Revenue Management With Flexible Products

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Revenue Management with Flexible Products

Author : Jochen Gönsch
Publisher :
ISBN 13 :
Total Pages : 42 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Revenue Management with Flexible Products by : Jochen Gönsch

Download or read book Revenue Management with Flexible Products written by Jochen Gönsch and published by . This book was released on 2014 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: A major benefit of flexible products is that they allow for supply-side substitution even after they have been sold. This helps improve capacity utilization and increase the overall revenue in a sto-chastic environment. As several authors have shown, flexible products can be incorporated into the well-known deterministic linear program (DLP) of revenue management's capacity control. In this paper, we show that flexible products have an additional “value of flexibility” due to their supply-side substitution possibilities, which can be captured monetarily. However, the DLP-based approaches proposed so far fail to capture this value and, thus, steadily undervalue flexible products, resulting in lower overall revenues. To take the full potential of flexible products into account, we propose a new approach that systematically increases the revenues of flexible products when solving the DLP and performing capacity control. A mathematical function of variables available during the booking horizon represents this artificial markup and adapts dynamically to the current situation. We determine the function's parameters using a standard simulation-based optimization method. Numerical experiments show that the benefits of the new approach are biggest when low value demand arrives early. Revenues are improved by up to 5% in many settings.

Revenue Management with Flexible Products

Author : Michael Müller-Bungart
Publisher : Springer Science & Business Media
ISBN 13 : 3540723153
Total Pages : 307 pages
Book Rating : 4.5/5 (47 download)

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Book Synopsis Revenue Management with Flexible Products by : Michael Müller-Bungart

Download or read book Revenue Management with Flexible Products written by Michael Müller-Bungart and published by Springer Science & Business Media. This book was released on 2007-06-26 with total page 307 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Revenue Management with Flexible Products

Author : Michael Müller-Bungart
Publisher : Springer Science & Business Media
ISBN 13 : 3540723161
Total Pages : 307 pages
Book Rating : 4.5/5 (47 download)

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Book Synopsis Revenue Management with Flexible Products by : Michael Müller-Bungart

Download or read book Revenue Management with Flexible Products written by Michael Müller-Bungart and published by Springer Science & Business Media. This book was released on 2007-09-18 with total page 307 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Dynamic Programming Decomposition for Choice-Based Revenue Management with Flexible Products

Author : Sebastian Koch
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

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Book Synopsis Dynamic Programming Decomposition for Choice-Based Revenue Management with Flexible Products by : Sebastian Koch

Download or read book Dynamic Programming Decomposition for Choice-Based Revenue Management with Flexible Products written by Sebastian Koch and published by . This book was released on 2018 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We reconsider the stochastic dynamic program of revenue management with flexible products and customer choice behavior as proposed in the seminal paper by Gallego et al. [Gallego G, Iyengar G, Phillips R, Dubey A (2004) Managing flexible products on a network. Working paper, Columbia University, New York]. In the scientific literature on revenue management, as well as in practice, the prevailing strategy to operationalize dynamic programs is to decompose the network by resources and solve the resulting one-dimensional problems. However, up to now, these dynamic programming decomposition approaches have not been applicable to problems with flexible products, because the underlying state space is based on commitments rather than resources. In this paper, we contribute to the existing research by presenting an approach to operationalize revenue management with flexible products and customer choice in a dynamic programming environment. In particular, we propose a generic and formal procedure that transforms the original dynamic program with flexible products into an equivalent dynamic program with a resource-based state space. This reformulation renders the application of dynamic programming decomposition approaches possible. The procedure is based on Fourier-Motzkin elimination and is applicable to arbitrary network revenue management settings with regard to the considered network structure and the number and specifications of flexible products. Numerical experiments show a superior revenue performance of the new approach with average revenues close to the expected upper bound from the choice-based deterministic linear program (CDLP). Moreover, our reformulation improves revenues by up to 8% compared with an extended variant of a standard choice-based approach without flexible products that immediately assigns flexible products after sale.

The Theory and Practice of Revenue Management

Author : Kalyan T. Talluri
Publisher : Springer Science & Business Media
ISBN 13 : 0387273913
Total Pages : 731 pages
Book Rating : 4.3/5 (872 download)

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Book Synopsis The Theory and Practice of Revenue Management by : Kalyan T. Talluri

Download or read book The Theory and Practice of Revenue Management written by Kalyan T. Talluri and published by Springer Science & Business Media. This book was released on 2006-02-21 with total page 731 pages. Available in PDF, EPUB and Kindle. Book excerpt: Revenue management (RM) has emerged as one of the most important new business practices in recent times. This book is the first comprehensive reference book to be published in the field of RM. It unifies the field, drawing from industry sources as well as relevant research from disparate disciplines, as well as documenting industry practices and implementation details. Successful hardcover version published in April 2004.

