ANSWER ME! - LT #1: Lesson 1

historical

Business analytics refers to the practice of using data and statistical methods to analyze ______________ data, predict future trends, and prescribe actions for improving decision-making in an organization.

informed

Business analytics helps hotel managers make _______________ decisions to improve profitability, guest satisfaction, operational efficiency, and marketing effectiveness.

strategic

In hospitality, managers often have to make quick, impactful decisions. Business analytics provides access to real-time and historical data, helping them make ______________, fact-based choices instead of relying on assumptions or gut feelings.

best

A restaurant chain uses analytics to determine which menu items sell _______________ during different times of the year and updates its offerings seasonally to match customer preferences. 

market

Revenue optimization in hospitality is about using data to strategically price services and packages, based on demand forecasts, competition, customer behavior, and ______________ conditions.

occupancy

A hotel chain employs a revenue management system that dynamically adjusts room prices based on _________________ forecasts, competitor rates, and special events (e.g., festivals, conventions).

experiences

Personalization is key in hospitality. Analytics allows businesses to collect and use guest data to improve ________________, anticipate needs, and resolve issues proactively.

return

Happy guests are more likely to _____________________, leave positive reviews, and recommend the business.

satisfaction

A cruise line analyzes guest survey data and finds dissatisfaction with entertainment offerings. It updates its programming to include more diverse activities, leading to improved ________________ scores. 

loyalty

A boutique hotel uses _________________ program data to remember guest preferences (e.g., pillow type, room temperature, or minibar snacks) and personalize each stay.

schedules

From managing staffing to controlling food costs and optimizing cleaning _________________, analytics plays a vital role in running operations smoothly and cost-effectively.

major

Labor and supply are ________________ cost drivers in the hospitality industry.

optimize

A large resort uses foot traffic sensors and POS data to ________________ staffing levels in its restaurants, reducing labor costs during slow hours without sacrificing service quality.

past

Descriptive analytics involves analyzing historical data to understand what happened in the _______________. It focuses on summarizing past events and helping businesses understand trends and patterns.

future

Predictive analytics uses historical data and statistical algorithms to forecast __________________ outcomes. In the hospitality industry, this can involve predicting demand, pricing, or guest behavior.