Hospitality and Tourism 2.02

Booking engine

The technology that allows reservations to be made on a website

Degree of accuracy

The measure of how close to reality a prediction is

Forecasting

Predicting the number of guests who will stay at the hotel

Inventory

the stock of goods or merchandise on hand; an accounting of goods; any detailed list; to list merchandise or belongings

Level of demand

The measure of how wanted the rooms are or will be in the future

No-show percentage

The historical percentage of guests who make reservations and do not arrive

Overstays

The measure of people who stay longer than their intended duration

Reservations

A promise to hold something for a customer until the customer needs it, like a hotel room or a table at a restaurant

Supply chain

All the activities associated with the flow and transformation of product from raw materials through to the end consumer

Ten-day forecast

The tool used by hospitality destinations to estimate, in advance, how many rooms will be booked in the next ten days

Understays

The measure of people who stay shorter than their intended duration

Walk-ins

Guest who arrive and intend to stay without advance reservation

Yield Management

Policies and practices to maximize the benefit of a service capacity.