Revenue Optimization in Tourism and Hotel Ind...

Revenue Optimization in Tourism and Hotel Industry using Genetic Algorithm

Author Name : Milan Sharma, Mrs. Pooja

ABSTRACT: Revenue management is the collection of strategies and tactics firms use to scientifically manage demand for their products and services. The practice has grown from its origins in airlines to its status today as a mainstream business practice in a wide range of industry areas, including hospitality, energy, fashion retail, and manufacturing. Revenue management (also known as yield management) is used to find optimal inventory allocation and scheduling strategies as well as price setting for perishable assets so as to maximize revenue within the planning horizon. This dissertation is about revenue optimization which may be called as revenue management in action. It is sometimes also known Yield Management. Here we are using all the three terms revenue management, revenue optimization and yield management interchangeably. In this dissertation the concepts of revenue optimization are explained with regard to tourism and hotel industry. Also deterministic linear programming models of airline and hotel are presented and solution is proposed through genetic algorithm.