The module provides an introduction to the theory and practice of Revenue Management
Aims and Objectives
Having successfully completed this module you will be able to:
- Understand basic models of overbooking
- Understand how customer-choice modelling can be used in Revenue Management
- Understand the key ideas in Revenue Management
- Use basic heuristics to set booking limits
- 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
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. Springer.
This is how we’ll formally assess what you have learned in this module.
This is how we’ll assess you if you don’t meet the criteria to pass this module.
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.
Repeat type: Internal & External