J 2015

THE USE OF MONTE CARLO SIMULATION IN HOTEL REVENUE MANAGEMENT

PETŘÍČEK, Martin and Martina SOCHŮRKOVÁ

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

Článek v odborném periodiku

Confidentiality degree

není předmětem státního či obchodního tajemství

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
Změněno: 26/8/2015 11:05, doc. Ing. Martin Petříček, Ph.D.

Abstract

V originále

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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