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This course prepares students to gather, describe, and analyze data, and
use advanced statistical tools to make decisions on operations, risk
management, finance, marketing, etc. Analysis is done targeting economic and
financial decisions in complex systems that involve multiple partners. Topics
include probability, statistics, hypothesis testing, regression, clustering, decision
trees, and forecasting.
V. LESSON CONTENT
Data preparation is used to clean and transform raw data into the right
shape and format for analysis, including making corrections and
combining data sets.
Data pipelines enable the automated transfer of data from one system to
another.
ETLs (Extract, Transform, Load) are built to take the data from one
system, transform it, and load it into the organization’s data warehouse.
Data catalogs help manage metadata to create a complete picture of the
data, providing a summary of its changes, locations, and quality while
also making the data easy to find.
Data warehouses are places to consolidate various data sources,
contend with the many data types of businesses store, and provide a
clear route for data analysis.
Data governance defines standards, processes, and policies to maintain
data security and integrity.
Data architecture provides a formal approach for creating and managing
data flow.
Data security protects data from unauthorized access and corruption.
Data modeling documents the flow of data through an application or
organization.
Visibility
Data management can increase the visibility of your organization’s data
assets, making it easier for people to quickly and confidently find the right data
for their analysis. Data visibility allows your company to be more organized and
productive, allowing employees to find the data they need to better do their jobs.
Reliability
Data management helps minimize potential errors by establishing
processes and policies for usage and building trust in the data being used to
make decisions across your organization. With reliable, up-to-date data,
companies can respond more efficiently to market changes and customer needs.
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Security
Data management protects your organization and its employees from data
losses, thefts, and breaches with authentication and encryption tools. Strong
data security ensures that vital company information is backed up and retrievable
should the primary source become unavailable. Additionally, security becomes
more and more important if your data contains any personally identifiable
information that needs to be carefully managed to comply with consumer
protection laws.
Scalability
Data management allows organizations to effectively scale data and usage
occasions with repeatable processes to keep data and metadata up to date.
When processes are easy to repeat, your organization can avoid the
unnecessary costs of duplication, such as employees conducting the same
research over and over again or re-running costly queries unnecessarily.
Lack of data insight Data from an increasing number and variety of sources
such as sensors, smart devices, social media, and video
cameras is being collected and stored. But none of that
data is useful if the organization doesn’t know what data it
has, where it is, and how to use it. Data management
solutions need scale and performance to deliver meaningful
insights in a timely manner.
Difficulty maintaining Organizations are capturing, storing, and using more data
data-management all the time. To maintain peak response times across this
performance levels expanding tier, organizations need to continuously monitor
the type of questions the database is answering and
change the indexes as the queries change—without
affecting performance.
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Need to easily Collecting and identifying the data itself doesn’t provide any
process and convert value—the organization needs to process it. If it takes a lot
data of time and effort to convert the data into what they need
for analysis, that analysis won’t happen. As a result, the
potential value of that data is lost.
Though many hotel systems have built-in analytics tools, their capabilities
may be restricted to solving narrow tasks in a particular niche. As a rule,
software like the PMS provides you with basic business KPIs but doesn’t explain
trends and their causes. If you see that the occupancy rate is lower than
expected, you often can’t respond adequately without additional insights.
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The biggest key to solving this equation with numerous unknowns is the
right technology. It should take into account multiple factors (from weather to
upcoming events) impacting booking decisions and support real-time or dynamic
pricing — a set of practices for aligning room rates with shifts in demand.
The US economy hotel chain used analytical tools to predict that 3 percent
of flight cancelations will lead to nearly 90,000 passengers stranded in airports
near their hotels every day. Next, revenue managers reached publicly available
weather reports and datasets on flight cancellations to forecast when and where
delays and cancellations would likely hit the 3 percent limit.
Then, knowing that most passengers would use mobile phones to search
for nearby lodging options the company launched a marketing campaign aimed
at mobile device users in the geographical areas affected by the bad weather.
This resulted in a 10 percent increase in revenue in regions where the strategy
was employed.
