1) Define and apply the concept of price elasticity of demand in a hospitality setting. 2) Identify the elements of revenue and describe how changes in one element may affect revenue. 3) Describe and apply the moving average method and the percentage method of revenue forecasting. 4) Describe and apply several statistical models that can be used to forecast rooms, food, and beverage sales. 5) Use CVP analysis to forecast both revenue and unit sales. Rubric