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Fair Adjustment Strategies For Airline Revenue Management And Reservation Systems
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Book Synopsis Fair Adjustment Strategies for Airline Revenue Management and Reservation Systems by : Yin Shiang Valenrina Soo
Download or read book Fair Adjustment Strategies for Airline Revenue Management and Reservation Systems written by Yin Shiang Valenrina Soo and published by . This book was released on 2007 with total page 95 pages. Available in PDF, EPUB and Kindle. Book excerpt: (Cont.) The goal of this thesis is to provide a more comprehensive investigation into the effectiveness of fare adjustment as a tool to improve airline revenues in this new environment by 1) extending the investigation of the effectiveness of fare adjustment with standard forecasting to leg-based RM systems (namely EMSRb and HBP) and also a mixed fare structure where different fare structures are used for different markets, and 2) looking at the alternative use of fare adjustment in the reservation system. Experiments with the Passenger Origin-Destination Simulator demonstrate that RM Fare Adjustment with standard forecasting can improve an airline's network revenue by 0.8% to 1.3% over standard revenue management methods. In particular, RM Fare Adjustment reduces the aggressiveness of path forecasting through the lowering of bid prices as it takes into account the risk of buying-down. Simulations of Fare Adjustment in the Reservation System also showed positive results with revenue improvement of about 0.4% to 0.7%.
Book Synopsis Improved Forecast Accuracy in Airline Revenue Management by Unconstraining Demand Estimates from Censored Data by : Richard H. Zeni
Download or read book Improved Forecast Accuracy in Airline Revenue Management by Unconstraining Demand Estimates from Censored Data written by Richard H. Zeni and published by Universal-Publishers. This book was released on 2001 with total page 274 pages. Available in PDF, EPUB and Kindle. Book excerpt: Accurate forecasts are crucial to a revenue management system. Poor estimates of demand lead to inadequate inventory controls and sub-optimal revenue performance. Forecasting for airline revenue management systems is inherently difficult. Competitive actions, seasonal factors, the economic environment, and constant fare changes are a few of the hurdles that must be overcome. In addition, the fact that most of the historical demand data is censored further complicates the problem. This dissertation examines the challenge of forecasting for an airline revenue management system in the presence of censored demand data. This dissertation analyzed the improvement in forecast accuracy that results from estimating demand by unconstraining the censored data. Little research has been done on unconstraining censored data for revenue management systems. Airlines tend to either ignore the problem or use very simple ad hoc methods to deal with it. A literature review explores the current methods for unconstraining censored data. Also, practices borrowed from areas outside of revenue management are adapted to this application. For example, the Expectation-Maximization (EM) and other imputation methods were investigated. These methods are evaluated and tested using simulation and actual airline data. An extension to the EM algorithm that results in a 41% improvement in forecast accuracy is presented.
Book Synopsis Fair Revenue Sharing Mechanisms for Strategic Passenger Airline Alliances by : Demet Çetiner
Download or read book Fair Revenue Sharing Mechanisms for Strategic Passenger Airline Alliances written by Demet Çetiner and published by Springer Science & Business Media. This book was released on 2013-04-03 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: A major problem arising in airline alliances is to design allocation mechanisms determining how the revenue of a product should be shared among the airlines. The nucleolus is a concept of cooperative game theory that provides solutions for allocating the cost or benefit of a cooperation. This work provides fair revenue proportions for the airline alliances based on the nucleolus, which assumes a centralized decision making system. The proposed mechanism is used as a benchmark to evaluate the fairness of the revenue sharing mechanisms, where the alliance partners behave selfishly. Additionally, a new selfish revenue allocation rule is developed that improves the performance of the existing methods.
Book Synopsis Revenue Management in Airline Operations by : Banu Turkmen
Download or read book Revenue Management in Airline Operations written by Banu Turkmen and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although the principles of Revenue Management (RM) have vaguely been used in business for a long time, an increasing number of organizations are implementing well structured RM systems in the last few decades due to the developments in science and technology, especially in economics, statistics, operations research and computer science. The improvements in information and telecommunication technologies, wide use of Internet, rise of e-commerce and successful supply chain management strategies have enabled organizations to model and solve complex RM problems. This dissertation research concentrates on airlines, the earliest and leading user of RM. Today, airlines face serious financial problems due to the increasing costs and competition. They continuously explore new opportunities especially in terms of RM to make profit and survive. In this study, two problems are analyzed within this scope; airline booking process with adapted options approach and aircraft maintenance order control through RM. First; a new approach, financial options approach, is proposed to sell tickets in airline reservation systems. The options are used to overcome the uncertainty in air travel demand and competitors' actions. The seat inventory control problem is formulated with overbooking and embedded options respectively. Then a simulation study is conducted the potential of using options in airlines booking process. Accordingly, empirical results show that they present an opportunity both to utilize capacity more efficiently and to value seats more precisely compared to overbooking approach. Secondly; a peak load pricing concept is applied for aircraft maintenance order control problem. Aircraft maintenance centers face with peak loads in some seasons and the capacity is underutilized in other seasons. A peak load pricing model is proposed to shift some of the price elastic demand from peak seasons to off-peak seasons to balance demand and supply around the year. A dynamic programming algorithm is developed to solve the model and a code is written in C++. Results show that the model improves both annual capacity loading factors and revenues without causing a discomfort from the perspective of the customers. The details of both studies are presented in this dissertation research. [PUBLICATION ABSTRACT].
