Wednesday, July 3, 2013

Trendsetting and Analyzing

We began the day with a three-hour lecture about our CHESS reports and excel. It was lengthy, but packed with information. We learned how to use the information from CHESS to  find volume, variable costs, and revenue comparisons. There's so many factors in the hotel business that make the process seem complicated. We learned other formulas to calculate break even point and compensation too.

Secondly, Reneta taught us a technique to better ourselves. For our presentations, we had to write evaluations on each other. Reneta asked us to speak about our conflicts or strengths, but everyone talked about positive things. I guess people were reluctant to share an issue in front of the whole class, which is understandable. To aid this, we can ask people what they think we should improve on by asking "what do you know about me, that I don't know could make me a better teammate, friend, student, etc"

Mark lectured us about excel and then taught us how to make charts. We used formulas and shortcuts to combine data. To my surprise, it was easier than Word and PowerPoint. Usually I can follow during class, but I stumble while doing it on my own. Today I was able to do it on my own during office hours!

Reneta gave us another lecture about looking at trends and history. A lot of hotels keep a record of their past performances to predict what will happen the same time the following year. They analyze groups to see whether they'll leave early or not show up. For example, if there's a gymnastics competition, a lot of parents will leave early if their children are eliminated. This isn't an option in CHESS, but a major part of the hotel industry. They're not always predictable though. 

I ended my night walking back and forth from my dorm to the dining hall. I somehow dropped my ID and I panicked! Coincidentally, my group mate found it. At least now I'll be able to fall asleep tonight!

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