After feeding this data to business intelligence, you can identify OTAs or booking
engines that attract most deluxe room reservations, design optimal channel mix
and turn down sources that don’t generate profits.
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From a revenue manager’s point of view, not all guests are equal. Some
visitors limit themselves to using hotel rooms only, not ordering additional
services, while others splurge on dining, fitness activities, spa treatments, hotel
casino, celebrating special occasions, and so on.
Don’t collect more than necessary. Decide why you need particular data
and how it can help you reach your business goals. Don’t waste time and
storage space on information you are not going to utilize.
Integrate. Hotels often tend to operate isolated applications for different
functional areas. Ideally, all your systems and tools should be integrated
with each other for seamless data exchange.
Centralize. If possible, use a single dashboard connected with different
systems. This way, you will have a centralized view of your business and
bring all departments together.
Invest in training. Teach your staff to collect, unify, and organize data in
the hotel software, using different sources of information — both physical
and digital.
Keep it in a data warehouse. This will ensure that the data you need is
cleansed, structured, conveniently packaged, always at hand, and ready
to use by analytical tools.
Analyze it. Perhaps, your PMS can calculate key hotel KPIs, based on
booking data it operates. Yet, you need more powerful analytics tools to
extract valuable insights. There are many ready-to-use BI solutions on
the market. However, chances are that none of them will perfectly fit your
specific business needs. Custom BI solutions offer more flexibility and will
accurately meet your requirements. But, it takes time, money and tech
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2. DATA STORAGE
Data storage describes what type of, where, and how hardware or software
holds, deletes, backs up, organizes, and secures information. This includes
keeping data in temporary or permanent storage. The digitization of
manufacturing, known as Industry 4.0, is a good example of how the enormous
volumes of data, real-time analysis, and quickness drive innovation and increase
data storage demands.
The simplicity of using a paper punch card to hold data has long gone by the
wayside. Today data can be stored not only on hard disks, memory cards, and
DVDs but also in the cloud, and on atoms and DNA. Consider these questions to
better understand what data storage is:
What type of thing holds the data? For example, data can sit on hard disks,
flash drives, Non-Volatile Memory Express (NVMe) systems, and DNA. A virtual
software-defined infrastructure also may hold data.
Where is the data stored? For example, data can be stored on-premise, in
server farms, on the Internet of Things (IoT), or through a data storage service,
as a cloud provider.
How is the data stored? For example, solid-state drives use “electronically
programmable and erasable memory microchips” to store data. Other storage
devices may use Light Store, an environmentally friendly technology, or flash
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memory, an” electronic, non-volatile data storage medium that is erased and
reprogrammed electrically” to store data.
Image Credit: Science X
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Image Credit: TechCrunch
3. DATA INTEGRATION
for connecting and routing data from source systems to target systems. This can
be achieved through a variety of data integration techniques, including:
4. DATA QUALITY
Data quality is the measure of how well suited a data set is to serve its
specific purpose. Measures of data quality are based on data quality
characteristics such as accuracy, completeness, consistency, validity,
uniqueness, and timeliness.
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Data quality refers to the development and implementation of activities that
apply quality management techniques to data in order to ensure the data is fit to
serve the specific needs of an organization in a particular context. Data that is
deemed fit for its intended purpose is considered high quality data.
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A good data quality service should provide a data quality dashboard that
delivers a flexible user experience and can be tailored to the specific needs of
the data quality stewards and data scientists running data quality oversight.
These tools and solutions can provide data quality testing but cannot fix
completely broken and incomplete data. A solid data management framework
should be in place to develop, execute, and manage the policies, strategies, and
programs that govern, secure, and enhance the value of data collected by an
organization.
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Now, when you are familiar with its basics, let us move forward to how the
data management system benefits businesses.
DMS allows you to reduce such repetitions by integrating all the files in a
single database. While the scattered data is getting converted into a single
database, the system deletes all the duplicate values. Besides, any change or
duplicate entries are reflected almost immediately. Controlling data redundancy
through DMS results in more accurate data and huge savings on resources and
productive time.
