Grandparent Rights

My First Grandson How many of you have grandparents that have played an important role in your life? Were they there when you needed them? According to the Idaho Department of Health and Welfare, there are over 29 thousand children in Idaho alone who are being raised by their grandparents. I am one of those grandparents. On November 21s, 2004 Destin Hardy was born and this is when the bond of grandparents and grandchild began. Destin was 12 months old when his parents decided to move to Washington. It was so hard for me to let him go. I knew however that anytime I wanted to see him I was able to.It was in 2006 when my grandson and my son came down for a visit, they ended up staying with us on a permanent basis. My son was 20 years old and was just getting back on his feet, so I suggested that Destin stay with us until my son had a stable environment for him to go to. I at this time didn’t know the big effect this would have on my life. Another kid was all I could think about. I wasn’t worried I wouldn’t be able to do it, as I have raised four children of my own. I was actually worried about how to do it. Raising a child in today’s world is more difficult than when I was raising my children.Being a grandma and being a mother are two different things. I wanted to spoil him rotten. And as we all know once spoiled, always spoiled. So life began with a spoiled baby. It didn’t take to long for me to change to the mother mode though. My parental instinct took over and all of the skills I had used before came back to me. Destin was so active at this age. He loved the water and playing ball. I think his favorite thing to do was to jump on the trampoline or was it riding the lawn mower with â€Å"my wavier† (Xavier), as he called him. Even at night time he would want to read or color.I placed him in preschool at the age of three and watched him grow with knowledge. I can remember that every day I dropped him off; he would take my hand and show me the parakeets and the big parrot. He had to make sure they knew he was there. While attending preschool, Destin began reading at a higher level than expected. He was five and graduated with a preschool graduation diploma with special recognitions â€Å"Outstanding Learner†. This was a proud day in grandma’s life. Guiding Destin and talking to him as if he was a mature child helped with his language skills and communication skills.He is a very intelligent young man and knows more than an average child should know at his age. At the age 6 1/2 Destin decided that he wanted to get involved with football like his uncles. I thought about this long and hard deciding that it wasn’t in his best interest. I then decided that Tai Kwon Do would be better for him. He could use a little more self-discipline and balance skills. What a great idea. Destin’s accomplishments have been great. In one year he graduated 4 belts and received his green belt one month ago.From the day that Destin was born, to watching him turn into a little man. Destin has brought a great joy to my life. I would never take back a minute of sharing his life with him. I wonder what the future holds for my grandson. I know that with the right guidance and love he will go on to accomplish great things and one day be a great leader and mentor to his children and grandchildren. Bibliography http://healthandwelfare. idaho. gov/Children/EarlyChildhoodInfo/ActiveParenting/tabid/161/ctl/ArticleView/mid/1373/articleId/583/Grandparents-Raising (U. S Census Bureau, 2005-2009)

Role of Women in the 19th century essays

Role of Women in the 19th century essays The nineteenth century started a wave of revolution. Advancements were being made in almost every aspect of daily life. People could use electric lights, travel across the country on a railroad, or make use of the new method of transportation, the automobile. Perhaps one of the greatest advancements made in this period of one hundred years was the role women played in society. They were no longer bound to their households, doing daily chores. Instead, they were out there, among the masses, making a difference, and trying to change the way they were viewed. What started as a wave of women entering the workforce, led to women finding their own political voice, and eventually uniting under a common cause. In the wake of the industrial age, many job opportunities became available for women. Inventions such as the telephone switchboard and the typewriter yielded millions of jobs. Middle class women, who had previously been confined to the chores of the household, were now working. This became the new face of women, out in the workforce and independent. The new image was glorified with the creation of the Gibson Girl, a magazine image that romanticized this new concept. These advancements did have their downside. Women were forced to work the same grueling hours as their male counterparts, but with lower wages. However, women entering the working world was just the beginning. Greater things were still to come. With immigration at a rise, and Americas acceptance of the immigrants lagging behind, it was up to a few very ingenious women to make a difference. Jane Adams, who was among the first generation of women to attend and graduate from college sought out to help the large urban population. She attained the old Hull Mansion located in Chicago and transformed it into the Hull House in 1889. At the Hull House she tried to help the new immigrant population acclimate to life in America. This became known as a settlement...

