In a revenue management system; the forecasting, allocation, overbooking, and pricing must work in unison if the objective is to maximize the revenue generated by a perishable asset.
<h3>What is a revenue management system?</h3>
Basically, a revenue management system refers to a system that analyzes the combination of competitor rates, historical rates, market dynamics and inventory levels to predict demand and provide rate recommendations. A very good revenue management system will always automate the entire process and generate rates that can maximize revenue and profitability.
One of the example of use of Revenue Management is employed in the businesses of Hotel Management and the Airline Industry. The primary source of most revenue for hotels is found in their room rates and the revenue generated from the bookings is a simple multiplication of price and volume booked.
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Answer:
$4
Explanation:
A geometric distribution is commonly known as a probability distribution that is used for the total number of Bernoulli trials computed till there is a successful trial. Therefore:
If X is the toss with the first head, then, it is a geometric distribution with p = 0.5. The payable amount (A) will be:
= (1+0.5)/(0.5)^2 = 1.5/0.25 = 6
If $10 is used to play the game, the loss will be 10-6 = $4 per game.
Answer: $200,000 and its economic profits were zero.
Explanation:
First and foremost, we should note that when calculating accounting profit, the implicit cost isn't taken into consideration.
Therefore, the accounting profit will be:
= Revenue - Explicit Cost
= (4000 × 300) - Explicit cost
= 1,200,000 - 1,000,000
= 200,000
Then, Economic Profit will be:
= Accounting profit - Implicit cost
= 200,000 - 200,000
=0
Therefore, its its accounting profits were $200,000 and its economic profits were zero.
Answer:
Corporation
Explanation:
The reason is that the company provides laibility shield and also a great opportunity to raise finance through listing in the stock exchange. Furthermore the tax rates in the limited partnerships is higher than the companies required that the profits are not distributed to its shareholders. However in the corporation legal form can be used to defer the income tax by not issuing dividends and reinvesting that money in the business (Tax benefits).
So the best legal form of business is corporation.
Prior to the studies of Hawthorne, it has been studied that
the managers had pay little attention of the role in human behavior when it
comes to making decisions because they are likely focus more about their line
of work and the progress rather than having to use their own behavior as a
human and whether which are acceptable and not.
