Review on the Newest Revenue Management Demand Forecasting Methods

Revenue management is the application of integrated price and inventory control in a way that maximize company revenue. Demand forecasting plays a critical role in a successful revenue management system. Forecasting is an integral part of the decision making activity of management, so having a good estimate of future demand helps revenue management analyst to make good decisions about their inventory. In this paper we have reviewed the recent methods which are successfully implemented by researchers and practitioners in the field of revenue management. We have describe some of the newest methods in detail and the rest of classic methods in brief. We also have discussed these methods and mentioned their advantages and disadvantages

Keywords:

Revenue Management , Demand Forecasting , Demand Unconstraining , Incomplete Data , Optimization , Operation Research