Definition and Examples of Solecism

Definition and Examples of Solecism In prescriptive grammar, a usage error or any deviation from conventional word order. In its broader implications, notes Maxwell Nurnberg, a solecism is a deviation from the norm, something illogical, incongruous, absurd, or even an impropriety, a breach of etiquette (I Always Look Up the Word Egregious, 1998).The term solecism is derived from Soli, the name of an ancient Athenian colony where a dialect regarded as substandard was spoken. Examples and Observations: Solecism. An ancient term for an error in syntax arising from a mismatch between words. E.g., those page would be a solecism since plural those does not match or is not congruent with, singular page. . . .The extension to errors other than of language is modern.(P.H. Matthews, Oxford Concise Dictionary of Linguistics. Oxford Univ. Press, 1997)I quit school when I were sixteen.(public service ad)Songs you sang to me, sounds you brang to me.(Neil Diamond, Play Me)Curiouser and Curiouser[T]he phrase curiouser and curiouser . . . occurs for the first time in the 1865 Alices Adventures in Wonderland at the start of Chapter 2: Curiouser and curiouser! cried Alice (she was so much surprised, that for the moment she quite forgot how to speak good English); now Im opening out like the largest telescope that ever was! Its not good English because of the rule that -er may . . . be added only to words of one or two syllables; a three-syllable word like curious requires the use of more instead, s o Alice would properly have said, More and more curious! But, recalling Alice and her truly curious adventures, curiouser and curiouser has passed into general use as a phrase to evoke any situation so curious as to cause one to forget good English.(Allan Metcalf, Predicting New Words. Houghton, 2002) Between You and IBetween you and IAnd the stars that light up the sky . . ..(Jessica Simpson, Between You and I)[S]ome things we now consider to be mistakes or solecisms were once quite acceptable. . . . Are we racked with indignation when we hear Bassanio in The Merchant of Venice read a letter from Antonio containing the words All debts are cleared between you and I?(Henry Hitchings, The Language Wars. John Murray, 2011)Solecisms and Barbarisms (1882)Solecism. In rhetoric, a solecism is defined as an offense against the rules of grammar by the use of words in a wrong construction; false syntax.Modern grammarians designate by solecism any word or expression which does not agree with the established usage of writing or speaking. But, as customs change, that which at one time is considered a solecism may at another be regarded as correct language. A solecism, therefore, differs from a barbarism, inasmuch as the latter consists in the use of a word or expression which is altogether con trary to the spirit of the language, and can, properly speaking, never become established as correct language. Penny Cyclopaedia(Alfred Ayres, The Verbalist: A Manual Devoted to Brief Discussions of the Right and the Wrong Use of Words. D. Appleton, 1882) Roman Rhetoricians on SolecismsI allow that a solecism may occur in one word, but not unless there be something having the force of another word, to which the incorrect word may be referred; so that a solecism arises from the union of things by which something is signified or some intention manifested; and, that I may avoid all caviling, it sometimes occurs in one word, but never in a word by itself.(Quintilian, Institutes of Oratory)There are two faults in speaking that can mar its Latinity: solecism and barbarism. A solecism occurs if the concord between a word and the one before it in a group of words is defective. A barbarism is when something faulty is expressed in the words.

