Pricing Analytics and Revenue Management

Catalog description

The field of Revenue Management (RM) deals with selling a product at the right price, at the right time to the right person. Many industries use revenue management tools to maximize the return on their limited supply of products including e-retail, manufacturing, transportation, entertainment, advertising, etc. For example, e-retailers use RM to decide what assortment of products to show to the customers. Airlines use RM to decide what fare classes should remain open and what fare classes should be closed. Hotels use Revenue management to choose the room rates and to decide how much to overbook. The course will cover different quantitative models in pricing analytics and revenue management including newsvendor models, demand forecasting, network revenue management, choice modeling, assortment optimization, service operations and auctions. We will present ideas and models in the context of different application settings.