Revenue Management

Learning Outcomes

Learning Outcomes

Having successfully completed this module you will be able to:

• Understand basic models of overbooking
• Understand the key ideas in Revenue Management
• Use basic heuristics to set booking limits
• Understand how customer-choice modelling can be used in Revenue Management
• Implement optimal pricing models
• Formulate network Revenue Management models

1. Introduction to Revenue Management: market segmentation, reserve prices, booking limits, price elasticity

2. Setting booking limits: Littlewood’s Model, EMSR-A, EMSR-B heuristics

3. Overbooking

4. Customer choice modelling

5. Optimal pricing models

6. Practical implementation of Revenue Management

The module will be taught using lectures and case studies. The intention is to use a Revenue Management practitioner to give a lecture on the practical implementation of Revenue Management

Summative

This is how we’ll formally assess what you have learned in this module.

Referral

This is how we’ll assess you if you don’t meet the criteria to pass this module.

Repeat

An internal repeat is where you take all of your modules again, including any you passed. An external repeat is where you only re-take the modules you failed.