SMM641 REVENUE MANAGEMENT AND PRICING
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SMM641 REVENUE MANAGEMENT AND PRICING
Coursework Project
Project Description:
The purpose of the project is for you to explore how revenue management principles and techniques learned in class can be applied to real business problems. The topic of the project is flexible. I suggest a few strategies, but they are not restrictive.
• RM Consultant: Choose a (local) business where revenue management has potential. Investigate and analyze the level of revenue management practiced, if at all. Propose concrete strategies to develop and enhance these practices in the specific business context.
• Business Analyst: Choose a generic business (e.g. accommodation, travel, entertainment, food services, media advertising, cargo, telecom, etc.). Gather information from a few companies in this business, and do a comparative study of the RM practices and opportunities in this sector. Propose innovative strategies and discuss implementation.
• Genius: Propose, investigate, and speculate on the impact of a new type of revenue management concept or process on an existing business.
If you’d like, you can build on your responses for Problem Set 1 Question 3 and/or Problem Set 2 Question 3 and expand on your previous work to form the basis of your project as well. However, please make sure that you add sufficient depth and further analysis to any of your
prior work.
Guidelines and Deliverables:
• For your project report, please include your problem description, the methodologies you’ve used, and your findings/results/recommendations.
• The assessment will be based on both the quality of your overall analysis and the expositional clarity of your report. Depending on the type of project (as mentioned above) you choose, the quality of analysis may include factors such as the suitableness and correctness of the incorporated methodologies to your particular problem, the depth of your analysis (e.g., it should not be very similar to or at the level of a problem set question), and the strength of your reasoning regarding your recommendations.
• There is no requirement for you to collect data, you can also work entirely with simulated data. Please provide sufficient justifications for all your assumptions. If you already have data that you think might be suitable, you can work with that as well.
• For your project report, please submit a single pdf file per group to Moodle. The main project report should be limited to 4 pages (approximately limit to a maximum of 2000 words). You can provide additional details on your analysis, calculations, etc., as an Appendix.
• In addition to the report, please make sure you also submit your codes (preferably, a single code file that is ready to run either as a whole or in parts).
2022-03-30