A Discrete Stochastic Approach to Hotel Revenue Management
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Abstract:
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 customers demand for different rooms and lengths of stay. Two situations of demand, deterministic and stochastic have been considered. We use different scenarios for stochastic demand. Finally, this model is solved by Lingo for cases discussed above .
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Journal title
volume 22 issue 3
pages 283- 291
publication date 2011-11
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