How do you choose the best course of action?
Which course of action would be most beneficial to the profit generating ability of a revenue manager s business? a. The majority of any consumer surplus is captured by the business 2. Offering reduced room rates only to those room buyers willing to book their
Who focuses on profit maximization and its derivative?
What is a company's strategy typically planned well in advance?
What is a a profit?
What is the key technique for selecting the best course of action?
A key technique for selecting the best course of action is to project the alternatives we are considering into the future to see what might happen if we implement each of these ideas.
What are negative criteria?
Negative criteria, which give reasons not to select an alternative, may include costs, risks, difficulty, hassle and trouble.
Criteria
- Selection is done through the application of some form ofcriteria, which may be consciously or subconsciously selected. These are reasonsfor or against taking the action, which will allow us to weigh up the pros andcons or the return on investment for each alternative. Negative criteria, which give reasons not to select analternative, may include costs, risks, difficulty, hassle and tro…
Negative Selection
- Remember when you last bought or rented a home. What youprobably did was to go along to a number of housing agents and come away withpiles of home details, then start your selection by sorting out the definite ‘nogood,’ the ‘maybe’ and the ‘interesting’ homes. The initial strategy that we commonly use when faced with alot of choices is to ‘sort the wheat from the chaff,’ rapidly el…
Forecasting and Risk Analysis
- A key technique for selecting the best course of action is toproject the alternatives we are considering into the future to see what mighthappen if we implement each of these ideas. In forecasting we make much use of our mental models to helpus grope forwards, weighing up the implications of each alternative, estimatingboth the possible outcomes and how likely each one …
Positive Selection
- The final selection of the alternative that we will implementuses criteria in a more positive way, seeking to narrow down the short-list tothe item we will actually implement. This process is not always cool and rational, and even aftera long and drawn-out selection process, we sometimes change our minds for noapparent purpose, probably because our subconscious either objects i…
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