MATH6146 Revenue Management
The module provides an introduction to the theory and practice of Revenue Management
Aims and Objectives
• Understand the key ideas in Revenue Management • Use basic heuristics to set booking limits • Understand basic models of overbooking • Understand how customer choice-modelling can be used in Revenue Management • Implement optimal pricing models
Having successfully completed this module you will be able to:
- Understand the key ideas in Revenue Management
- Use basic heuristics to set booking limits
- Understand basic models of overbooking
- 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
Learning and Teaching
Teaching and learning methods
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
|Total study time||150|
Resources & Reading list
Kalyan T. Talluri and Garrett J. van Ryzin (2005). The Theory and Practice of Revenue Management.
|Exam (120 minutes)||70%|
|Exam (120 minutes)||100%|
Costs associated with this module
Students are responsible for meeting the cost of essential textbooks, and of producing such essays, assignments, laboratory reports and dissertations as are required to fulfil the academic requirements for each programme of study.
In addition to this, students registered for this module typically also have to pay for:
Books and Stationery equipment
Course texts are provided by the library and there are no additional compulsory costs associated with the module.
Please also ensure you read the section on additional costs in the University’s Fees, Charges and Expenses Regulations in the University Calendar available at www.calendar.soton.ac.uk.