The key element in the process of RM is forecasting. Everything stems from the accuracy of the rooms revenue forecast including all other departments planning. Currently the industry standard for accuracy variance for an experienced analyst in a role with sound market knowledge and experience is + / – 3% variance.
Forecasting is an art form that develops well over time and job stability is very important to it’s success. It is one of the most important elements in the process of RM but also one of the hardest to get right. Regular forecasting with a strategic focus serves to identify opportunity so decisions can be made well in advance to have impact and avoids operating in a tactical reactive manner.