Siebel Hospitality Guide > Setting Up Pricing and Property Pricing >

Setting Up Average Values and Function Types

Average values define how much a property usually receives in revenue for a function similar to the one the customer is planning on holding. Projected revenue is derived from a property's average values.

In the hospitality industry, events may be planned two or three years into the future. The customer may not have all the details for each function, but only macro-level details. Based on these macro-level details, each hotel chain can analyze the historical records to determine the average amount of money spent by the customer or the average revenue the hotel has received for similar functions.

Average values are based on the following:

• Business type
• Function type
• Date/Day

Depending on the values for these three parameters, each property can have different average values.

Function types are set up globally in the list of values (LOV) through the LOV Administration view, and then every property can choose a subset of the list of values using the Property Pricing screen.

This task is a step in Process of Setting Up Pricing and Property Pricing.

To set up function types and average values

1. From the application-level menu, choose Navigate > Site Map > Property Pricing Admin.
2. Select the property record, and click the link in the Property Name field.
3. Select the Function Types view tab, and create a new record.
4. Complete the following fields based on the function type:
   • Name
   • Active

     NOTE:  The Description field is automatically populated with the value from the Name field. Modify the Description field as appropriate.

5. Scroll down to the Type - Applicability Time list and create a new record.
6. Complete the following fields:
   • Business Type
   • Start Date
   • End Date

     NOTE:  The Start Day and End Day is automatically populated with the values from Start Date and End Date.

7. Scroll down to the Average Values list and choose either Category or Parent Category to create new average value records.
8. For each record in the average values list, update the following fields:
   • Average Value
   • UoM
   • Service Charge %