Resource Guide in

Revenue Management
INTRODUCTION
Revenue Management (RM) - often referred to as Yield Management (YM) - is
now an integral part of all major hotel chain operations. It is often described
as selling the right room at the right price to the right customer. However, as
we shall see, such definitions do not adequately differentiate RM from
reservations management. A key feature of RM is understanding the impact
that taking a reservation has on the overall performance of the business. This
guide aims to explain Revenue Management and provide an overview of the
resources available to teach the topic.
Definitions and Models of Revenue Management
Kimes (1989a:15) states:
YM is the process of allocating the right inventory unit to the right
customer at the right time and for the right price. It guides the decision
of how to allocate undifferentiated units to limited capacity and to
available demand in a way to maximize profit or revenue.
Donaghy, McMahon and McDowell (1995:140) consider YM to be a:
Revenue maximization technique which aims to increase net yield
through the predicted allocation of available bedroom capacity to
predetermined market segments at optimum price.
Jauncey et al (1995:25) have reviewed nine definitions of YM to identify their
meaning of the term:
YM is concerned with the maximization of room revenue through the
manipulation of room rates in a structured fashion, so as to take into
account forecasted demand patterns. YM is an integrated, continuous
and systematic approach to maximizing room revenue.

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Revenue management is defined by Cross (1997:33) as being:

The application of disciplined tactics that predict consumer behavior at
the micro-market level that will maximize product availability and
price in order to maximize revenues.
Jones (2000) defines revenue management as:
a system for hotel owners to maximise profitability through their senior
management in hotels identifying the profitability of market segments,
establishing value, setting prices, creating discount and displacement
rules for application to the advanced reservations process, and
monitoring the effectiveness of these rules and their implementation.

ANNOTATED BIBLIOGRAPHY
There is a wide variety of up-to-date textbooks on this subject. Some are
written from an academic perspective, whilst others are aimed at practitioners;
some adopt a managerial perspective, whilst others are highly technical; some
are general in scope, others focus on specific industry sectors.
Fabiola, S. (2005) The Spread of Yield Management Practices, PhysicaVerlag: Berlin, Germany
This book claims to offer insights into the creation and implementation of a
yield management system for service businesses and solutions to the
organisational and managerial problems that its application entails. It is written
by tourism researchers, entrepreneurs and tourism consultants as well as
experts from software houses who have designed operational tools for a
successful yield management. There are chapters on strategic aspects of
revenue management; on the application of RM in hotels, visitor attractions
and restaurants; and reviews of two RM systems Fidelio and e-yieldTM.
Yeoman, I and McMahon-Beattie, U. (2004) Revenue Management and
Pricing: Case Studies and Applications, Thomson Learning: London,
United Kingdom
The book treats revenue management and pricing as a practical subject and
demonstrates best practice throughout the tourism and hospitality industries
by the extensive use of case material.
Phillips, R. (2005), Pricing and Revenue Optimization, Stanford Univ Pr:
California, U.S.A.
Phillips describes in this textbook the background and contexts of pricing for
revenue optimization, including the traditional approaches and more modern
processes, basic price optimization and differentiation, pricing with
constrained supply, revenue management, capacity allocation, network
management, overbooking, markdown management, customised pricing, and
customer acceptance.

