Title :
RMSim: A java library for simulating revenue management systems
Author :
Bijvank, Marco ; L´Ecuyer, Pierre ; Marcotte, Patrice
Author_Institution :
Dept. of Comput. Sci. & Oper. Res. (DIRO), Univ. de Montreal, Montreal, QC, Canada
Abstract :
Revenue management (RM) is the process of understanding and anticipating customer behavior in order to maximize revenue raised from the sale of perishable resources available in limited quantities. While RM systems have been in operation for quite some time, they cannot take into account the full dynamic and stochastic nature of the problem, hence the need to assess them via simulation. In this paper we introduce RMSim, a discrete-event and object-oriented Java library designed to simulate large-scale revenue management systems. RMSim supports all control policies, arrival processes and customer behavior models hitherto proposed. It can therefore be used to calibrate parameters of the model and to optimize the control policy. A key feature of RMSim is that the network RM system can be altered without having to modify the source code of the library. Performance, flexibility and extensibility are the main goals behind the design and implementation of RMSim.
Keywords :
Java; consumer behaviour; discrete event simulation; financial data processing; optimisation; parameter estimation; software libraries; RM systems; RMSim; arrival processes; control policy optimization; customer behavior model; discrete event simulation; large-scale revenue management system simulation; model parameter calibration; object-oriented Java library; Analytical models; Java; Libraries; Object oriented modeling; Process control; Stochastic processes; Unified modeling language;
Conference_Titel :
Simulation Conference (WSC), Proceedings of the 2011 Winter
Conference_Location :
Phoenix, AZ
Print_ISBN :
978-1-4577-2108-3
Electronic_ISBN :
0891-7736
DOI :
10.1109/WSC.2011.6147976