Download or read book Airline Revenue Management written by 王守廉 and published by Open Dissertation Press. This book was released on 2017-01-26 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation, "Airline Revenue Management: Passenger Right and Protection" by 王守廉, Sau-lim, Tim, Wong, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3.0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. Abstract: ABSTRACT Abstract of dissertation entitled "Airline Revenue Management, Passenger Right and Protection" Submitted by Sau Lim Tim WONG For the degree of Master of Arts in Transport Policy and Planning at The University of Hong Kong in June 2005 As the airline operating environment is changing, especially with the increasing emphasis on consumer right protection, problems results from applying revenue management techniques has received a lot of attention and generated some debate. This paper, begins with a discussion of the importance of filling empty seats on airlines, explains how and why the airline industry developed revenue management, with focus on overbooking, as a solution to the empty-seat problem. The paper then explores the problem as a result of the adoption of overbooking practice and examines passenger right by looking into the booking contract and their right to reservation under air travel contract as well as some contractual right of airlines to refuse the carriage. Subsequently, the paper explores current passenger protection mechanism; both voluntary and involuntary adopted by airlines like denied boarding compensation scheme and statue-based passenger protection. Finally, the paper concludes by evaluating some potential solutions, ranging from reforming the selection of passengers to be offloaded, to setting the compensation for offloading, to expanding the overbooking disclosure requirements altogether. DOI: 10.5353/th_b3163318 Subjects: Airlines - Reservation systems Revenue management Consumer protection
Book Synopsis The Strategic Role of Airline Revenue Management Systems and the Importance of Change Management by : Pui-Lam Stephen Ip
Download or read book The Strategic Role of Airline Revenue Management Systems and the Importance of Change Management written by Pui-Lam Stephen Ip and published by Open Dissertation Press. This book was released on 2017-01-26 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation, "The Strategic Role of Airline Revenue Management Systems and the Importance of Change Management" by Pui-lam, Stephen, Ip, 葉沛林, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3.0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. DOI: 10.5353/th_b3126796 Subjects: Revenue management - China - Hong Kong - Case studies Organizational change - China - Hong Kong - Management - Case studies
Book Synopsis Ancillary Revenues in the Airline Industry by : Eric C. Hao
Download or read book Ancillary Revenues in the Airline Industry written by Eric C. Hao and published by . This book was released on 2014 with total page 110 pages. Available in PDF, EPUB and Kindle. Book excerpt: Airlines have increasingly depended on ancillary revenue in response to rising fuel costs, de- creased yields, and an increasingly competitive environment. Estimates indicate that U.S. airlines collected over $8 billion in ancillary revenue in 2012. Ancillary revenue poses challenges for airlines, including revenue management (RM) and distribution since total revenue maximization requires consideration of ancillary revenue and ticket revenue. In this thesis, we: (1) describe trends contributing to the movement towards ancillary revenue; (2) present three methods for incorporating ancillary revenue into revenue management and distribution; (3) evaluate the revenue performance of these methods using the Passenger Origin Destination Simulator (PODS), a competitive airline simulator. One method of including ancillary revenue into RM is RM Input Adjustment with Class Level Estimates, which involves modifying input fares to the optimizer. Because fare values to the optimizer are aggregated by market and class, the airline uses class level estimates of ancillary revenue potential to augment fares. Another method involves modifying the fare value at the time of availability control, or Availability Fare Adjustment. In network optimization, the availability fare refers to the fare used to compare an itinerary-class to the control mechanism, like displacement adjusted virtual nesting (DAVN) or additive bid price (ProBP). Availability Fare Adjustment with Class Level Estimates also involves using class level estimates of ancillary revenue. Alternatively, we test scenarios where the airline estimates ancillary revenue for individual passengers in Customized Availability Fare Adjustment with Passenger Specific Estimates. Although this type of estimation is not feasible yet, results from Customized Availability Adjustment give a theoretical bound to revenue gain. We nd that incorporating ancillary revenue opens availability for lower yield passengers. Revenue increases occur from extra bookings in these classes because more bookings are taken. Revenue losses occur from higher class passengers buying down to cheaper seats. Without willingness to pay (WTP) forecasting, net revenue losses of up to {2.6% are observed. In advanced RM systems with WTP forecasting, revenue gains of +0.6% are observed for Class Level RM Input Adjustment, +0.9% for Class Level Availability Fare Adjustment, and +2.6% for Passenger Specific Customized Availability Adjustment.