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Talluri, K.T. and van Ryzin, G.J. (2005) The Theory and Practice of
Revenue Management, Springer: New York, U.S.A.
This book comprehensively covers theory and practice of the entire field,
including both quantity and price-based RM, as well as significant coverage of
supporting topics such as forecasting and economics. The author suggests
such a comprehensive approach is necessary to fully understand the subject.
A central objective of the book is to unify the various forms of RM and to link
them closely to each other and to the supporting fields of statistics and
economics. Nevertheless, the topics and coverage do reflect choices about
what is important to understand RM. Hence, the book's purpose is to provide
a comprehensive, accessible synthesis of the state-of-the-art in Revenue
Management.
Topics covered are Single-Resource Capacity Control,
Network Capacity Control, Overbooking, Dynamic Pricing, Auctions,
Customer-Behavior and Market-Response Models, The Economics of RM,
Estimation and Forecasting, Industry Profiles and Implementation.
Cullen, K. and Helsel, C. (2006), Defining Revenue Management: Top
Line to Bottom Line, HSMAI
The report, under the guidance of the HSMAI Revenue Management Special
Interest Group (SIG), is a practitioner-friendly publication that addresses the
fundamentals of revenue management for a broad audience of hospitality
professionals. It will deliver tools and information for revenue management
education, incorporating expert advice from interviews with industry
executives and educators, case studies, and practical checklists for
implementing successful revenue management strategies at the property
level.
ANNOTATED BIBLIOGRAPHY OF RELATED ARTICLES
This bibliography includes journal articles and printed sources on Revenue
Management. It does not claim to be exhaustive and the aim has been to
guide the reader to useful publications within the subject field of Revenue
Management and to works published in other subject fields and disciplines
which contribute to an understanding of Yield in particular contexts.
Airline Yield/Revenue Management

Belobaba, P.P. (1989), Application of a Probabilistic Decision Model to

Airline Seat Inventory Control, Operations Research, Vol. 37, pp. 183-97.
Belobaba, P.P (2002), Back to the Future? Directions for Revenue
Management, Journal of Revenue & Pricing Management, Vol.1 No.1, pp.
87-89.
Boyd, A. (1998), Airline Alliance Revenue Management, OR/MS Today,
Vol.25.

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Fockler, S. (1991), The US Domestic Airline Industry, Economist

Intelligence Unit Travel and Tourism Analyst, Vol.3, pp. 5-21.
ORian, M. (1986), The Effects of Airline Deregulation, Irish Business and
Administrative Research, Vol. 8, pp. 38-47.

Definition, Fundamentals, Pre-Conditions

Kimes, S.E. (1989a), The Basics of Yield Management, The Cornell Hotel
and Restaurant Administration Quarterly, Vol.30 No.3, pp. 14-9
This article addresses the issue hotel operators should consider in
determining whether yield management is right for their property and
discusses some of the measures managers should take to pave the way for
successful adoption of such systems.
Jones, P. and Hamilton, D. (1992), Yield Management: Putting People in
the Big Picture, The Cornell Hotel and Restaurant Administration
Quarterly, Vol.33 No.1, pp. 89-96
The authors investigate whether everyone who should be playing a role in
making yield management a practical reality was participating in the process.
Brotherton, B. and S. Mooney (1992), Yield Management Progress and
Prospects, International Journal of Hospitality Management, Vol.11 No.1,
pp. 2332
In this article, the authors stated the definition of yield management, its
application and the prospects/problems faced by hoteliers during the
implementation process.
Lieberman, W.H. (1993), Debunking the Myths of Yield Management, The
Cornell Hotel and Restaurant Administration Quarterly, Vol.34 No.1, pp.
34-41
A look at ten popular misunderstandings about yield management's role in
and effect on the lodging industry.
Cross, R.G. (1997), Launching the Revenue Rocket: How Revenue
Management Can Work for Your Business, The Cornell Hotel and
Restaurant Administration Quarterly, Vol.38 No.2, pp. 32-43
What level of Revenue Management is reasonable and appropriate for you?
Cross reveals the factors to be considered such as market environment, the
size and technical sophistication of the company and the marketing tactics
used.
Kimes, S.E. (1997, 2000), A Strategic Approach to Yield Management. In
Yield Management, Strategies for the Service Industries. (Eds) Yeoman,
I. and Ingold, A., Cassell: London, pp. 3-11
The chapter discusses the necessary conditions for yield management, the
strategic levers available, how they have been applied in tradition yield
management settings and how they can be applied to other industries.

