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Forecasting Cancellation Rates for Services Booking Revenue Management using Data Mining

Abstract:

Revenue management (RM) enhances the revenues of a company by means of demand-management decisions. An RM system must take into account the possibility that a booking may be canceled, or that a booked customer may fail to show up at the time of service (no-show). We review the Passenger Name Record data mining based cancellation rate forecasting models proposed in the literature, which mainly address the no-show case. Using a real-world dataset, we illustrate how the set of relevant variables...

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Publication date:
2010-01-01
URN:
uuid:614c3d16-4fff-414e-9052-c154da6dffc5
Local pid:
oai:eureka.sbs.ox.ac.uk:422

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