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MODEL BUILDING IN MATHEMATICAL PROGRAMMING
14.24 Yield management
Numbers of seats have been rounded to nearest integers where necessary.
Period 1
Sell tickets at the following prices up to what is available:
First £ 1200
Business £900
Economy £500
Set provisional prices for period 2:
|
First |
£1150 if scenario 1 in period 1 £1150 if scenario 2 in period 1 £1300 if scenario 3 in period 1 |
|
Business |
£1100 for all scenarios in period 1 |
|
Economy |
£700 for all scenarios in period 1 |
Set provisional prices for period 3:
|
First Business Economy |
£1500 for all scenarios in periods 1 and 2 £800 for all scenarios in periods 1 and 2 £480 for all scenarios in period 1 and scenarios 1 and 2 in period 2; £450 for all scenarios in period 1 and scenario 3 in period 2 |
(Provisionally) book three planes. Expected revenue is £169 544.
Period 2
Rerunning the model with the demand given (with hindsight) for the price levels decided for period 1 results in the following recommended decisions for period 2.
Sell tickets at the following prices up to what is available:
|
First |
£1150 |
|
Business |
£1100 |
|
Economy |
£700 |
Set provisional prices for period 3:
|
First |
£1500 for all scenarios in period 2 |
|
Business |
£800 for all scenarios in period 2 |
|
Economy |
£480 for scenarios 1 and 2 in period 2 £450 for scenario 3 in period 2 |
(Provisionally) still book three planes. Expected total revenue is now £172 969.
Period 3
Rerunning the model with the known demands and price levels for periods 1 and 2 results in the following recommended decisions for period 3. Sell tickets at the following prices up to what is available:
|
First |
£1500 |
|
Business |
£800 |
|
Economy |
£480 |
(Provisionally) still book three planes. Expected total revenue is now £176 392.
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