IE415 REVENUE MANAGEMENT
| Course Code: | 5680415 |
| METU Credit (Theoretical-Laboratory hours/week): | 3 (3.00 - 0.00) |
| ECTS Credit: | 5.0 |
| Department: | Industrial Engineering |
| Language of Instruction: | English |
| Level of Study: | Undergraduate |
| Course Coordinator: | Prof.Dr. SERHAN DURAN |
| Offered Semester: | Fall Semesters. |
Course Objectives
At the end of the course, the students will
- be able to comprehend basics of managing interface with the market,
- become familiar with the quantitative methods, basic tools and methodologies used to solve the single-resource Revenue Management (RM) problems,
- become familiar with the quantitative methods, basic tools and methodologies used to solve the multiple-resource (network) Revenue Management (RM) problems.
Course Content
Demand management decisions.Quantity-based revenue management, single-resource and multiple-resource capacity control, control mechanisms. Static and dynamic models for single-resource control. Exact and approximate models for multiple-resource control. Static and dynamic overbooking models.
Course Learning Outcomes
Students who pass the course satisfactorily will be able to
- use market segmentation with differential pricing in demand management,
- identify the differences and relations between alternative control mechanisms,
- identify the difference between class-based (independent demand) and choice-based models,
- identify the trade-offs to be resolved in single-resource RM,
- develop and analyze mathematical single-resource RM models,
- identify the optimal policy structure for typical alternative settings,
- use heuristics to solve single-resource RM problems,
- solve network RM problems using approximate mathematical models,
- determine bid price control,
- determine (partitioned and nested) seat allocation control.
Program Outcomes Matrix
| Contribution | |||||
| # | Program Outcomes | No | Yes | ||
| 1 | An ability to identify, formulate, and solve complex engineering problems by applying principles of engineering, science, and mathematics | ✔ | |||
| 2 | An ability to apply engineering design to produce solutions that meet specified needs with consideration of public health, safety, and welfare, as well as global, cultural, social, environmental, and economic factors | ✔ | |||
| 3 | An ability to communicate effectively with a range of audiences | ✔ | |||
| 4 | An ability to recognize ethical and professional responsibilities in engineering situations and make informed judgments, which must consider the impact of engineering solutions in global, economic, environmental, and societal contexts | ✔ | |||
| 5 | An ability to function effectively on a team whose members together provide leadership, create a collaborative and inclusive environment, establish goals, plan tasks, and meet objectives | ✔ | |||
| 6 | An ability to develop and conduct appropriate experimentation, analyze and interpret data, and use engineering judgment to draw conclusions | ✔ | |||
| 7 | An ability to acquire and apply new knowledge as needed, using appropriate learning strategies | ✔ | |||
| 8 | An ability to design, analyze, operate, and improve integrated systems that produce and/or supply products and/or services in an effective, efficient, sustainable, and socially responsible manner | ✔ | |||
| 9 | An ability to apply critical reason and systems thinking in problem solving and systems design | ✔ | |||
| 10 | An ability to use scientific methods and tools (such as mathematical models, statistical methods and techniques) necessary for industrial engineering practice | ✔ | |||