Business Finance Homework Help

Simulation Decision Sequence

The following is the recommended decision sequence each student should be following.

1. Review the Information Tab to see if there is new information posted this month.
2. If there is an RFP, complete and submit your bid using the “communicate” function in the simulation by the end of the current month (either Wednesday or Sunday).
3. Review your historical reports, and use this information to develop changes to your strategies to improve your hotel’s performance.
4. Complete the rooms occupied forecast.
5. Complete and enter your rate decisions.
6. Complete your decisions about Refurbishment, Services, and Facilities. Remember that you may only spend whatever funds are available in the FFE Reserve. Funds are added to this reserve each month based on your total revenue from the previous month.
7. Complete your staffing, wage, and training decisions. Remember that your occupied rooms forecast must be completed and updated in the system BEFORE the staffing guide on the staffing tab will update.
8. Complete your decisions on marketing and advertising. Pay close attention to the Market Momentum and spend index numbers to help guide your strategy.