FORMS OF BUSINESSES Essay Example | Topics and Well Written Essays - 1500 words

FORMS OF BUSINESSES - Essay Example Under the sole proprietorship form of business, the business ends either when the person decides to go out of business, or if the person dies or somehow cannot operate the business. There is nothing formal that needs to be formally done to end the business. In the case of a general partnership, the same principles as with sole proprietorships apply in regards liability for injuries or accidents. The only real difference would be that the partners would share liability instead of all the liability resting with one person. In a bankruptcy case, the general partners would be personally liable for unpaid bills of the business. The legal rules apply differently from state to state, but being both jointly and separately liable is most common. This gives a third party the option to bring suit for unpaid bills either against one partner or against the partnership as a whole (Clarkson, et.al, 2006). The partners would find that it is easier to expand the company than for a sole proprietor. If there were two partners, they could combine their funds and resources for expansion. Banks would more quickly approve loans if more than one person was involved (Clarkson, et.al, 2006). The partners could invite more partners to join if more funds are needed. They could have a written agreement that the new partners provide funds or capital as part of the agreement to join the group (Clarkson, et.al, 2006). With a general partnership, the partnership itself is not taxed. Any income or losses flow through over to each individual’s income tax statements. The owners are taxed on their proportionate share of the business (Willis, et.al, 2009). Under general partnerships, the articles of the partnership determine how long the business operates. Those articles can state exactly the length of time that the partnership will continue. If nothing is stated in the articles, then any partner can end it by choice. If there is an agreement in

Boeing Case Study Example | Topics and Well Written Essays - 2000 words

Boeing - Case Study Example There were a lot of apprehensions among the directors as the company had not enough experience of developing a plane of their own. Project Uncertainty and Risk Management, the project management was not effective in Boeing 767 program, is the first weakness. Since the company did not have any past experience of cockpit design for two persons, it resulted in many difficulties in the successful execution of the final product. There should have been a through analysis of design before getting the final approval. Another weakness was that the geographic locations of production were also not considered. This hence became a major weakness as the transportation of parts was important on time. Time also became critical also due to the change in the design of cockpit. The strength was that the conversion of conversion from two-person to three person cockpit, which a very big risk was handled very intelligently. First strength was that the delivery of the planes was just one month delayed. This conversion also raised project uncertainty concern. As the parts were designed for two person cockpit and payments were already made. The strength of project management was that it was decided that modification experts will fix this problem once parts are installed. This resulted in minimization of the risk of production disruption. Hence the project uncertainty arising from risk was avoided. This made the design of new cockpit more adaptable to changes. In terms of quality managements another weakness aroused due to this conversion for space. This risk seemed to disrupt the modification of the thirty planes which were almost ready and were also ready to be flown. However, many managers opposed this approach as it violated the fire control systems and may result in working environment without fire system for some time till the new system gets installed again (Shaw, 1999). Another weakness in terms of quality was about the modification in production. Until all drawing and parts were available, cockpit work was delayed for two-crew models, and also demanded the alteration in the test procedure. Testing of each system sequentially when it became operational was not possible then. Furthermore another weakness which reinforced this weakness was that functional testing was done after complete installation of two-person cockpit. Hence the delay in problem detection and correction became another big weakness in terms of quality assurance. This gave chances for some errors and problem to be overlooked from one stage of installation to other. However, the strength of this program with regard to the quality management was that parts installation was done only once and there were no subsequent removal hence the configuration was secured. This reduces the effort cost that might have incurred if parts were removed one after the

Analysis of Glaxo Smith Kline Essay Example | Topics and Well Written Essays - 3250 words

Analysis of Glaxo Smith Kline - Essay Example Glaxo Smith Kline Company, being a global healthcare company, engages in the development, manufacturing and marketing of pharmaceutical and consumer health related products. The company’s products are target towards treating three major diseases. These diseases are malaria, HIV/AIDS and tuberculosis. The company mainly operates through two major segments which are Consumer Healthcare and Pharmaceuticals. The Pharmaceutical segment includes prescription pharmaceuticals and vaccines. On the other hand, the Consumer Healthcare segment provides over-the-counter medicines, oral care and nutritional healthcare products. Its operations are concentrated in Italy, Spain, United States, Japan, France, the United Kingdom, and Germany (Scott, 1982, p201). Glaxo Smith Kline Company has a number of factors that make it very outstanding in the current market. Early in the year two thousand and three for instance, the company published a strategic approach to most aspects of its business performance. This strategic plan had the intention of ensuring that it gets a competitive advantage over the competition yet still ensuring that it fully satisfies the needs of it clients. The published strategic approach related to issues pertaining to the environment, health issues and the safety of all related stakeholders. This plan was later to propel the company into higher levels of better performance. An analysis of the Glaxo Smith Kline Company indicates that the company’s strategic plan for excellence was meant to help in showing how Glaxo Smith Kline Plan for excellence shows how Glaxo Smith Klines environment, health and safety framework align with the companys vision, strategic intent and key business drivers. Moreover, Glaxo Smith Kl ine Company, if it continuous with its progressive trend, will progress through management systems to leadership and excellence (Atkinson, pp.207-229). Glaxo Smith Kline Company ventures in provision of medical services to its people and

