PETŘÍČEK, Martin and Martina SOCHŮRKOVÁ. THE USE OF MONTE CARLO SIMULATION IN HOTEL REVENUE MANAGEMENT. Czech Hospitality and Tourism Papers. Praha 8: Vysoká škola hotelová v Praze 8, spol. s r. o., 2015, p. 18-25. ISSN 1801-1535.
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Basic information
Original name THE USE OF MONTE CARLO SIMULATION IN HOTEL REVENUE MANAGEMENT
Authors PETŘÍČEK, Martin and Martina SOCHŮRKOVÁ.
Edition Czech Hospitality and Tourism Papers, Praha 8, Vysoká škola hotelová v Praze 8, spol. s r. o. 2015, 1801-1535.
Other information
Type of outcome Article in a journal
Confidentiality degree is not subject to a state or trade secret
Organization unit University College Prague – University of International Relations and Institute of Hospitality Management and Economics, Ltd.
Keywords in English business intelligence, Monte Carlo simulation, revenue management
Changed by Changed by: doc. Ing. Martin Petříček, Ph.D., učo 14750. Changed: 26/8/2015 11:05.
Abstract
The paper describes the connection of Revenue Management software in the hospitality industry and of the use of simulation approaches for estimating future revenues. The mail goal of the article is to apply the Monte Corle simulation method to Revenue Management of particular hotel. Attention is focused exclusively on the Monte Carlo probabilistic simulation. Total output can then be used for further analysis and financial planning in the hotel.
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