A hybrid optimization model for hotel yield management

Author

Liu, Chanyuan ; Lu, Jinpeng

Author_Institution

Coll. of Manage., Huazhong Univ. of Sci. & Technol., China

Volume

1

fYear

2005

fDate

13-15 June 2005

Firstpage

259

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;

fLanguage

English

Publisher

ieee

Conference_Titel

Services Systems and Services Management, 2005. Proceedings of ICSSSM '05. 2005 International Conference on

Print_ISBN

0-7803-8971-9

Type

conf

DOI

10.1109/ICSSSM.2005.1499473

Filename

1499473