Practices of Yield Management - An Analytical Study with Special Reference to Hotel Industry
Published: 2008
Author(s) Name: Prasad A, Srivastava P K.
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Abstract
Yield Management technique is not very older technique to be used by organizations who has to allocate limited resources. This has been used primarily by the aviation industry, later on by other service industry dealing with highly perishable industry. The main objective of this study to introduce fundamental concepts and trade offs of yield management and to describe the relation ship between yield management and newsvendor framework that is an important model for inventory management. In particular, this study is about the hotel organization to decide whether to sale rooms in advance at relatively low price leisure travelers or to ‘hold out’ and wait for sale at a higher price to late booking business travelers.
Keywords: business traveler, hotel
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