Benchmarking is an essential tool for any profitability tool chest. This course, the emphasis will be to: characterize the basics of operational benchmarking and the use of key performance indicators (KPIs), illustrate the use of KPIs and indexing in effective benchmarking, assess how benchmarking can provide insight into your hotel's performance, assemble effective competitive sets that will allow for effective analysis of both internal and external competitors.
The course consists of four modules:
Module 1: Basics of Operational Benchmarking Demonstrate the need for operational benchmarking.
Module 2: Meet the KPIs Illustrate the role of KPIs in operational benchmarking. Calculate and apply basic and advanced KPIs that are essential in conducting operational benchmarking.
Module 3: My Hotel's P&L Identify and interpret the key measurements in the various hotel operating and undistributed departmental financial schedules.
Module 4: Choosing the Proper Competitive (Comp) Set Define a Comp Set. Distinguish between the use of internal versus external Comp Sets.
All modules cover the concepts and provide practical applications to incorporate them into your daily, weekly, or monthly analysis. A 90% pass rate on the final assessment is required to obtain the certificate.
Three months of access is provided to complete the course.