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Donaghy, K., McMahon-Beattie, U., Yeoman, I. And Ingold, A. (1998) The

Realism of Yield Management, Progress in Tourism and Hospitality
Research, No.4, pp. 187-195
The realism of yield management is presented in the terms of historical
development, preconditions, ingredients, decision-making variables and
boundaries. From this realism the yield segmentation process (YSP) emerges,
which is a `hands on style' of capacity management that suits the
organizational style and culture of the smaller and medium sized hotels.
Jarvis, N., Lindh, A. and Jones, P. (1998), An Investigation of the Key
Criteria Affecting the Adoption of Yield Management in UK Hotels,
Progress in Tourism and Hospitality Research, Vol.4, pp. 207-216
This paper reports on a study of 163 UK hotels with a rating of three or more
stars. It seeks to identify the characteristics of hotels that have adopted yield
management and those that have not.
Farrell, K. and Whelan-Ryan, F. (1998), Yield Management A model for
implementation, Progress in Tourism and Hospitality Research, Vol.4,
pp. 266-277
This paper focuses on developing a generic model for successful yield
management implementation for a hospitality organisation.
Kimes, S.E. and Chase, R.B. (1998), The Strategic Levers of Yield
Management, Journal of Service Research, Vol.1 No.2, pp. 156-166
In this article, the authors suggest that a broader view of yield management is
valuable to both traditional and non-traditional users of the approach. Central
to this broader view is the recognition of how different combinations of pricing
and duration can be used as strategic levers to position firms in their markets
and the identification of tactics by which management can deploy these
strategic levers.
Jones, P (1999), Yield Management in UK Hotels: A Systems Analysis,
Journal of Operational Research Society, Vol.50, pp. 1111-1119
This study undertakes a soft systems analysis of yield management in hotels
and develops a system model. Using this conceptual model, the author critics
yield management theory, discusses yield management practice and identifies
a number of yield management issues.
Kimes, S.E. and Writz, J. (2003), Has Revenue Management Becomes
Acceptable?, Journal of Service Research, Vol.6 No.2, pp. 125-135
In this article, authors studied customer reaction to various demand-based
pricing approaches in the restaurant industry, in three different countries. They
explored whether framing these revenue management practices as discounts
rather than surcharges would significantly enhance their perceived fairness
and make them more acceptable to customers.

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Pricing
Orkin, E.B. (1988), Boosting Your Bottom Line with Yield Management,
The Cornell Hotel and Restaurant Administration Quarterly, Vol.28 No.4,
pp. 52-56
Orkin explains how an integrated measurement technique, yield management,
can help a hotel gain an optimum business mix and meets its revenue goals.
Relihan, W.J. (1989), The Yield Management Approach to Hotel-Room
Pricing, The Cornell HRAQ, Vol.30 No.1, pp. 40-45
This articles focuses on the application of yield management to hotel-room
pricing: explanation of the techniques or applications.
Dunn, D. and Brooks, D. E. (1990), Profit Analysis: Beyond Yield
Management, Cornell Hotel and Restaurant Administration Quarterly,
Vol.31 No.3, pp. 80-90
The article considers that in order to achieve the long-term success of yield
management, pricing decisions must be based on a more thorough analysis
that includes profit margins.
Hanks, R.D., Cross, R.G. & Noland, R.P. (1992), Discounting in the Hotel
Industry: A New Approach, The Cornell Hotel and Restaurant
Administration Quarterly, Vol.33 No.3, pp. 15-23
Authors discuss an approach to discounting that provides a rational method of
price segmentation. They will explain how Marriott Corporation applied a
rational approach to discounting, with advance purchase requirements.
Lewis, R.C. and Shoemaker, S. (1997), Price-Sensitivity Measurement: A
Tool for the Hospitality Industry, The Cornell Hotel and Restaurant
Administration Quarterly, pp. 44-54
This article discusses a method of measuring that price-sensitivity a process
that has been used successfully by at least one restaurant chain.
Chen, S.S., Monroe, K.B. and Lou, Y. (1998), The Effects of Framing Price
Promotion Messages on Consumers Perceptions and Purchase
Intentions, Journal of Retailing, Vol.74 No.3, pp. 353372
In this study, authors framed a price reduction in percentage versus dollar
terms on either a high-price or a low-price product. The results provide
implications for when retailers should stress the absolute versus the relative
magnitude of discounts to advertise price promotions.
Coulter, K.S. (1999), Pricing Strategy & Practice, The Journal of Product
and Brand Management, Vol.8 No.1, pp. 61-72
The author examines how knowledge of customer price sensitivity as it
pertains to this shopping period, coupled with the appropriate use of discount
pricing, can maximize the revenue gained from sales of a seasonal product
associated with a specific holiday.

