Live Forecast Overview

Summary

This overview will briefly describe the different parts of Live Forecasting. For more details there are links to other parts of the Wiki. View options and Tools are described below. Depending on the kind of forecast you are working with, the Tools and View menus may look different.

The 29th of February will display last year as 0.

Intended Users

Department Heads, Forecast Owners, Revenue Managers

Instructions

Pickup

This part will describe how the Pickup works and how it is calculated in the different parts of Live Forecast.

  1. Pickup yesterday Room Nights/Covers/Units – The unit pickup for historical days shows the difference between the last saved Live Forecast and the actual result. A negative number means the Live Forecast was too high and vice versa. The column Live Forecast always shows the most updated forecast; so once a day has passed, the Live Forecast column, in fact, displays the actual result.
  2. Pickup yesterday Average Rate – The average rate pickup for historical days shows the last saved Live Forecast, enabling comparison with the actual result. The column Live Forecast always shows the most updated forecast; so once a day has passed, the Live Forecast column, in fact, displays the actual result.
  3. Pickup yesterday Revenue – The revenue pickup for historical days shows the difference between the last saved Live Forecast and the actual result. The column Live Forecast always shows the most updated forecast; so once a day has passed, the Live Forecast column, in fact, displays the actual result.
  4. Pickup today Room Nights/Covers/Units – The pickup for future days shows the difference between the last saved Live Forecast and the OTB (or Revenue Driver, depending on Settings). Edit the pickup and save to change the Live Forecast. When the OTB/Revenue Driver changes, the pickup will also change. If the pickup follows the trend you expect, the pickup number will gradually move to zero until the day occurs, while Live Forecast remains the same.
  5. Pickup today Average Rate – The average rate future pickup shows the expected average selling rate for the forecasted units. Edit the pickups and save to change the Live Forecast. However, it is the Live Forecast that is important. If you use PMI’s automated forecast, it forecasts the expected end result, so the pickup itself is not as important: it is only used to calculate the expected Live Forecast.
  6. Pickup today Revenue – The pickup for future days shows the difference between the last saved Live Forecast and the OTB (or Revenue Driver, depending on Settings). Edit pickups and save to change the Live Forecast. When the OTB/Revenue Driver changes, the pickup will also change. If the pickup follows the trend you expect, the pickup number will gradually move to zero until the day occurs, while Live Forecast remains the same.
Pick Up.PNG

Tools

Some of these tools may not be visible, depending on the kind of Live Forecast you are in and depending on your user rights.

  • Pickup Statistic – this will open the Pickup Statistic. Read more here.
  • Reset Pickup – this will reset whatever is in the Pickup column to 0 (Zero).
  • Calculate Live Forecast – read more here.
  • Copy to Live Forecast – this will copy Last Year, Budget or Forecast to Live Forecast. Read more here.
  • Season – this is where you choose and edit what seasons to use. Read more here.
  • Generate Auto Seasons – a tool to generate the Auto Season for the first time in a new property or if one changes historical data or segments.
  • PMI Live Forecast – a tool that shows a snapshot of your Live Forecast for comparison and accuracy checking.
  • Available Rooms – where you enter available rooms. Read more here.
  • Monthly Settings – setting your daily distribution of budget and forecast. Read more here.
  • Configuration Settings – read more here.
  • Extract Data – enables you to extract data in different ways.
  • Print to File – enables you to print to excel or pdf with different choices of what to print.
  • Submit Live Forecast – where you submit your forecast. Read more here.
  • Submit Several Live Forecasts – you may submit several different forecasts. Read more here.
  • Edit Guest Nights Factor – enables you to change number of guests per room.
  • Revise Budget/Forecast – enables you to edit budget/forecast instead of going to the Budget & Forecast module.
Tools.PNG

View Options

Some of these view choices may not be visible, depending on the kind of Live Forecast you are in and depending on your user rights.

The most interesting view choice here is the Last Year by Date or by Weekday – if you choose by Weekday, you will compare a Monday to a Monday and not by Date.

When Forecasting Accuracy is ticked a new column will appear to the right of the Live Forecast column displaying how accurate the last saved live forecast was in percentage. Taking the actual outcome and divide it will the last saved live forecast.

Forecasting accuracy.jpg

When hovering over a Budget or Forecasted number in the Live Forecast module a popup tool tip will appear displaying when and by who the budget or forecast was submitted.

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