- In reference to managing housekeeping assets, the term “par” is used to describe what? This definition is found in which of our reading materials and on what page?
RESPONSE: Par is used to describe the ideal number of items to have in stock to ensure that enough are available for daily operations. Par includes linens, cleaning supplies, or guest supplies. Definition for Par is found in Hospitality Management. Chapter 4: Housekeeping operations, pg. 49.
2. What is Yield Management and what is its ultimate objective? This definition is found in which of our reading materials and on what page?
RESPONSE: Yield Management is a revenue maximization technique that aims to increase net yields by allocating available room capacity at optimum price. YM has to do with aligning price with guest demand. So rates are kept high when the demand is there and lowered to attract guests. This definition for Yield Management was found in Hospitality Management: Chapter 5: Front Office Operations in pg. 56.
3. In terms of the lodging industry, what are the two outstanding totals traditionally balanced by Night Auditors, and what do they consist of? This information is found in which of our reading materials and on what page?