HotelSimu: Simulation-Based Optimization for Hotel Dynamic Pricing

Abstract

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Understanding customer's online booking intentions using hotel big data analysis

“…Contrary to the call for a high level of external validity, the practitioners are always focusing on the specific market segments and their sub-segments, where the general knowledge might be biased or unspecific. The results can be as well used within the revenue management optimisation models that, in most cases, do not reflect the dynamic behaviour of the online leisure demand, or for example, hotel revenue management education based on the simulations (Mariello et al, 2020; Poulova et al, 2019). The knowledge of price elasticity is one of the key determinants for revenue management in general.…”

Re-solving Extended Expected Marginal Seat Revenue Model Using Stochastic Approach

“…While some studies were trying to build the simulationbased models of accommodation facilities (Mariello et al, 2020;Poulova et al, 2019) and used them in revenue managers and student training, e.g. for training and development of tacit knowledge and decision-making procedure, the practitioners strive for accurate data and methodology based models that can not only support but improve the quality of their decision as well.…”

The Use of Business Process Management in Hotel Direct Sales Improvement

“…The same approach and focus are presented by the author of HotelSimu -hotel simulation game. [24] Based on the output of presented studies, there are leading research flows in business process management and simulation in the hospitality industry. One of them is focusing on the maximization of business profitability through provided services and customer orientation with process re-engineering, and the second one is using models and simulations to improve the position of revenue management.…”