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Munnukka, J. (2006), Pricing Method as a Tool for Improved Price

Perception, Journal of Revenue and Pricing Management, Vol.5 No.3, pp.
207-220
In the present paper, we have explored pricing methods applied to charging
mobile service customers, and the influences of the charging methods on the
customers price perceptions.
Yield/Revenue Management and the Customer
Kimes, S.E. (1994), Perceived Fairness of Yield Management, The Cornell
HRAQ, Vol.35 No.1, pp.22-24
Kimes analyses the perceived fairness of yield management in the airline and
hotel industries by describing yield management, discussing the concept of
perceived fairness, and presenting results of a survey on the perceived
fairness of yield management in the airline and hotel industries.
Kimes, S.E. and Writz, J. (2002), Perceived Fairness of Demand-Based
Pricing for Restaurants, The Cornell HRAQ, Vol.41 No.1, pp.31-38
The intent of the article is to determine how customers react to several
demand-based-pricing strategies in the restaurant industry.
Writz,J., Kimes, S.E., Ho Pheng Theng, J. and Patterson, P. (2003),
Revenue Management: Resolving Potential Customer Conflicts, Journal
of Revenue and Pricing, Vol.2 No.3, pp. 216-226
This paper outlines the potential customer conflicts arising from the
application of revenue management and explores various marketing and
organizational strategies that can be used to resolve such conflicts.
Sunmee, C. and Mattila, A.S. (2005), Impact of Information on Customer
Fairness Perceptions of Hotel Revenue Management, The Cornell HRAQ,
Vol.46 No.4, pp. 444-451
Authors show through their study that offering customers information on a
hotels pricing practices can enhance their perceptions of fairness.
Yield/Revenue Management in Service Industries
Geraghty, M.K. and Johnson, E. (1997), Revenue Management Saves
National Car Rental, Interfaces, Vol.27 No.1, pp.107-127
This article discusses how National initiated a comprehensive revenue
management program whose ore is a suite of analytical models developed to
manage capacity, pricing and reservations.
Kimes, S.E. and McGuire, K.A. (2001), Function-Space Revenue
Management: A Case Study from Singapore, The Cornell HRAQ, pp.3346
The intent of this paper is to discuss function-space revenue management by
using the experience of a major operation in Singapore as an example to
illustrate how a hotel can implement revenue management.

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Kimes, S.E. and Schruben, L.W. (2002), Golf Course Revenue

Management: A Study of Tee Time Intervals, Journal of Revenue and
Pricing Management, Vol.2 No.1, pp. 111-120
This article uses simulation to study the most controllable factor of capacity:
the tee time interval. Intuitively, reducing the interval between parties will lead
to an increase in revenue; however, this paper shows that interval reductions
may actually lead to decreased revenue.
Kimes, S.E. (2004), Restaurant Revenue Management, The Cornell
HRAQ, Vol.4 No.2
This article aims at developing a framework for a theory of restaurant revenue
management and discussing and demonstrating how that theory can work in
practice.
Peister, C. (2007), Table-Games Revenue Management: Applying
Survival Analysis, The Cornell HRAQ, Vol.48 No.1, pp. 70-87
The article discusses on one hand how the theoretical concept of a tablegames revenue management model can be applied by casino managers to
manipulate demand by varying minimum wagers and on the other hand
details a functional revenue management schema that applies survival
analysis to forecast demand by minimum wager segment.
ANNOTATED GUIDE TO JOURNALS
Journal of Revenue and Pricing Management
Journal of Revenue & Pricing Management serves and reflects the
tremendous growth in research and practices of revenue management and
pricing.
http://www.palgrave-journals.com/rpm/index.html
Cornell Hotel and Restaurant Administration Quarterly
Cornell HRAQ has been the undisputed leader in the hospitality field for more
than 40 years. Blending vigorous research with illuminating case studies, the
Quarterly analyzes industry issues and provides innovative, field-tested
solutions.
http://www.hotelschool.cornell.edu/research/chr/pubs/quarterly/
Journal of Service Research
JSR offers the necessary knowledge and tools to cope with an increasingly
service-based economy. JSR features articles by the worlds leading service
experts, from both academia and the business world and offers an
international and multidisciplinary perspective on the best management
practices in Service marketing; Service operations; Service human resources;
e-Service; Economics of service; Service information systems; Customer
satisfaction and service quality; Global issues in service.
http://jsr.sagepub.com/

