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Revenue Management: An Introduction

Revenue Management: An Introduction. MIST 8990 UGA Evening MBA Program Fall Semester 2005. Course Instructors: Robert G. Cross, CEO Revenue Analytics Patrick G. McKeown, Professor Emeritus of MIS Plus---a variety of visiting speakers. Overview.

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Revenue Management: An Introduction

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  1. Revenue Management: An Introduction MIST 8990UGA Evening MBA ProgramFall Semester 2005 Course Instructors: Robert G. Cross, CEO Revenue Analytics Patrick G. McKeown, Professor Emeritus of MIS Plus---a variety of visiting speakers

  2. Overview • Most Chief Financial Officers admit that their firms’ transactions are leaving 1% to 5 % margin on the table. For the typical firm, a 1% error in pricing equates to 7% on the bottom line. • This course will teach no-tech, low-tech, and high-tech Revenue Management methods that managers can use to: • increase revenue without increasing products or promotions; predict consumer behavior; • tap into new markets; • and deliver products and services to customers effectively and efficiently.

  3. Instructors • Patrick G. McKeown, (pmckeown@uga.edu) retired professor of MIS and former department head. • Bob Cross, (rcross@revenueanalytics.com) CEO of Revenue Analytics and “father of revenue mangement” • Speakers include faculty from UGA and experts in revenue management from industry

  4. Speakers • UGA Faculty • Richard Watson, MIS • Hugh Watson, MIS • Jay Aronson, MIS • Greg Trandel, Econ • Industry • Trent Ball, Delta Airlines • Dick Niggley, RevenueAnalystics • Jon Higbee and colleagues, Manugistics

  5. Course Objectives After completing this course, you should be able to: • Describe the concepts of revenue management and its application in both public and private organizations, • Discuss the revenue management process. • Understand state-of-the-art revenue management applications. • Discuss the use of optimization and other quantitative techniques for revenue management. • Apply revenue management to actual situations and develop a recommendation for its application. • AND …

  6. Use revenue management to make more money!

  7. Textbook and Course Outline • Textbook: Revenue Management: Hardcore Tactics for Market Domination by Robert G. Cross (available from Amazon.com or other online booksellers.) • The syllabus for this course can be found at http://www.terry.uga.edu/~pmckeown/RevMan05 • Student evaluation will be based on class participation, team projects, and a final exam. • Students are expected to attend ALL classes. Missing more than one day WILL result in removal from class.

  8. Team Projects • The class will be divided into teams of size 4 or 5 and assigned a topic for a revenue management project. • On September 24, each team will make a brief presentation on their analysis of the topic and turn in an one page executive summary of their analysis. • On the last day of class, Oct 15, each team will make a longer presentation on their project to the class. • This presentation should consider all aspects of revenue management (including, but not limited to, the core concepts of revenue management and the revenue management process) as applied to one the possible projects.

  9. Teams • During the morning and lunch break periods on the first day, students are asked to create teams • During the afternoon break, Dr. McKeown should be informed of team membership • Once teams are completed, they should review the projects and determine preference ordering for the projects • Teams will select a project based on a draft order which will be drawn by lottery

  10. Grading • Participation in discussion of cases and RM Exercises: 10% • Team presentation of project: 40% • Short Presentation: 5% • Long Presentation: 25% • Executive Summary: 10% • Final Exam: 30% • A team write-up of an RM application: 20%

  11. Cases and Exercises • There are 3 cases and 3 in-class exercises that you will be asked to discuss • For cases, you will need to have read the case before class and answered any case questions. If there are no questions (as with the Orthodontics Case), you should analyze how the author has or has not applied the Revenue Management Process and Core Concepts • You should be ready to discuss your answers and analysis in class • For in-class exercises, your team will be asked to develop a solution which you will very briefly present to the class (1 minute, max)

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