Travelodge And Budget Hotels In The Uk Tourism Essay

Travelodge And Budget Hotels In The Uk Tourism Essay Travelodge is the first budget hotel launched in 1985 in UK. It operates 380 hotels with 26,500 room in the UK. Travelodge is planning to grow 1000 more hotels by 2020. It employs above 5500 people and 87% of the booking are made online. The UK hotel market is estimated around 700,000 rooms (source: Melvyn Gold, Qualification of serviced accommodation supply in UK, December 2007) UK hotel market is segmented mainly into four categories, Brander full service which has 14% of the market share, branded budget 12% branded mid market 62% and unbranded independents 62%.the current economic environment has seen increase in drop out of unbranded independents and people prefer to book with branded budget due to network coverage, brand strength strong balance sheet and distribution. Grant Hearn, Travelodge CEO, commented: 2008 was another record year of growth for the Travelodge brand with over 19% revenue growth. Room sold increased by 9 percent to 6 million The growth of Travelodge has been incredible but company faced a few challenges and one of the major challenge company is facing is overbooking. Overbooking is one of the important revenue management tool in hotels operation management to operate effectively and enhance profitability. Revenue Management is seen as an important technique in the hotels operation and therefore to maximize their revenues, hotels are increasingly implementing Revenue Management practices (Hwang and Wen, 2009). As a consequence of implementing such systems, many companies in the service sector such as hotels systematically overbook capacity in order to maximize the revenue at one particular point in time (Wangenheim and Bayà ³n, 2007). If overbooking is not implemented correctly it can result in loss of room revenue, loss of hotel reputation, decreased customer loyalty and decrease hotels profitability. This report discusses the main characteristics of overbooking and its impact on the company in theoretical and practical prospective. Theoretical insights of overbooking One of the central concepts in Revenue Management is overbooking. The practice of overbooking can be defined as confirming more reservations than the hotels available physical capacity to provide the service. (Ivanov, 2006; Ivanov, 2007; Chiang et al 2007; McGill, van Ryzin,1999; Kamath, Bhosale, Manjrekar,2008). Hence, the objective of overbooking is to improve the expected profit and instead of selling each room once, profit can be increased by selling it several times (Birkenheuer, 2009). In fact, overbooking as an integral part of Revenue Management has received significant attention from literature. From a historical perspective, overbooking is present in the studies of Falkson (1969), Simon (1968), Vickrey (1972) and many others. The major objective of these studies was to outline a control practice for cancellations. Nowadays, overbooking has become an emerging matter in industries with perishable products. It yields considerable impacts on companies performance. In terms of the hospitality industry, the profitability of hotels is largely dependent on their utilization of capacity. Conversely, demand for rooms and extensions of stay are very unstable and are hard to predict (van Ryzin, 2005). Hoteliers are challenged by how to determine the occupation of rooms for customers who are financially unequal and meanwhile maintain a stable rate of demand given the hard to predict circumstances (Okumus, 2004). This is all possible utilizing overbooking, which enables proper allocation of resources and optimization of sales. However, maximizing the number of sold rooms per night cannot be easily accomplished. One of the most challenging tasks of the hotel operation management is to deal with the unpredictable nature of the customers, because not all booked reservations will turn into real service consumption (Lai et al, 2005). To this end overbooking may entail a company from the hospitality industry not being able to serve all its customers properly because of lower number of initially expected people that do not appear as agreed. In this respect, overbooking may have both positive and negative impact. On the one hand, it may result in refusal to provide a service, but on the other, it can also take the form of compensation for those bookers, who cannot received the value package they have agreed on and paid for (Kimes and Wagner, 2001). From their practical experience managers know that all not bookings confirmed for a particular date will be really used (Ivanov, 2006). There are several possible scenarios that can cause this. Despite of their reservations, because of different circumstances some guests cancel their stay and terminate their reservations, some does not cancel their booking but fail to show up, or other guests reduce their stay and as a result the room remains unsold and hence capacity not utilize is lost forever (Ivanov, 2006, Talluri et al, 2004; Chiang