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Journal of Vacation Marketing

Journal of Vacation Marketing ensures that both practitioners and academics
in the sector are aware of new thinking and research, best practice and latest
techniques used in the marketing of tourism and hospitality products and
services.
http://jvm.sagepub.com/
International Journal of Hospitality Management
The range of topics covered by the journal includes human resources
management; consumer behavior and marketing; business forecasting and
applied economics; operational management; financial management; planning
and design; information processing; education and training; technological
developments; national and international legislation. The journal also contains
research papers, state-of-the-art reviews and analyses of business practice
within the industry. It is also intended to include papers on the hospitality
industry in different national contexts.
http://www.elsevier.com/wps/find/journaldescription.cws_home/659/descriptio
n#description
International Journal of Contemporary Hospitality Management
A multidisciplinary journal, it publishes double-blind reviewed papers covering
issues relevant to operations, marketing, finance and personnel and
encourages an interchange between hospitality managers, educators and
researchers.
http://www.ingentaconnect.com/content/mcb/041
International Journal of Service Industry Management
Focusing on both the for-profit and non-profit areas of the sector, this
multidisciplinary information resource draws on leading-edge contributions to
help you compare international developments and build up a broader
understanding of key issues.
http://www.emeraldinsight.com/info/journals/ijsim/ijsim.jsp
Hospitality & Tourism Research: the Surrey Quarterly Review
The Journal of Hospitality & Tourism Research publishes high-quality,
refereed scholarship which advances the knowledge base of the hospitality
and tourism field. Featuring conceptual, empirical research, and applied
research articles as well as book and software reviews, research notes,
industry viewpoints, and conference reviews, JHTR keeps educators,
researchers, and professionals in travel and hospitality up to date with the
latest and most vital findings in the field.
http://www.som.surrey.ac.uk/research/journals/quarterly.asp
ANNOTATED GUIDE TO INTERNET RESOURCES

www.hsmai.org/
www.veritecsolutions.com
www.hotel-online.com/News/ - Hospitality News

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www.hedna.org/
www.ei-ahla.org/ - American Hotel & Lodging Association Educational
Institute
www.breakingtravelnews.com/internet/
www.hospitalitynet.org/index.html
/www.hotelmotel.com/hotelmotel
www.hotelnet.com/
www.hotelmarketing.com/
www.ehotelier.com/
revenue-mgt.section.informs.org/ - INFORMS Section on Revenue
Management and Pricing:
www.forecastingprinciples.com - Refer to the principles of forecasting site:

Yield Management Systems

Optims / Amadeus Hospitality
The leading global provider of Revenue Management Systems (RMS) and ITenabling solutions dedicated to the tourism, hospitality and catering industries.
In 2005, Amadeus took over 100% control of the Optims Group. Optims
continues development of high end solutions: PMS (Property Management
System, Yield Management (Revenue Management System) and electronic
reservation and distribution tools (CRS Central Reservation System). Their
client list includes: Meridien; Concorde Hotels; Best Western; Rocco Forte;
Thistle; Radisson etc and many other individual hotels.
www.optims.com/
IDeaS
The industry's premier provider of hospitality-focused revenue management
and business intelligence solutions. The Company continues to receive
accolades from prestigious organizations such as Inc Magazine and Deloitte &
Touche for superior growth and groundbreaking technology. Winner of the
"World Class Solution" award, IDeaS has been recognized for innovative
business intelligence implementations that provide true business value. Their
client list includes: InterContinental Hotels Group, Hilton; Kempinski; The
Leading Hotels of the World; Hyatt International; Mandarin Oriental etc and
many other individual hotels.
www.ideas.com/
Easy (EZ) Revenue Management Solutions
Founded in July 1999 by Christophe Jarnier and Paul Margaillan, EasyRMS
has become the global leader and provider of Internet Revenue & Yield
Management Solutions and independent Consultancy Services. Their client
list includes: Accor Hotels Asia Pasific; Hotel Plaza Athenee, Paris; Le