Using Flexible Products to Cope with Demand Uncertainty in Revenue Management

Author : Anita Petrick
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

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Book Synopsis Using Flexible Products to Cope with Demand Uncertainty in Revenue Management by : Anita Petrick

Download or read book Using Flexible Products to Cope with Demand Uncertainty in Revenue Management written by Anita Petrick and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: While flexible products have been popular for many years in practice, they have only recently gained attention in the academic literature on revenue management. When selling a flexible product, a firm retains the right to specify some of its details later. The relevant point in time is after the sale, but often before the provision of the product or service, depending on the customers' need to know the exact specification in advance. The resulting flexibility can help to increase revenues if capacity is fixed and the demand to come difficult to forecast. We present several revenue management models and control mechanisms incorporating this kind of flexible products. An extensive numerical study shows how the different approaches can mitigate the negative impact of demand forecast errors.

Dynamic Control Mechanisms for Revenue Management with Flexible Products

Author : Anita Petrick
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

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Book Synopsis Dynamic Control Mechanisms for Revenue Management with Flexible Products by : Anita Petrick

Download or read book Dynamic Control Mechanisms for Revenue Management with Flexible Products written by Anita Petrick and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Revenue management with flexible products has experienced a growing interest in the academic literature within the last few years. Flexible products allow supply-side substitution between resources and can therefore help to maximize overall revenue as well as capacity utilization in markets with highly uncertain demand. This paper addresses the question of how the mathematical models which have been developed for capacity control with flexible products should be used over time to exploit the substitution opportunities, while keeping practical applicability in mind. Several dynamic control mechanisms are proposed, each of which makes use of the flexibility to a different extent. A comprehensive computational study shows the potential of the different approaches by revealing their strengths and weaknesses.

Pricing-Based Revenue Management for Flexible Products on a Network

Author : Dirk Sierag
Publisher :
ISBN 13 :
Total Pages : 26 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Pricing-Based Revenue Management for Flexible Products on a Network by : Dirk Sierag

Download or read book Pricing-Based Revenue Management for Flexible Products on a Network written by Dirk Sierag and published by . This book was released on 2016 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper proposes and analyses a pricing-based revenue management model that allows flexible products on a network, with a non-trivial extension to group reservations. Under stochastic demand the problem can be solved using a dynamic programming formulation, though it suffers from the curse of dimensionality. The solution under deterministic demand gives an upper bound on the stochastic problem, and serves as a basis for two heuristics, which are asymptotically optimal. Numerical studies show that the heuristics perform well, even under uncertainty in demand. Moreover, neglecting flexible products can lead to substantial revenue loss.

Global Supply Chain and Operations Management

Author : Dmitry Ivanov
Publisher : Springer Nature
ISBN 13 : 3030723313
Total Pages : 673 pages
Book Rating : 4.0/5 (37 download)

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Book Synopsis Global Supply Chain and Operations Management by : Dmitry Ivanov

Download or read book Global Supply Chain and Operations Management written by Dmitry Ivanov and published by Springer Nature. This book was released on 2021-11-19 with total page 673 pages. Available in PDF, EPUB and Kindle. Book excerpt: The third edition of this textbook comprehensively discusses global supply chain and operations management (SCOM), combining value creation networks and interacting processes. It focuses on operational roles within networks and presents the quantitative and organizational methods needed to plan and control the material, information, and financial flows in supply chains. Each chapter begins with an introductory case study, while numerous examples from various industries and services help to illustrate the key concepts. The book explains how to design operations and supply networks and how to incorporate suppliers and customers. It examines how to balance supply and demand, a core aspect of tactical planning, before turning to the allocation of resources to meet customer needs. In addition, the book presents state-of-the-art research reflecting the lessons learned from the COVID-19 pandemic, and emerging, fast-paced developments in the digitalization of supply chain and operations management. Providing readers with a working knowledge of global supply chain and operations management, with a focus on bridging the gap between theory and practice, this textbook can be used in core, specialized, and advanced classes alike. It is intended for a broad range of students and professionals in supply chain and operations management.

Pricing and Revenue Optimization

Author : Robert Phillips
Publisher : Stanford University Press
ISBN 13 : 0804781648
Total Pages : 387 pages
Book Rating : 4.8/5 (47 download)

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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 387 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].

