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Author: Claudius Steinhardt
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
In many service industries, firms offer a portfolio of similar products based on different types of resources. Mismatches between demand and capacity can therefore often be managed by using product upgrades. Clearly, it is desirable to consider this possibility in the revenue management systems that are used to decide on the acceptance of requests. To incorporate upgrades, we build upon different dynamic programming formulations from the literature and gain several new structural insights that facilitate the control process under certain conditions. We then propose two dynamic programming decomposition approaches that extend the traditional decomposition for capacity control by simultaneously considering upgrades as well as capacity control decisions. While the first approach is specifically suited for the multi-day capacity control problem faced, for example, by hotels and car rental companies, the second one is more general and can be applied in arbitrary network revenue management settings that allow upgrading. Both approaches are formally derived and analytically related to each other. It is shown that they give tighter upper bounds on the optimal solution of the original dynamic program than the well-known deterministic linear program. Using data from a major car rental company, we perform computational experiments that show that the proposed approaches are tractable for real-world problem sizes and outperform those disaggregated, successive planning approaches that are used in revenue management practice today.
Author: Claudius Steinhardt
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
In many service industries, firms offer a portfolio of similar products based on different types of resources. Mismatches between demand and capacity can therefore often be managed by using product upgrades. Clearly, it is desirable to consider this possibility in the revenue management systems that are used to decide on the acceptance of requests. To incorporate upgrades, we build upon different dynamic programming formulations from the literature and gain several new structural insights that facilitate the control process under certain conditions. We then propose two dynamic programming decomposition approaches that extend the traditional decomposition for capacity control by simultaneously considering upgrades as well as capacity control decisions. While the first approach is specifically suited for the multi-day capacity control problem faced, for example, by hotels and car rental companies, the second one is more general and can be applied in arbitrary network revenue management settings that allow upgrading. Both approaches are formally derived and analytically related to each other. It is shown that they give tighter upper bounds on the optimal solution of the original dynamic program than the well-known deterministic linear program. Using data from a major car rental company, we perform computational experiments that show that the proposed approaches are tractable for real-world problem sizes and outperform those disaggregated, successive planning approaches that are used in revenue management practice today.
Author: Jochen Gönsch
Publisher:
ISBN:
Category :
Languages : en
Pages : 35
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Book Description
We consider the revenue management problem of capacity control with integrated upgrade decision-making. The dynamic programming formulation of this problem is hard to solve to optimality, even in the single-leg case, because multiple hierarchical resource types must be considered simultaneously. Therefore, in this paper, we propose a new heuristic approach that generalizes the idea behind the well-known single-leg EMSR-a procedure to multiple resource types. Similar to EMSR-a, our approach is based on the computation of protection levels, but additionally allows for the integrated consideration of upgrades. In addition, we derive control policies for typical demand arrival patterns. As an extension, we propose a generalization of our approach that allows for arbitrarily ordered prices with respect to the upgrade hierarchy. Furthermore, we perform a number of computational experiments to investigate the performance of the new approach compared to other capacity control methods that incorporate upgrades. We consider typical airlines' single-leg scenarios with 10 (re)optimizations throughout the booking horizon. The results show that our approach can significantly outperform existing methods in terms of the total achieved revenue, including dynamic programming decomposition approaches that are proposed in literature, as well as successive planning approaches that are widely used in commercial revenue management systems.
Author: Michael Becher
Publisher: Springer Science & Business Media
ISBN: 3834996505
Category : Business & Economics
Languages : en
Pages : 185
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Book Description
Michael Becher develops a concept for an integrated capacity and price control in revenue management. His concept is based on fuzzy expert controllers and complies with the defined business and application requirements.
Author: Alan Fyall
Publisher: Routledge
ISBN: 1317308794
Category : Business & Economics
Languages : en
Pages : 708
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Book Description
The marketing landscape has changed dramatically in recent years, especially for tourism and hospitality practitioners. Marketing for these industries is now a multi-dimensional, collaborative venture driven by technological change and the growing demand for authentic co-created experiences. Marketing for Tourism and Hospitality provides students with a contemporary, accessible and useful resource as they prepare to encounter the complexities and challenges of tourism and hospitality marketing globally. A clear articulation of the changing landscape, a comprehensive introduction to the three underpinning themes of collaboration, technology and experiences, and a plentiful supply of international case material provide students with an enjoyable and digestible resource that is both academically rigorous and practice-oriented, helping them prepare for day-to-day problems in the dynamic world of marketing. This contemporary, challenging and highly applied text is an indispensable resource for all students of tourism and hospitality degree programmes.
