 Conclusion |
Revenue Management is an holistic approach to service organisations
constrained by capacity. These constrained service organisations
have a degree of commonality i.e perishability, fixed capacity,
high fixed costs and a unit of inventory that involves a
period of time. To manage these characteristics, RM is a
proven method that encompass all of these details. RM is
a process that involves making accurate decisions in a holistic
manner, involving the sub-systems of people, forecasting
and strategy. The modelling of elements from that sub-system,
involves the contribution of Operational Research. Operational
Research is a natural base in which RM can develop and improve
through the foundation principles of OR. In particular hospitality,
tourism and transport is benefiting from the rocket science
approach to solving problems that OR makes.
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