rates for the rooms they are selling. However, you cannot remove the human element from this very important task. I compare the relationship between a revenue manager and a revenue management system to that of driving a car. Many computerized systems make a car operational, however, a person is required to steer the car in the correct direction to get where they are going. A revenue management system cannot function correctly without guidance. Revenue management programs are in place to assist revenue managers in making the best decisions to benefit the hotel.

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