With DMS, you don’t need to back up your data frequently. It duly takes
care of the backup and recovery process by automatically backing up your data at
regular intervals. Besides, you don’t even need to worry even if your system
crashes in the middle of a process, or you have a system failure. DMS restores
the database to its last saved condition.
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5. Data Consistency
There are multiple users who access the data for their respective tasks.
Thus, data consistency is a must for accurate business decisions. As DMS
ensures no data redundancy, data consistency is fairly easy to maintain.
All the data remains consistent for all the users. Even the minutest change
to the database is reflected in the database and visible to all who are using the
database.
Within social change work, there is usually a stark power asymmetry. From
humanitarian work, to campaigning, documenting human rights violations to
movement building, advocacy organizations are often led by – and work with –
vulnerable or marginalized communities. We often approach social change work
through a critical lens, prioritizing how to mitigate power asymmetries. We
believe we need to do the same thing when it comes to the data we work with –
question it, understand its limitations, and learn from it in responsible ways.
In one way or another, all data is shaped by people and their decisions.
How we treat data, how we think about what it tells us (or what it doesn’t), how
we choose what to collect and what not to collect all have impacts upon people.
Responsible Data practices are a way of bringing those considerations to the
fore to ensure we use data in a way that strengthens our work and mitigates the
unintended consequences of our work.
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IX. References
A. Book/Printed Resources
Lea R Dopson; David K Hayes (2018), Food And Beverage Cost Control,
Hoboken, New
Jersey: John Wiley & Sons, Inc.,
Shamoo, A.E. (1989). Principles of Research Data Audit. Gordon and Breach,
New York.
Shepard, R.J. (2002). Ethics in exercise science research. Sports Med, 32 (3):
169-183.
Silverman, S., Manson, M. (2003). Research on teaching in physical education
doctoral
dissertations: a detailed investigation of focus, method, and analysis. Journal of
Teaching in Physical Education, 22(3): 280-297.
Smeeton, N., Goda, D. (2003). Conducting and presenting social work research:
some basic
statistical considerations. Br J Soc Work, 33: 567-573.
Thompson, B., Noferi, G. 2002. Statistical, practical, clinical: How many types of
significance
should be considered in counseling research? Journal of Counseling &
Development,
80(4):64-71.
Resnik, D. (2000). Statistics, ethics, and research: an agenda for educations and
reform.
Accountability in Research. 8: 163-88
B. e-Resources
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Dopson, L. R., Hayes, D. K., Food and beverage cost control. 6th edition.
(2016), Retrieved
January, 2020 from http://www.cotr.bc.ca/bookstore/cotr_web.asp?
IDNumber=164 for
a complete list of the currently required textbooks.
Jack E. Miller, Lea R. Dopson and David K. Hayes (2014), Food and Beverage
Cost Control
Third Edition, Retrieved January, 2020 from
https://www.scribd.com/document/364370774/Food-and-Beverage-Cost-Control-
pdf
Lea R. Dopson, David K. Hayes, Food and Beverage Cost Control, 7th Edition
(2016),
Retrieved January, 2020 from
https://www.wiley.com/enus/Food+and+Beveragentrol%2C+7th+Edition
Odom, Clement K., "Logistics and Supply Chain Management in the Hotel
Industry: Impact
on Hotel Performance in Service Delivery" (2012). UNLV Theses,
Dissertations,
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Peter Briscoe and Griff Tripp (2016), Chapter 4. Food and Beverage Services,
Retrieved
January, 2020 from https://opentextbc.ca/ir-4-food-and-beverage-services/
WILL KENTON, Cost Control. Updated Apr 9, 2019 retrieved January, 2020 from
https://www.investopedia.com/terms/c/cost-control.asp
Zhang, X., Song, H. and Huang, G., 2009. Tourism supply chain management: A
new research
agenda. Tourism Management, [online] 30(3), pp.345-358, Retrieved January,
2020 from
<http://www.sciencedirect.com/science/article/pii/S0261517708002161>
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