Revenue management is an analytics based approach for selling the right product to the right customer at the right price at the right time. In this course, students will learn how to enhance revenues using a “data + models” approach. Students will be able to:
- Use the “critical ratio” model to make stocking and inventory decisions.
- Understand EMSR approaches to rejecting and accepting reservations.
- Create meaningful surveys to gather data for a conjoint analysis.
- Calculate utilities of attributes based on survey data from consumers.
- Interpret what utilities mean in a conjoint analysis and provide managerial recommendations about the offering of products and services.
- Use data to estimate an appropriate price response function.
- Use price response functions to optimize pricing and provide appropriate recommendations to managers regarding pricing.
- Articulate analysis and conclusions during class discussions and written examinations.
- Explain complex models and analytics to managers without formal training in analytics.