Unconstraining Demand Data
Workshop D
Wednesday, Oct. 3
1:30-4:30 p.m.
The quality of your demand forecast for each customer segment plays a critical role in the overall success of your revenue management system no matter what software provider or application you use.
Creating an accurate forecast is especially difficult because booking limits on certain fare and rate classes by design “constrain” the bookings in those classes. Constructing demand forecasts with constrained datasets has been shown to lead to a downward spiral in profitability. Thus, “unconstraining” of historical demand data is an essential component of a successful revenue management system.
Get “hands-on” practice with using some of most common unconstraining methods of leading revenue management practitioners. Compare and contrast methods then test the best performing methods on actual hotel booking data from a major hotel/casino.
In this workshop, you will learn:
- The importance of unconstraining demand data for each customer segment
- The various methods used for unconstraining demand data along with the conditions where some methods significantly outperform the others
- A rigorous methodology for testing unconstraining methods for your business
Instructors:
Mark Ferguson, Associate Professor, Georgia Institute of Technology
Carrie Crystal, Assistant Professor, University of Notre Dame
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