A proposed Decision Support Model for Hotel Revenue Management
نویسندگان
چکیده
Revenue Management (RM) is a technique that applies economic principles to system variables in order to maximize revenue. The focus of hotel RM, as perceived by most hospitality practitioners and researchers, is room revenue maximization. Available software products do not use any high level information and do not use sophisticated prediction models. In this paper we propose a conceptual RM model that relies on an accurate room demand forecast model and a dynamic room pricing and allocation model. The system also attempts to combine expert knowledge with statistical models to provide a flexible and effective decision support tool for revenue maximization.
منابع مشابه
Solving Bi-objective Model of Hotel Revenue Management Considering Customer Choice Behavior Using Meta-heuristic Algorithms
The problem of maximizing the benefit from a specified number of a particular product with respect to the behavior of customer choices is regarded as revenue management. This managerial technique was first adopted by the airline industries before being widely used by many others such as hotel industries. The scope of this research is mainly focused on hotel revenue management, regarding which a...
متن کاملIntelligent System to Support Judgmental Business Forecasting: The Case of Hotel Room Demand in Hotel Revenue Management System
In this paper a new hotel revenue management model is proposed to provide hotel managers with a flexible and efficient decision support tool for room revenue maximization. The proposed system is composed of an advanced room demand forecast model and an optimization model that takes group reservations into account. The system also allows for expert intervention to update system parameters and ou...
متن کاملA Discrete Stochastic Approach to Hotel Revenue Management
A linear programming model has been presented for finding an appropriate planning in order to maximize hotel revenue. In this model, a special planning horizon has been considered that includes several busy days of a year. There are several reservation periods that may start a few months earlier. Each period of reservation may have different prices and so result different incomes. Hotel custo...
متن کاملA Stochastic Approach to Hotel Revenue Management Considering Multiple-day Stays
We present a stochastic optimization model for hotel revenue management with multipleday stays under an uncertain environment. Since a decision maker may face several scenarios when renting out rooms, we use a semi-absolute deviation model to measure the risk of hotel revenue, and only consider the risk of falling below the expected revenue. The method proposed in this paper can be changed to a...
متن کامل