et al, 2007; Hung, 2004; Bitran; Leon, 1989). Therefore hotels adopt overbooking in order to protect against losses with no-shows and to offset the effect of cancellations and shortened stays (Hwang and Wen, 2009; Kamath et al, 2008; Selmi, 2008; Chiang et al 2007; Hung, 2004; Sulistio, Kim, and Buyya, 2008). Impacts of overbooking on hotels operation management Apart from the opportunity of the hotel to minimize the effect of reservation uncertainties there are possibilities the number of cancellations and no shows to be less then the number of overbookings, then some of the clients will not be accommodated and should be walked to other hotels (Ivanov, 2006). Thus, if a hotel decides to employ overbooking in its operations it should manages carefully not only the opportunity cost of the unsold room but also the overbooking costs for alternative hotel accommodation and transportation that the hotel has to pay in order to compensate a customer in case of overbooking (Ivanov, 2006; Hung, 2004). Besides the evident financial costs occurring in case of walking a guest having already booked, costs the lost hotels goodwill and reputation and the risks of dissatisfaction, loss of trust, loss of future customer loyalty are much more expensive for the hotel (Selmi, 2007). Overbooking policy and control According to Selmi (2007), the risk of customer refusal appears if the overbooking is no realized precisely. In this regard, Kimes (1989) emphasized on the importance of a clearly stated overbooking policy within the hotel operation management. The objective of overbooking policy and control is to find an optimal overbooking level to maximize the expected revenue and to minimize the potential risk of denied service (Chiang et al 2007). Netessine and Shumsky (2002) as cited by Ivanov (2006; 2007) proposed a basic mathematical model for calculating the optimal number of overbookings and according to his findings the optimal overbooking level is inversely related to the amount of cance llation charges applied the closer the cancellation charge to the room rate, the lower the missed benefit from the unoccupied room and the less stimuli to overbook. In case of presence of guaranteed and non-guaranteed bookings, Ivanov (2007) suggests that the optimal number of overbookings has to be set separately for each type. Alternatively, according to Hung (2004) factors that could be considered while setting overbooking limits include: probabilities of cancellation and no-show; room demand distribution over time and conditions of length of stay; stay extension probabilities influenced by the intended length of stay. Moreover Hung (2004) assumes that the proportion of cancellations depends on the customer category, intended length of stay, day of week of first stay over, and time until first stay over. Impact of overbooking on customer behavior According to Talluri et al (2004) overbooking is frequently cited in customer complaints and remains the primary source of dissatisfaction. Moreover, results of an experiment made by Wangenheim and Bayà ³n (2007) confirm that the practice of overbooking is likely to be perceived as unfair by service customers. Wangenheim and Bayà ³n (2007) analyze behavioral consequences of the fairness towards overbooking by proposing and confirming several hypotheses. According to their research the negative consequences of service failure arising from overbooking are stronger for the high status customer than for the low status customers and therefore, hoteliers have to carefully overbook its high-values classes. Additionally, Wangenheim and Bayà ³n (2007) emphasize on the importance that if a hotel ignores the log-run behavior consequences of overbooking, this may lead to negative consequences on its operations. One such negative consequence is proposed to be a customer who faces a denied service due to overbooking and still remains hotels client because of either high fixed switching barriers or current loyalty membership programs. However, in response to the service failure the customer may adjust its investment into the exchange relationship not only by decreasing the number of sales, but also by trying to take advantage of discount offers or purchasing lower level services from the hotel (Wangenheim and Bayà ³n, 2007). On the other hand, Hwang and Wen (2009) analyze the effect of the perceived fairness toward hotels overbooking and compensation practices by examining customers reactions toward hotel overbooking. Some of their most vital findings from this study are that women are more likely than men to feel that overbooking is unfair, customers perceptions to the fairness of overbooking is not affected by other customer variables including length of stay, membership status, payer source, reservation channel, and reservation time; participants perceived fairness toward the hotels overbooking and compensation policies were strongly correlated with positive word-of-mouth publicity. One of the most important results of the research shows that the perceived