Author: Christiane Barz
Publisher: Springer Science & Business Media
ISBN: 3540730141
Category : Business & Economics
Languages : en
Pages : 173
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Book Description
This book revises the well-known capacity control problem in revenue management from the perspective of a risk-averse decision-maker. Modelling an expected utility maximizing decision maker, the problem is formulated as a risk-sensitive Markov decision process. Special emphasis is put on the existence of structured optimal policies. Numerical examples illustrate the results.
Author: Norzuwana Sumarjan
Publisher: CRC Press
ISBN: 1138001511
Category : Technology & Engineering
Languages : en
Pages : 638
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Book Description
Hospitality and Tourism - Synergizing creativity and innovation in research contains 116 accepted papers from the International Hospitality and Tourism Postgraduate Conference 2013 (Shah Alam, Malaysia, 2–3 September 2013). The book presents trends and practical ideas in the area of hospitality and tourism, and is divided into the sections below: - Hospitality and tourism management - Hospitality and tourism marketing - Current trends in hospitality & tourism - Technology, advancement and innovation in hospitality and tourism - Green hospitality and tourism - Food service and food safety - Relevant areas in hospitality and tourism Hospitality and Tourism - Synergizing creativity and innovation in research will be useful to postgraduate students, academia and professionals involved in the area of hospitality and tourism.
Author: Michael Müller-Bungart
Publisher: Springer Science & Business Media
ISBN: 3540723161
Category : Business & Economics
Languages : en
Pages : 307
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Book Description
This book analyzes revenue management (RM) problems with flexible products and RM in broadcasting companies. It presents models and methods that explicitly take the implications of flexibility into account. In addition, it contains descriptions of algorithms to generate stochastic demand data streams for general RM problems. To help readers with their own simulation studies, it provides an implementation as a Microsoft Windows executable file.
Author: Robert G. Cross
Publisher: Crown Currency
ISBN: 0307788989
Category : Business & Economics
Languages : en
Pages : 289
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Book Description
From the man the Wall Street Journal hailed as "the guru of Revenue Management" comes revolutionary ways to recover from the after effects of downsizing and refocus your business on growth. Whatever happened to growth? In Revenue Management, Robert G. Cross answers this question with his ground-breaking approach to revitalizing businesses: focusing on the revenue side of the ledger instead of the cost side. The antithesis of slash-and-burn methods that left companies with empty profits and dissatisfied stockholders, Revenue Management overturns conventional thinking on marketing strategies and offers the key to initiating and sustaining growth. Using case studies from a variety of industries, small businesses, and nonprofit organizations, Cross describes no-tech, low-tech, and high-tech methods that managers can use to increase revenue without increasing products or promotions; predict consumer behavior; tap into new markets; and deliver products and services to customers effectively and efficiently. His proven tactics will help any business dramatically improve its bottom line by meeting the challenge of matching supply with demand.
Author: Andreas Fink
Publisher: Springer
ISBN: 3319557025
Category : Business & Economics
Languages : en
Pages : 606
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Book Description
This book includes a selection of refereed papers presented at the "Annual International Conference of the German Operations Research Society (OR2016)," which took place at the Helmut-Schmidt-Universität / Universität der Bundeswehr Hamburg, Germany, Aug. 30 - Sept. 2, 2016. Over 700 practitioners and academics from mathematics, computer science, business/economics, and related fields attended the conference. The scientific program included around 475 presentations on the theme Analytical Decision Making, focusing on the process of researching complex decision problems and devising effective solution methods towards better decisions. The book presents papers discussing classical mathematical optimization, statistics and simulation techniques. Such approaches are complemented by computer science methods and tools for the processing of data and the design and implementation of information systems. The book also examines recent advances in information technology, which allow big data volumes to be treated and enable real-time predictive and prescriptive business analytics to drive decisions and actions. Further, it includes problems modeled and treated under consideration of uncertainty, risk management, behavioral issues, and strategic decision situations.
Author: Sheryl E. Kimes
Publisher: Now Publishers
ISBN: 9781680830286
Category : Business & Economics
Languages : en
Pages : 80
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Book Description
Revenue Management: Advanced Strategies and Tools to Enhance Firm Profitability provides an overview of revenue management (RM) and discusses approaches that firms can use to more profitably manage and define the ways in which they sell their capacity.
