Explain yield management systems (YMS) and discuss the types of industry were they are most appropriate.
What will be an ideal response?
Yield management systems are a technique for adjusting prices that uses complex mathematical software to profitably fill unused capacity by discounting early purchases, limiting early sales at these discounted prices, and overbooking capacity. YMS are used to raise prices to maximize revenues. They were first used in the service industries-specifically the airline and lodging industries-but have been recently discovered by manufacturers as a way to make more efficient use of resources.
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Fill in the blank(s) with the appropriate word(s).
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Answer the following statement true (T) or false (F)
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