Overview
Description
Matching demand with supply is essential for managing businesses. Revenue management focuses on managing demand, without attempting to manage the supply, through pricing analytics that predicts consumer behavior at the micro-market levels and optimize product availability and price to maximize revenue growth. The demand must be understood first to be managed; this understanding mainly comes from statistical forecasting and predictive analytics.
Units
Lecture3
Catalog Details
Offering
Offered: Every Fall and Spring
Terms
fall, spring
Attributes
Standard
Learning Outcomes
- list and relate demand drivers to demands in specific industries.
- derive and compute price-demand relationship, optimal prices, and revenues.
- identify revenue management and forecasting practices.
- formulate revenue and pricing optimization problems and solve them for optimal solutions.