Revenue Management mit flexiblen Produkten (Revenue Management with Flexible Products).

Author : Jochen Gönsch
Publisher :
ISBN 13 :
Total Pages : 17 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Revenue Management mit flexiblen Produkten (Revenue Management with Flexible Products). by : Jochen Gönsch

Download or read book Revenue Management mit flexiblen Produkten (Revenue Management with Flexible Products). written by Jochen Gönsch and published by . This book was released on 2018 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt: German Abstract: Revenue Management umfasst eine Reihe quantitativer Methoden zur gewinnmaximalen Ausgestaltung von Absatzprozessen bei stochastischer Nachfrage und gemeinsam genutzten, kurzfristig nicht anpassbaren Kapazitäten. Der vorliegende Beitrag führt in das Revenue Management ein, welches seit etwa drei Jahrzehnten in immer mehr Branchen erfolgreich eingesetzt wird. Anschließend konzentriert er sich auf die Vorstellung aktueller Forschung zu sog. flexiblen Produkten, die infolge neuer Vertriebswege wie des Internets in den letzten Jahren vermehrt angeboten werden. Ihr Kennzeichen ist, dass die zu ihrer Erstellung notwendigen Ressourcen zum Zeitpunkt ihres Verkaufes noch nicht festgelegt sind. Somit ermöglichen diese Produkte dem Anbieter eine größere Flexibilität, um beispielsweise auf unvorhergesehene Nachfrageschwankungen zu reagieren. Darüber hinaus werden sie erfolgreich zur Marktsegmentierung eingesetzt.

Revenue Management Mit Flexiblen Produkten (Revenue Management with Flexible Products).

Author : Anita Petrick
Publisher :
ISBN 13 :
Total Pages : 14 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Revenue Management Mit Flexiblen Produkten (Revenue Management with Flexible Products). by : Anita Petrick

Download or read book Revenue Management Mit Flexiblen Produkten (Revenue Management with Flexible Products). written by Anita Petrick and published by . This book was released on 2013 with total page 14 pages. Available in PDF, EPUB and Kindle. Book excerpt: Flexible Produkte ermöglichen dem vorausplanenden Anbieter auch nach dem Verkauf noch einen gewissen Spielraum hinsichtlich der konkreten Ausgestaltung seiner Leistung. Er kann somit seine knappe Kapazität besser nutzen und gleichzeitig mit dem als inferior empfundenen Angebot seine Produktpalette nach unten abrunden. Der vorliegende Beitrag führt zunächst in das Revenue Management und seinen Kern, die Kapazitätssteuerung, ein. Vor diesem Hintergrund wird das Konzept der flexiblen Produkte erläutert und mit Hilfe von Simulationen ein Eindruck ihres Potenzials vermittelt.This paper provides a German-language introduction to the field of revenue management with flexible products.

Revenue Management

Author : Robert G. Cross
Publisher : Crown Currency
ISBN 13 : 0307788989
Total Pages : 289 pages
Book Rating : 4.3/5 (77 download)

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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.

Revenue Management and Pricing Analytics

Author : Guillermo Gallego
Publisher : Springer
ISBN 13 : 1493996061
Total Pages : 336 pages
Book Rating : 4.4/5 (939 download)

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Book Synopsis Revenue Management and Pricing Analytics by : Guillermo Gallego

