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Optimization, Types of Control, and Overbooking

In: Airline Revenue Management

Author

Listed:
  • Curt Cramer
  • Andreas Thams

    (University of Applied Sciences Worms)

Abstract

As illustrated in Fig. 2.1 , the optimization step takes place, after the forecasting has been done. It uses the corresponding results from forecasting to maximize the expected revenue of a flight. Throughout this chapter, we will discuss the most relevant concepts of optimization in revenue management. This will finally allow us to understand the process flow of a standard revenue management system, as outlined in Chap. 2 , Sect. 2.1 , in all details. Furthermore, we will give a comprehensive introduction to overbooking approaches and their practical relevance. The chapter starts with an introduction, on how capacity is generally allocated and controlled in airline revenue management.

Suggested Citation

  • Curt Cramer & Andreas Thams, 2021. "Optimization, Types of Control, and Overbooking," Springer Books, in: Airline Revenue Management, chapter 4, pages 39-52, Springer.
    • Handle: RePEc:spr:sprchp:978-3-658-33721-6_4
    DOI: 10.1007/978-3-658-33721-6_4
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