The Estimate and Forecast are produced according to the required optimizations, which in RM-type of businesses tend to increase as the time for consumption arrives.
Basically, an RM system produces three main types of calculations: (1) estimating the parameters of the demand models, (2) forecasting demand based on these same parameters, and (3) forecasting the relevant transactional quantities, such as, no-shows, go-shows, cancellation fees, groups, reservations/purchases time curve, reservations/purchases (quantities), and so on.
Lastly, although RM systems over time have become significantly more sophisticated, unfortunately they are only able to make initial estimations and forecasts based on the data entered at that time. Having said that, because sometimes it is necessary to input more data to update and improve these same calculations, some RM systems have created a special window that allows, manually, to enter this missing data.
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