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SUPPLY CHAIN, OPERATIONS, AND TECHNOLOGY (B67)  (Dept. Info)Business  (Policies)

B67 SCOT 520Revenue Management3.0 Units
Description:This course examines the core concepts of revenue management: how to accurately align product pricing, placement, and availability with a retailer?s perception of consumer demand. Students will be introduced to linear and dynamic programming as a means to model a variety of capacity allocation and pricing problems that are relevant to airline, hotel, or restaurant industries. Specifically, most problems will be framed within the context of the single resource and network level revenue management problems. For the single resource problem, we will derive efficient exact solution methods and also consider a variety of extensions to the original model which incorporate overbooking and no-show behavior. For the network problem, we will learn how to extract near-optimal, and easily implementable policies from deterministic approximations. While the main goal of this course is to provide insight into industry specific problems, another central objective is to introduce students to concepts such as robust optimization and approximate dynamic programming to expand their breadth of modeling tools. Moreover, students will learn how to use Python to solve complex and industry-level optimization problems with data. At the successful completion of this course, students should feel confident modeling and analyzing a broad series of stochastic optimization problems. Students should also feel comfortable with using Python to make revenue management decisions with data. Beyond studying and analyzing classical RMP problems the students will gain valuable computational skills. Students will be asked to code up dynamic programming formulations, solve large scale linear programs with Python (coupled with Gurobi) and use machine learning techniques for demand estimation and forecasting.
Attributes:
Instruction Type:Classroom instruction Grade Options:CPA Fees:
Course Type:HomeSame As:N/AFrequency:None / History
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Home/Ident

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Grade Options
C=Credit (letter grade)
P=Pass/Fail
A=Audit
U=Satisfactory/Unsatisfactory
S=Special Audit
Q=ME Q (Medical School)

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