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Meurice, Paris; Millenium Hotels and Resorts USA; Group Lucien Barriere;
Movenpick Hotels and Resorts and many others.
www.easyrms.com/
Opera Revenue Management System
OPERA Revenue Management Systems (ORMS) is a division of MICROS
Systems, Inc. ORMS was formerly known as OPUS 2 Revenue Technologies,
which was founded in 1985, and bought by MICROS in 1999. ORMS has
been providing world renowned solutions and consulting services in the
hospitality revenue management sector for over 20 years.
www.micros.com/
Maxim Revenue Management Solutions (e.flex)
MaximRMS was established as Yield Management System in 1989 with a
vision to provide advanced revenue management solutions to the hospitality
industry. Their clientele includes independent hotels; boutique properties;
resorts; gaming; airport and many others.
www.maximrms.com/
Global Distribution Systems (GDS)
Amadeus Global Travel Distribution S.A. - Amadeus is the largest global
distribution system (GDS) provider, serving over 200 markets around the
world. Amadeus serves many different companies including airlines, travel
agents,
hotel
operators
or
car
rental
companies.
Galileo - Galileo, owned by the Cendant company, is one of the worlds
leading GDS providers, connecting approximately 43,500 travel agency
locations to 460 airlines, 23 car rental companies, 58,000 hotel properties,
430 tour operators and all major cruise lines throughout the world (as of 2005)
Sabre Inc - Sabre owns Travelocity.com, an online travel service, Sabre
Travel Network, an electronic network for travel buyers and sellers, and Sabre
Airline Solutions - providing services to optimise airline operations and reduce
costs.
Worldspan LP - Worldspan provides worldwide electronic distribution of
travel information and other e-commerce capabilities for travel agencies,
travel service providers, and corporations.
TOPIC DELIVERY
Yield management is being practiced in airlines industry for the last 20 years
and also in the hotels internationally for about 10 years. It basically applies to
all retail sectors where capacity is fixed and enables the vendors like hotels to
price the product differently for different market segments, purchase patterns
and distribution channels. The basic objective is to increase the revenue and
the contribution by charging a higher price from certain market segments,
distribution channels, purchase patterns like length of advance booking etc.

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This is now being practiced very widely by all the hotel chains and progressive
independent hotels for marketing of hotel room inventories. The strategy is
designed to dramatically increase revenues, maximize profits, greatly improve
the effectiveness of market segmentation, open new market segments and
strengthen product portfolio strategies. The strategy and the implementation
is dependent on having a good data about past purchases of different
segments, occupancy levels in different parts of the year/parts of the week,
occupancy achieved through different segments etc. There are sophisticated
computer software and models available from the vendors, which are being
used by all the practitioners. This course will give the general introduction,
the concepts, implementation strategies and procedures. The concentration
will be on implementation of these strategies for selling of hotel rooms,
although some hotel chains and hotels are also implementing it for selling
conference room spaces.
A suggested schedule of delivery for a module in Revenue Management is
given below.
Session 01
Session 02
Session 03
Session 04
Session 05
Session 06
Session 07
Session 08
Session 09
Session 10

Introduction to Revenue Management

Review of Price Theory
Market Segmentation with Differential Pricing
Models of consumer demand
Pricing as Constrained Optimisation
Forecasting
Dynamic Pricing
Capacity Control via Linear Programming
Capacity Control with Demand Uncertainty
Customer Acceptance and Legal Issues in PRO

ABOUT THE AUTHOR

Prof. Peter Jones is the ITCA Chair of Production and Operations

Management and former Forte Chair of Hotel Management at the University of
Surrey. He published his first article on Revenue Management in 1992 and
has been interested in the topic ever since.
Rania El-Haddad is currently researching Revenue Management at the
University of Surrey. Prior to this, she was the Revenue Manager in a five
star international hotel in Beirut, Lebanon.

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