fairness of the participants toward the hotels compensation policy is related to their loyalty. Therefore, Hwang and Wen (2009) propose that hotels should consider designing compensations that help positively influence customers perceived fairness t oward overbooking and that encourage customers ongoing patronage and loyalty. In a conclusion, issues like determining the optimal number of excess reservations, minimizing compensation cost, and dealing with the negative effects from customers facing a denied service are considered as the most challenging areas of the practice of overbooking and every hotel striving to maximize its profitability should not underestimate them (Sulistio, Kim, and Buyya, 2008). Practical Implications of overbooking As the hospitality industry is evolving, hotel owners and hotel managers are constantly seeking to update their approaches in order to achieve optimal allocation of resources. Novelli, Schmitz and Spencer (2006) have discovered that hoteliers make every effort to employ contemporary technologies in their business. By this implication, hotel managers and owners do not only sustain competitive advantage, but also create new products and services. In view of this, it can be concluded that implementation of new technologies that create new products is a technological innovation (Evangelista, 1999). On the other hand, the implementation of innovative technologies to a service company can have a significant influence in terms of operational efficiency (Freeman and Soete, 1997). Additionally, Porter (1990) supports the latter thesis by highlighting that the performance of a company is highly dependent on new technologies. In view of technological innovations today many hotels recognize the importance of overbooking practice and thus its implementation has become generally accepted step toward hotels successful operations. The practical application of Revenue Management and Overbooking incorporates the following integral elements (Vinod, 2004): Figure 1 Revenue Management application C:UsersamadDesktopCapture.JPG Source: Vinod, B. (2004), Journal of Revenue Pricing Management Market segmentation: Segmenting customers according to their preferences and spending patterns is a must to make sure the most appropriate customers with perfectly fitted attributes are sold the proper rooms that can maximize revenues (Oliveira, 2003). Defining rate classes (inventory pooling): Involves creating groups of the existing rates that close in terms of value (Vinod, 2004). Demand forecasting: demand forecasting is essential to determine room occupancy. In the context of Revenue Management it is important as it can control occupancy using the data of length of stay. This can be achieved by possessing data on rate class demand and duration of stay (Vinod, 2004). Supply forecasting: earlier and late checkouts can also determine room occupancy, which is an element also involved in Revenue Management. Overbooking control: encompasses sales of rooms exceeding the maximum available number of rooms to offset for no shows and cancellations. However, there are some risks associated with overbooking as it may result in grievances from unsatisfied customers who have received an inappropriate room. In such cases hoteliers offer compensations and fringe benefits (Smith, 1982). According to Vinod (1992) Revenue Management can bring 20% of the total revenues. Revenue mix control and exception processing: involves planning important future dates with discretion and matching them with overbooking levels (Vinod, 2004). Performance measurement and management reporting: closely scrutinizing the Revenue Management processes is essential to track down the data quality and future planning basis. However, in order to lead a hotel into a winning direction, overbooking has to be managed and controlled very carefully. Ivanov (2006) defines the management of overbooking as a set of managerial techniques and activities connected with continuous planning, reservation and control and he outlined two main groups of activities that should be performed in the daily hotel operation. The hotel managers should on one hand, to define an optimal number of overbookings for each date and continuously to modify it according to the market changes of the hotel and the specific demand and booking patters and on the other hand, to manage carefully decisions and operational activities related with walking guests with overbookings. In this regard, Ivanov (2006) proposes that factors such as length of stay, rooms rates and client status have to be considered by hotel managers while dealing with walking a guest with confirmed reservation. Additionally, Kimes (1989) analyzes several managerial concerns essential for an effective overbooking practice and states that top management cannot assume that Revenue Management will just happen, it requires careful planning and training. Thus employees have to be i ntensively trained in order to clearly understand the aim and characteristics of overbooking. Moreover, employees