Titolo presentazione
sottotitolo
Milano, XX mese 20XX
Yield Management part 1 -solutions
Alberto Portioli Staudacher
Matteo Rossini
Dipartimento Ing. Gestionale
Politecnico di Milano
Dep. Management, Economics and Industrial Engineering
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Yield Management: Esercizi e Soluzioni, Esercizi di Gestione Delle Operations
exercises of yield management - operations management
Tipologia: Esercizi
2017/2018
1 / 37
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Titolo presentazione
sottotitolo
Milano, XX mese 20XX
Yield Management part 1 - solutions
Alberto Portioli Staudacher
Matteo Rossini
Dipartimento Ing. Gestionale
Politecnico di Milano
Dep. Management, Economics and Industrial Engineering
Futura Spa
Calculate the protection level for full price tickets
What happens to the protection level if company introduces last
minute tickets at a price of 150 €?
Data shows that usually no-show related to people that have purchased tickets at discounted price is equal to 10% (the ticket
is not refoundable)
Futura Spa question 1
Marginal analysis
[ 1 ( )]* ( )*
1 1
1 1 1 1
1 1 1 1
pl z
C C
C
P X S
P X S C P X S C
P X S C P X S C
u o
u
u o
u o
Futura Spa question 1
Co = company paid for h.q. program and buffet for a seat
that remains empty. Moreover it lost the opportunity of
selling that place at a discounted price (with related costs).
Co = 40 + 15 + (320 – 25) = 350
Cu = company lost the opportunity to sell a ticket at full
price (not sustaining also related service costs) but gained
the rate of discounted ticket (and paid for its service costs)
Cu =(1000 – 15 – 40) – (320 – 25) = 650
Futura Spa question 1
Normal distribution, mean = 200
P(X<=350) = 90% σ =?
350
90%
How much is the variance?
( 1 ) (^1 ) σ
μ
σ
μ − ≤
− ≤ =
X K P X K P
Futura Spa question 1
- Probability of demand lower or equal to 350:
350
90% (^) P(X 1 ≤ 350) = 0,
Conversion to a standard normal distribution N(0,1):
117 ,^2 1 , 28
150 σ = =
) 0 , 9
350 200 ( 1 =
− ≤
−
σ σ
X μ P
F(Zα)=0, Zα=1,
1 , 28
350 200
−
σ
Futura Spa question 2
No-show phenomenon of discounted tickets
(10% of probability that who bought discounted ticket
doesn’t turn-up)
Introduction of last-minute ticket, price = 150 €
Futura Spa question 2
Co = company paid for h.q. program and buffet for a seat
that remains empty. Moreover it lost the opportunity of
selling that place at a discounted price (with related costs)
but sold it at last-minute price.
Co = 40 + 15 + (320 – 25 + 0,15*150) - 150 = 215
Cu = company lost the opportunity to sell a ticket at full
price (without sustain related service costs) but gained the
rate of discounted ticket (and paid for its service costs)
Cu =(1000 – 15 – 40) – (320 – 25 + 0,15*150) = 635
Futura Spa question 2
u o
u
u o
u o
C C
C
P X S
P X S C P X S C
P X S C P X S C
[ 1 ( )]* ( )*
1 1
1 1 1 1
1 1 1 1
Cu = 635
Co = 215
P X < S ≤
Futura Spa question 2
F(Zα)= 0,
Zα = 0,
Full price tickets Protection level:
S 1 = 200 + 0 , 67 * 117 , 2 = 278 , 5
Company has to reserve 279 seats
How many tickets at discounted fare
could company sell?
500 – 279 = 221
Exercise 2 question 1
Co = opportunity cost to sell a discounted ticket
Co = 600
Cu = company lost the opportunity to sell a ticket at full
price (without sustaining related service costs) but gained
the rate of discounted ticket
Cu =(1200 – 0,7*50) – 600 = 565
Exercise 2 question 1
- Probability of demand lower or equal to 400:
400
80% (^) P(X 1 ≤ 400) = 0,
Conversion to a standard normal distribution N(0,1):
176 ,^57 0 , 84
150 σ = =
) 0 , 8
400 250 ( 1 =
− ≤
−
σ σ
X μ P
F(Zα)=0, Zα=0,
0 , 84
400 250
−
σ
Exercise 2 question 2
Introduction of last-minute ticket, price = 300 €
Co = opportunity cost to sell a discounted ticket but at the
same time, company sells a last minute ticket
Co = 600 – 300 = 300
Cu = company lost the opportunity to sell a ticket at full
price (without sustaining related service costs) but gained
the rate of discounted ticket
Cu =(1200 – 0,7*50) – 600 = 565
Exercise 2 question 2
F(Zα)= 0,
Zα = 0,
Full price tickets Protection level:
S 1 = 250 + 0 , 39 * 176 , 57 = 318 , 86 >> 319
Co Cu
Cu
P X S
seats