A model to develop a hotel pricing management system to optimize revenue | |
| Author | Phan Tran Hai Nhi |
| Call Number | AIT Project no.PMDS-22-09 |
| Subject(s) | Hotels--Rates--Vietnam Hotels--Rates--Mathematical models Revenue management |
| Note | A project study submitted in partial fulfillment of the requirements for the degree of Professional Master in Data Science and Artificial Intelligence Applications, School of Engineering and Technology |
| Publisher | Asian Institute of Technology |
| Series Statement | Project ; no. PMDS-22-09 |
| Abstract | In many businesses, Price strategy is considered as the secret to success, yet it can also be one of the most difficult tasks. Businesses frequently struggle with a number of price-related issues, such as accurately predicting the market impact of potential strategies, properly taking into account business restrictions, and validating price decisions are made. These issues are addressed in part by this study. I present my research with information from the Company I work for, Meliá Vietnam. In order to train a demand forecasting model, I use historical hotel transaction data. The model also takes the impacts of the weather into account. A price optimization algorithm then uses this model to determine optimal prices taking into account business constraints to maximize revenue. Although the proposed model's results are still relative. However, I think it will act as a foundation for me to gradually advance in the future. |
| Year | 2022 |
| Corresponding Series Added Entry | Asian Institute of Technology. Project ; no. PMDS-22-09 |
| Type | Project |
| School | School of Engineering and Technology |
| Department | Department of Information and Communications Technologies (DICT) |
| Academic Program/FoS | Professional Master in Data Science and Artificial Intelligence Applications (PMDS) |
| Chairperson(s) | Vatcharaporn Esichaikul; |
| Examination Committee(s) | Chaklam Silpasuwanchai;Chutiporn Anutariya; |
| Degree | Professional Master in Data Science and Artificial Intelligence Applications - Asian Institute of Technology, 2022 |