Define a revenue management system (RMS) and explain how it works. Give several examples of assets that can be managed using RMS
A revenue management system (RMS) consists of dynamic methods to forecast demand, allocate perishable assets across market segments, decide when to overbook and by how much, and determine what price to charge different customer (price) classes. The ideas and methods surrounding RMS are often called yield management.
Modern RMS software simultaneously makes changes in the forecast, allocation, overbooking, and pricing decisions in a real-time operating system. This process does not end until there is no more opportunity to maximize revenue (because the airplane has taken off, the concert has begun, the cruise ship has launched, etc.).
Applicable assets might include: a hotel room, an airline seat, a rental car, a concert seat, a room on a cruise ship, and broadcast advertising space.
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