ROBUST OPTIMIZATION OF STOCHASTIC REVENUE MANAGEMENT IN HOTEL INDUSTRY

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MODARES M.; NAJAFI M.

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Paper Information

Journal: INTERNATIONAL JOURNAL OF INDUSTRIAL ENGINEERING AND PRODUCTION MANAGEMENT (IJIE) (INTERNATIONAL JOURNAL OF ENGINEERING SCIENCE) (PERSIAN) Year:2010 | Volume:20 | Issue:4 Page(s): 11-21

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Title

ROBUST OPTIMIZATION OF STOCHASTIC REVENUE MANAGEMENT IN HOTEL INDUSTRY

Author(s)

MODARES M. | NAJAFI M. | Issue Writer Certificate

Keywords

ROBUST OPTIMIZATIONQ2

REVENUE MANAGEMENTQ3

ROBUST SOLUTIONQ2

ROBUST MODELQ3

STOCHASTIC PROBLEMQ3

HOTEL MANAGEMENTQ3

Abstract

The successful application of "revenue management" in airline industry motivated hotel industry management as well as some researchers to apply the concept and techniques of REVENUE MANAGEMENT to enhance the income of hotels. In this paper, we develop a multi objective model for HOTEL MANAGEMENT in stochastic environments. Since demand for rooms, and in some cases the supply, is random we introduce a ROBUST MODEL, in order to manage its uncertain parameters. Therefore, the objectives of the model are robustness as well as income enhancement. Furthermore, some other new assumptions such as overbooking, early (or late) departure of a passenger and different prices are also included in the model.

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APA: Copy

MODARES, M., & NAJAFI, M.. (2010). ROBUST OPTIMIZATION OF STOCHASTIC REVENUE MANAGEMENT IN HOTEL INDUSTRY. INTERNATIONAL JOURNAL OF INDUSTRIAL ENGINEERING AND PRODUCTION MANAGEMENT (IJIE) (INTERNATIONAL JOURNAL OF ENGINEERING SCIENCE) (PERSIAN), 20(4), 11-21. SID. https://sid.ir/paper/65984/en

Vancouver: Copy

MODARES M., NAJAFI M.. ROBUST OPTIMIZATION OF STOCHASTIC REVENUE MANAGEMENT IN HOTEL INDUSTRY. INTERNATIONAL JOURNAL OF INDUSTRIAL ENGINEERING AND PRODUCTION MANAGEMENT (IJIE) (INTERNATIONAL JOURNAL OF ENGINEERING SCIENCE) (PERSIAN)[Internet]. 2010;20(4):11-21. Available from: https://sid.ir/paper/65984/en

IEEE: Copy

M. MODARES, and M. NAJAFI, “ROBUST OPTIMIZATION OF STOCHASTIC REVENUE MANAGEMENT IN HOTEL INDUSTRY,” INTERNATIONAL JOURNAL OF INDUSTRIAL ENGINEERING AND PRODUCTION MANAGEMENT (IJIE) (INTERNATIONAL JOURNAL OF ENGINEERING SCIENCE) (PERSIAN), vol. 20, no. 4, pp. 11–21, 2010, [Online]. Available: https://sid.ir/paper/65984/en

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