Investment plays a very important role in the economy, ensures its sustainable growth, contributes to the improvement of the living standards of the population. The most common mistake of planning investment projects is the insufficient development of risks that may affect the profitability of projects. The purpose of the paper is the formalizing the normal distribution for investment project evaluation using the Monte Carlo method. Such formalizing should allow to present normal distribution in a form that is understandable for nonspecialists in mathematical statistics. A user can easily calculate the standard deviation value and determine the limits of the confidence interval and the range of deviation from the mean value. Such mistakes can lead to incorrect investment decisions and significant losses. The desire to minimize risk requires developing a risk model. One of the risk assessment tools is the Monte Carlo method, which combines and develops both methods of sensitivity analysis and scenario analysis. In the Monte Carlo method, risk analysis is performed using models of possible outcomes where any factor that is characterized by uncertainty is replaced by a probability distribution. Some types of distributions such as normal distribution is used less frequently, because their use requires special knowledge in the field of mathematics. In this paper, the aim is to formalize the normal distribution for use of non-specialists in mathematical statistics. Object of study is the risk assessment of investment projects. Subject of study is the normal distribution formalization for investment project evaluation. As the result the formulas for investment project variables and the form for normal distribution formalization in MS Excel are proposed. The empirical result is an experiment, which identify a pseudo-random numbers sequence as normally distributed. It facilitates the work of an expert and allows him to use the normal distribution variables correctly. JEL classification:C12, C53, E22

Поширення інфекційного захворювання COVID-19 та карантинні умови суттєво вплинули і продовжують негативно впливати на туристичний та готельний бізнес, тому є необхідність дослідження впливу та наслідків спричинених світовою кризою на готельний бізнес, зокрема, створення умов для поступового виходу з рівня збитковості готельних підприємств та запобігання стагнації в галузі. Готельні заклади зіштовхнулися з новими проблемами: відсутність гостей, закриття, падіння доходів, безпека співробітників і гостей. Готельному бізнесу доведеться трансформуватися і розвиватися далі: створювати сектори сервісних апартаментів під управлінням міжнародних і локальних операторів, шукати нові форми співпраці, використовувати нові технології ведення бізнесу. Для виходу з кризи готельна галузь потребує підтримки від держави. Ключові слова: готельний бізнес, пандемія, стратегії розвитку, трансформація бізнесу, державна підтримка. THE IMPACT OF THE COVID-19 PANDEMIC ON THE HOTEL INDUSTRY The spread of infectious diseases to COVID-19 and quarantine conditions have significantly affected and continue to negatively affect the tourism and hotel business, so there is a need to study the impact and consequences of the global crisis on the hotel business, in particular, to create conditions for gradual loss of hotel enterprises stagnation in the industry. Hotel establishments faced new problems: lack of guests, closures, falling revenues, security of staff and guests. The hotel business will have to transform and develop further: increase the role of the Internet and social networks in shaping consumer preferences and guest behavior, integrate with online booking services, introduce online payment, open coworking in hotels, create service suites under international and local operators, search new forms of cooperation, use new technologies of doing business. More sophisticated technologies such as artificial intelligence, open software interfaces, augmented reality, the use of voice assistants, blockchain, neurointerfaces, biometrics and face recognition require significant investment, which is currently not available to hotel enterprises. If earlier hotel enterprises paid great attention to the occupancy of the room stock, expanded the range of additional services, improved the quality of guest service, now the main task for institutions is the safety of employees and guests. Regulatory documents related to the procedure for establishing categories of hotels and other facilities intended for the provision of temporary accommodation (accommodation) services need to be reviewed and updated; rules for using hotels; regulatory support in the design, construction, operation and planning in the hotel business. To mitigate the economic impact of the COVID-19 pandemic, the hotel business needs support from the state in the form of the following steps: credit vacations during the pandemic, reduction of value added tax, reduction of land tax, preferential lending. In any scenario of a pandemic at COVID-19, the hotel market will survive, but it will be tr...

seLeCtion of tHe optimaL set of reVenue management tooLs in HoteLs Охарактеризовані основні економічні та аналітичні інструменти управління доходами в готелях. Приведені переваги та недоліки основних аналітичних інструментів: Rate Shopper; аналітика та інструментарій в ОТА; RMS (revenue management system)-системи управління доходом. Доведена необхідність використання сучасних аналітичних інструментів для оптимізації доходів в готелі та прийняття стратегічних рішень. Для вибору оптимального набору інструментів розроблено процедуру прийняття рішення щодо роботи з аналітичним інструментом. ключові слова: revenue management, оптимізація доходів, аналітичні інструменти, дохід з гостя, дохід з номера, канали продаж.

The article considers the peculiarities of the formation and implementation of tax policy in the development of the digital economy, reveals current problems, and substantiates the need to change the tax system. The directions of compensation of the reduction of income from the labor tax through automation and introduction of artificial intelligence in technological processes are defined and the forms of taxation of digital commerce are offered. The research methods were scientific abstraction, logic, graphics, visual reflection, analytics. It has been proven that the process of digitalization of the economy in combination with the crisis caused by COVID-19 causes many risks that must be considered when developing tax policy. Emphasis is placed on the implementation of a tax policy based on digital transformation, which stimulates innovation, ensures efficiency, and improves the quality of tax services. Increasing the use of digital technologies has been shown to create challenges in many areas of public administration, including taxation. It concludes that there is a need for broad international cooperation to prevent tax evasion, ensure tax transparency and develop new tax approaches and software.

Purpose: The purpose of the academic paper is to study the tendencies and practice of applying innovative methods of managing labor potential in the hotel and restaurant business in changing environmental conditions.   Theoretical framework:  Considering labor shortages in the hospitality industry and the necessity to attract employees after the pandemic, the EU hospitality and restaurant businesses have been changing their methods of managing the labor workforce.   Design/methodology/approach:  The research methodology is based on a systematic approach to studying trends and the practice of applying innovative methods of managing labor potential in the context of the external environment’s challenges. Based on the Eurostat panel data for 2020,  linear regression models of the dependence between turnovers, employment, and labor productivity in the field of hospitality in EU countries were constructed. Secondary data from interviews with owners of the largest EU hotel chains were used to identify methods of managing labor potential after the pandemic.   Findings:  The results demonstrate the existence of challenges toward the EU hotel and restaurant chains related to the labor shortage in the conditions of spreading the pandemic, the set of skills and low-skilled migrants. In order to solve the problems outlined, network managers hire and quickly train employees without work experience from various social categories (young people, students, specialists from other sectors, migrants, etc.). Moreover, hotels’ and restaurants’ managers offer employees housing, additional wages, social insurance, bonus payments in order to attract the workforce.   Research, Practical & Social implications:  The research demonstrates a positive change in the employees’ working conditions in the hospitality industry in the EU states due to the problem of their shortage, which arose with spreading the pandemic and the  labor force movement to other economy sectors.   Originality/value:  The practical value of the research lies in the possibility of using the knowledge about the identified trends of managing labor potential in the EU hospitality industry by small and micro enterprises of the industry.