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1. Why is forecasting is a critical element of revenue management? 2. What is the difference between short term and long term forecasting? 3.

1. Why is forecasting is a critical element of revenue management? 2. What is the difference between short term and long term forecasting? 3. What are the benefits of using historical data when forecasting? 4. What is "revenue optimization"? Explain and provide some examples.

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