Book Synopsis Revenue Management by : Robert G. Cross
Download or read book Revenue Management written by Robert G. Cross and published by Crown Currency. This book was released on 2011-04-27 with total page 289 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis The Strategic Role of Airline Revenue Management Systems and the Importance of Change Management by : Pui-lam Ip (Stephen)
Download or read book The Strategic Role of Airline Revenue Management Systems and the Importance of Change Management written by Pui-lam Ip (Stephen) and published by . This book was released on 1997 with total page 310 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Pricing and Revenue Optimization by : Robert Phillips
Download or read book Pricing and Revenue Optimization written by Robert Phillips and published by Stanford University Press. This book was released on 2005-08-05 with total page 470 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the first comprehensive introduction to the concepts, theories, and applications of pricing and revenue optimization. From the initial success of "yield management" in the commercial airline industry down to more recent successes of markdown management and dynamic pricing, the application of mathematical analysis to optimize pricing has become increasingly important across many different industries. But, since pricing and revenue optimization has involved the use of sophisticated mathematical techniques, the topic has remained largely inaccessible to students and the typical manager. With methods proven in the MBA courses taught by the author at Columbia and Stanford Business Schools, this book presents the basic concepts of pricing and revenue optimization in a form accessible to MBA students, MS students, and advanced undergraduates. In addition, managers will find the practical approach to the issue of pricing and revenue optimization invaluable. Solutions to the end-of-chapter exercises are available to instructors who are using this book in their courses. For access to the solutions manual, please contact [email protected].
Book Synopsis Revenue Management by : Sheryl E. Kimes
Download or read book Revenue Management written by Sheryl E. Kimes and published by Now Publishers. This book was released on 2015-03-26 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Airline Operations and Management by : Gerald N. Cook
Download or read book Airline Operations and Management written by Gerald N. Cook and published by Taylor & Francis. This book was released on 2023-05-04 with total page 413 pages. Available in PDF, EPUB and Kindle. Book excerpt: Airline Operations and Management: A Management Textbook presents a survey of the airline industry, with a strong managerial perspective. It integrates and applies the fundamentals of several management disciplines, particularly operations, marketing, economics and finance, to develop a comprehensive overview. It also provides readers with a solid historical background, and offers a global perspective of the industry, with examples drawn from airlines around the world. Updates for the second edition include: Fresh data and examples A range of international case studies exploring real-life applications New or increased coverage of key topics such as the COVID-19 pandemic, state aid, and new business models New chapters on fleet management and labor relations and HRM Lecture slides for instructors This textbook is for advanced undergraduate and graduate students of airline management, but it should also be useful to entry and junior-level airline managers and professionals seeking to expand their knowledge of the industry beyond their functional area.
Book Synopsis Decision Making Under Uncertainty by : Mykel J. Kochenderfer
Download or read book Decision Making Under Uncertainty written by Mykel J. Kochenderfer and published by MIT Press. This book was released on 2015-07-24 with total page 350 pages. Available in PDF, EPUB and Kindle. Book excerpt: An introduction to decision making under uncertainty from a computational perspective, covering both theory and applications ranging from speech recognition to airborne collision avoidance. Many important problems involve decision making under uncertainty—that is, choosing actions based on often imperfect observations, with unknown outcomes. Designers of automated decision support systems must take into account the various sources of uncertainty while balancing the multiple objectives of the system. This book provides an introduction to the challenges of decision making under uncertainty from a computational perspective. It presents both the theory behind decision making models and algorithms and a collection of example applications that range from speech recognition to aircraft collision avoidance. Focusing on two methods for designing decision agents, planning and reinforcement learning, the book covers probabilistic models, introducing Bayesian networks as a graphical model that captures probabilistic relationships between variables; utility theory as a framework for understanding optimal decision making under uncertainty; Markov decision processes as a method for modeling sequential problems; model uncertainty; state uncertainty; and cooperative decision making involving multiple interacting agents. A series of applications shows how the theoretical concepts can be applied to systems for attribute-based person search, speech applications, collision avoidance, and unmanned aircraft persistent surveillance. Decision Making Under Uncertainty unifies research from different communities using consistent notation, and is accessible to students and researchers across engineering disciplines who have some prior exposure to probability theory and calculus. It can be used as a text for advanced undergraduate and graduate students in fields including computer science, aerospace and electrical engineering, and management science. It will also be a valuable professional reference for researchers in a variety of disciplines.
