Revenue Management - 12p Times New Roman - Management Assignment Help

Assignment Task:

Revenue Management Assignment Help

Provide a report with the answers for the following questions. The font of the report must be 12p Times New Roman (1.5 line spacing). The report must consist of at least 5 pages, with a maximum length of 10 pages. The report should be submitted before 23h59 of 10th of June of 2019.

Problem 1:
You must decide the prices for the 50 seats of the next flight of an airline. This airline sets two prices for the seat: r1=30 y r2=10.

The firm has paid to two consultants for providing a forecast of the demand of the seats:

• Consultant A results show that the demand for seats with price r1 follows a normal distribution with mean value of 25 and standard deviation of 5.

• Consultant B results show that the demand for seats with price r1 follows an uniform distribution (discrete) with minimum value of 1 and maximum value of 100.

• Both consultants agree that the demand for seats at price r2 follows a Poisson distribution with average arrival rate of 1000.

Answer the following questions. Assume that customers demanding seats with price r2 arrive earlier than customers demanding seats with price r1.

a) (3 points) Based on the forecast of Consultant A, provide the number of seats allocated to each class. Explain your methodology.

b) (3 points) Based on the forecast of Consultant B, provide the number of seats allocated to each class. Explain your methodology.

c) (1 point) Which of the two consultants provide a forecast that suits better to the problem of the airlines? Why?

d) (3 points) Now, the airline decided to open a new price r0. The demand for these seats will cannibalize half of the demand for seats with price r1. What is the new allocation of seats?

Problem 2:
(10 points) The National Hospital is having many problems in providing a good service to their patients. There are long waiting times, many cancelations of surgeries, periods in which beds are empty, etc. The Director of a public hospital aims to change the service of the hospital by using a Revenue Management approach. Explain how you could implement
the following topics for the daily activities of this Hospital:
• Capacity control.
• Overbooking.
• Pricing.
Explain all the assumptions of the problem of the hospital for which you will implement Revenue Management solutions. Also, explain the main challenges when implement the proposed solutions.

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