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SUPPLY CHAIN, OPERATIONS, AND TECHNOLOGY (B67)  (Dept. Info)Business  (Policies)FL2024
B67 SCOT 519EIntroduction to Revenue Management1.5 Units
Description:Quantitative pricing and revenue analytics collectively refers to the set of practices and tools that firms in various industries use to quantitatively model consumer preferences, segment their market, and tactically optimize (often in micro targeted or personalized manner) their product assortment, pricing, and promotion strategies. The origins of this field, often referred to as revenue management as it is also called, are in the airline industry during the late 80s. The prototypical question is how a firm should set and update pricing and product availability decisions across its various selling channels in order to maximize its profitability. In the airline industry, as most of us know, tickets for the same flight may be sold at many different fares, the availability of which is changing as a function of purchase restrictions, the forecasted future demand, and the number of unsold seats. The adoption of such systems has transformed the transportation and hospitality industries, and is increasingly important in retail, telecommunications, entertainment, financial services, health care, manufacturing, as well as on-line advertising, online retailing, and online markets. In parallel, pricing and revenue optimization has become a rapidly expanding practice in consulting services, and a growing area of software and IT development. The ultimate goal is for students to learn to identify and exploit opportunities for revenue optimization in different business contexts. The topics covered in the course are either directly or indirectly related to customer segmentation, demand modeling, and tactical price optimization. Students can take either OMM 519E or 520, but not both. Prerequisites: DAT 561 (formerly OMM 561) and DAT 500N (formerly OMM 500N).
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Instruction Type:Classroom instruction Grade Options:CP Fees:
Course Type:HomeSame As:N/AFrequency:None / History
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