Book Synopsis Revenue Management and Pricing by : Ian Yeoman
Download or read book Revenue Management and Pricing written by Ian Yeoman and published by Cengage Learning. This book was released on 2004 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Revenue management is the process of allocating the right inventory to the right kind of customer at the right price to maximise revenue. It applies particularly to the service sector. Covering numerous industries, these case studies demonstrate a variety of scenarios, problems and solutions.
Book Synopsis Hotel Pricing in a Social World by : Kelly A. McGuire
Download or read book Hotel Pricing in a Social World written by Kelly A. McGuire and published by John Wiley & Sons. This book was released on 2015-10-26 with total page 357 pages. Available in PDF, EPUB and Kindle. Book excerpt: Take control of revenue management in the new hotel economy Hotel Pricing in a Social World: How to Drive Value in the New Hotel Economy is an insightful resource that provides guidance on improving organizational decision making to keep your hotel relevant, from a pricing standpoint, in the often chaotic hotel landscape. This groundbreaking book clearly showcases the current environment of the hotel industry, and describes new and emerging trends that can impact your revenue management tactics. This essential text prepares you to survive and thrive in today's highly competitive market, and outlines the best approach to building profitable pricing strategies that follow both tactical and strategic best practices. Revenue management has become a key activity in the highly social environment of today's hotel industry, thanks to mobile technology and social media. Though relatively new, revenue management is a quickly-evolving discipline that requires precision if you want to maintain your hotel's relevance in the market. Leverage original research, case studies, and industry examples to understand the practical application of key concepts Explore current market conditions that have an impact on revenue management Consider how advances in data management, analytics, and data visualization can impact revenue management practices Identify how revenue management can help you take advantage of market opportunities and overcome challenges Hotel Pricing in a Social World: How to Drive Value in the New Hotel Economy is an essential text for hotel CFOs, CMOs, revenue managers, and operations managers who want to leverage revenue management techniques to keep their hotel competitive.
Book Synopsis Handbook of e-Tourism by : Zheng Xiang
Download or read book Handbook of e-Tourism written by Zheng Xiang and published by Springer Nature. This book was released on 2022-09-01 with total page 1976 pages. Available in PDF, EPUB and Kindle. Book excerpt: This handbook provides an authoritative and truly comprehensive overview both of the diverse applications of information and communication technologies (ICTs) within the travel and tourism industry and of e-tourism as a field of scientific inquiry that has grown and matured beyond recognition. Leading experts from around the world describe cutting-edge ideas and developments, present key concepts and theories, and discuss the full range of research methods. The coverage accordingly encompasses everything from big data and analytics to psychology, user behavior, online marketing, supply chain and operations management, smart business networks, policy and regulatory issues – and much, much more. The goal is to provide an outstanding reference that summarizes and synthesizes current knowledge and establishes the theoretical and methodological foundations for further study of the role of ICTs in travel and tourism. The handbook will meet the needs of researchers and students in various disciplines as well as industry professionals. As with all volumes in Springer’s Major Reference Works program, readers will benefit from access to a continually updated online version.
Book Synopsis Supermodularity and Complementarity by : Donald M. Topkis
Download or read book Supermodularity and Complementarity written by Donald M. Topkis and published by Princeton University Press. This book was released on 2011-02-11 with total page 285 pages. Available in PDF, EPUB and Kindle. Book excerpt: The economics literature is replete with examples of monotone comparative statics; that is, scenarios where optimal decisions or equilibria in a parameterized collection of models vary monotonically with the parameter. Most of these examples are manifestations of complementarity, with a common explicit or implicit theoretical basis in properties of a super-modular function on a lattice. Supermodular functions yield a characterization for complementarity and extend the notion of complementarity to a general setting that is a natural mathematical context for studying complementarity and monotone comparative statics. Concepts and results related to supermodularity and monotone comparative statics constitute a new and important formal step in the long line of economics literature on complementarity. This monograph links complementarity to powerful concepts and results involving supermodular functions on lattices and focuses on analyses and issues related to monotone comparative statics. Don Topkis, who is known for his seminal contributions to this area, here presents a self-contained and up-to-date view of this field, including many new results, to scholars interested in economic theory and its applications as well as to those in related disciplines. The emphasis is on methodology. The book systematically develops a comprehensive, integrated theory pertaining to supermodularity, complementarity, and monotone comparative statics. It then applies that theory in the analysis of many diverse economic models formulated as decision problems, noncooperative games, and cooperative games.
