Title :
A hybrid optimization model for hotel yield management
Author :
Liu, Chanyuan ; Lu, Jinpeng
Author_Institution :
Coll. of Manage., Huazhong Univ. of Sci. & Technol., China
Abstract :
Nowadays yield management is a strategic and tactical tool for hotels to improving its revenues and profitability under the global competitive environment. Compared to the airline industry, hotel yield management has some unique characteristics. A central reservation system is urgently needed to be built up for a hotel to use yield management in China. In this paper, we use the Holt-Winters process to forecast room demands in the future periods. Then we build a hybrid optimization model for hotel yield management, and a branch-and-bound method mixed with greedy algorithm is developed to solve the problem.
Keywords :
financial management; forecasting theory; greedy algorithms; heuristic programming; hotel industry; optimisation; pricing; profitability; reservation computer systems; tree searching; Holt-Winters process; branch-and-bound method; central reservation system; greedy algorithm; hotel yield management; hybrid optimization model; Books; Communication industry; Demand forecasting; Environmental management; Inventory management; Optimization methods; Pricing; Profitability; Stochastic processes; Technology management;
Conference_Titel :
Services Systems and Services Management, 2005. Proceedings of ICSSSM '05. 2005 International Conference on
Print_ISBN :
0-7803-8971-9
DOI :
10.1109/ICSSSM.2005.1499473