who are directly dealing with overbooking decisions have to be periodically trained how to behave in possible customer conflicts and to take their own decisions in an unfamiliar situation (Ivanov, 2006). In order to be minimized the possible customer dissatisfaction in case of overbooking, it is vital for the hotel to establish service recovery programmes with standardized procedures and to make employees to be aware and follow them (Ivanov, 2006) For a profitable applied overbooking in the hospitality industry, hotels must understand not only consumers behavior but also to consider the impact of competition and the currently economic situation that imposes significant supply and demand fluctuations. As hotels compete with each other in order to attract more customers, Revenue Management decisions of one hotel inevitably influence the demand for other hotels in the same region or area. However, recent trends propose that hotels should collaborate with is competitors that result in increased number of formed alliances with each other to maximize their revenue (Chiang et al, 2007) Revenue Managements challenges in the hospitality industry As explained before, Revenue Management finds application to two significant industries: hospitality and airline. The first one, however, is much more complex in terms of industry saturation and rooms management. This creates hurdles for the optimal operation of Revenue Management techniques. I n the hotel industry Revenue Management can be applied either locally or via centralized system. The second one involves gathering data and taking decisions from a focal site for other properties. In practice only a limited number of hotels and hotel chains are able to manage centralized data processing and therefore the majority of players on the hospitality industry opt for property based Revenue Management. Recommendations for future research Despite of the acknowledged importance of overbooking as one the most effective successful Revenue Management techniques used in hotel operation and widely discussed topic in research literature, there are no current studies discussing the overbooking management of Bulgarian hotels and its impact on their operation. Therefore, future research may focus on the possible application of Revenue Management techniques to the Bulgarian hospitality industry. Future studies may also focus on the demand side of Bulgarian tourism as the country has witnessed fluctuating visitor rates during the past two decades despite the growing profits generated by the particular industry. Conclusions In order to survive in the furious competition and to generate more revenue while using the same amount of recourses it is necessary and critical to the hotels operation management to use effectively its reservation inventory and to increase its occupancy rate (Hung, 2004). Revenue Management techniques and the models of overbooking if applied appropriately would maximize the revenues of hotels (Kamath et al, 2008). However, the possibilities of customer dissatisfaction, and risk of loss of reputation because of denied service, force many hotels to avoid the practice of overbooking. Therefore, before hotel managers to deicide whether or not to implement overbooking they should first consider what Birkenheuer (2009) explained the best estimation of risk and opportunity will provide the best profit. In this study we have outlined the dynamic nature of service industries and have demonstrated the importance of Revenue Management and most notably one of its most significant aspects ove rbooking. We have narrowed the scope of this research down to the hospitality industry and have found major differences in the demand patterns towards such companies in the former industry. Some customers prefer flexible cancellation terms, while others are not much attentive to that. Hoteliers offer differential pricing to their own advantage to hedge against fluctuating demand. We have also found that substitution is one of the most effective method of managing overbooking practices, but yet a cost/benefit analysis must be performed in order to track down the real consequences. Essentially, within the current dynamic decision making situation in the hospitality industry, overbooking levels have been found to have significant revenue maximizing properties. In view of this, through this study we have discovered some of the chief management objectives that could be achieved through overbooking in the framework of Revenue Management: profit maximization; capacity allocation; maximizat ion of average revenue per customer; maximization of net present value; and minimization of customer grievances. Finally, as hospitality industry on a global scale is a mass volume-driven business, overbooking has become an emerging topic as vacant rooms do not bring any profits. However, perhaps even more significant remains the problem how to manage customer disappointment, in cases they cannot be relocated to similar hotels as a result of overbooking.