Download or read book Revenue Management and Pricing Analytics written by Guillermo Gallego and published by Springer. This book was released on 2019-08-14 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: “There is no strategic investment that has a higher return than investing in good pricing, and the text by Gallego and Topaloghu provides the best technical treatment of pricing strategy and tactics available.” Preston McAfee, the J. Stanley Johnson Professor, California Institute of Technology and Chief Economist and Corp VP, Microsoft. “The book by Gallego and Topaloglu provides a fresh, up-to-date and in depth treatment of revenue management and pricing. It fills an important gap as it covers not only traditional revenue management topics also new and important topics such as revenue management under customer choice as well as pricing under competition and online learning. The book can be used for different audiences that range from advanced undergraduate students to masters and PhD students. It provides an in-depth treatment covering recent state of the art topics in an interesting and innovative way. I highly recommend it." Professor Georgia Perakis, the William F. Pounds Professor of Operations Research and Operations Management at the Sloan School of Management, Massachusetts Institute of Technology, Cambridge, Massachusetts. “This book is an important and timely addition to the pricing analytics literature by two authors who have made major contributions to the field. It covers traditional revenue management as well as assortment optimization and dynamic pricing. The comprehensive treatment of choice models in each application is particularly welcome. It is mathematically rigorous but accessible to students at the advanced undergraduate or graduate levels with a rich set of exercises at the end of each chapter. This book is highly recommended for Masters or PhD level courses on the topic and is a necessity for researchers with an interest in the field.” Robert L. Phillips, Director of Pricing Research at Amazon “At last, a serious and comprehensive treatment of modern revenue management and assortment optimization integrated with choice modeling. In this book, Gallego and Topaloglu provide the underlying model derivations together with a wide range of applications and examples; all of these facets will better equip students for handling real-world problems. For mathematically inclined researchers and practitioners, it will doubtless prove to be thought-provoking and an invaluable reference.” Richard Ratliff, Research Scientist at Sabre “This book, written by two of the leading researchers in the area, brings together in one place most of the recent research on revenue management and pricing analytics. New industries (ride sharing, cloud computing, restaurants) and new developments in the airline and hotel industries make this book very timely and relevant, and will serve as a critical reference for researchers.” Professor Kalyan Talluri, the Munjal Chair in Global Business and Operations, Imperial College, London, UK.

The Oxford Handbook of Pricing Management

Author : Özalp Özer
Publisher : OUP Oxford
ISBN 13 : 0191634263
Total Pages : 976 pages
Book Rating : 4.1/5 (916 download)

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Book Synopsis The Oxford Handbook of Pricing Management by : Özalp Özer

Download or read book The Oxford Handbook of Pricing Management written by Özalp Özer and published by OUP Oxford. This book was released on 2012-06-07 with total page 976 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Oxford Handbook of Pricing Management is a comprehensive guide to the theory and practice of pricing across industries, environments, and methodologies. The Handbook illustrates the wide variety of pricing approaches that are used in different industries. It also covers the diverse range of methodologies that are needed to support pricing decisions across these different industries. It includes more than 30 chapters written by pricing leaders from industry, consulting, and academia. It explains how pricing is actually performed in a range of industries, from airlines and internet advertising to electric power and health care. The volume covers the fundamental principles of pricing, such as price theory in economics, models of consumer demand, game theory, and behavioural issues in pricing, as well as specific pricing tactics such as customized pricing, nonlinear pricing, dynamic pricing, sales promotions, markdown management, revenue management, and auction pricing. In addition, there are articles on the key issues involved in structuring and managing a pricing organization, setting a global pricing strategy, and pricing in business-to-business settings.

Applications in Statistical Computing

Author : Nadja Bauer
Publisher : Springer Nature
ISBN 13 : 3030251470
Total Pages : 336 pages
Book Rating : 4.0/5 (32 download)

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Book Synopsis Applications in Statistical Computing by : Nadja Bauer

Download or read book Applications in Statistical Computing written by Nadja Bauer and published by Springer Nature. This book was released on 2019-10-12 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume presents a selection of research papers on various topics at the interface of statistics and computer science. Emphasis is put on the practical applications of statistical methods in various disciplines, using machine learning and other computational methods. The book covers fields of research including the design of experiments, computational statistics, music data analysis, statistical process control, biometrics, industrial engineering, and econometrics. Gathering innovative, high-quality and scientifically relevant contributions, the volume was published in honor of Claus Weihs, Professor of Computational Statistics at TU Dortmund University, on the occasion of his 66th birthday.

Revenue Management

Author : Ronald Huefner
Publisher : Business Expert Press
ISBN 13 : 1631570943
Total Pages : 237 pages
Book Rating : 4.6/5 (315 download)

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Book Synopsis Revenue Management by : Ronald Huefner

Download or read book Revenue Management written by Ronald Huefner and published by Business Expert Press. This book was released on 2015-05-28 with total page 237 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book describes the emerging field of revenue management and its applications across a broad spectrum of business activity. It recounts the history and development of revenue management and addresses the analytical tools needed to integrate revenue management into management generally and financial and accounting practice in particular. Revenue Management discusses and assesses various pricing practices and other revenue management techniques. It gives particular attention to the role of capacity analysis and the connection of revenue management to the theory of constraints. While revenue management originated in the service industries, it is now practiced across a broad spectrum of business and not-for-profit organizations. This book will be a useful guide to managers at all levels who wish to give greater consideration to the importance of revenue management in their organizations. The second edition reorganizes the presentation of the subject, adds many new examples, and concludes with a chapter on emerging issues.