Food and Beverage Management Commons^™

Practical Applications Of Revenue Management In Full Service Restaurants, Sean Aten

UNLV Theses, Dissertations, Professional Papers, and Capstones

Revenue management is the act of skillfully, carefully, and tactfully managing, controlling and directing capacity and sources of income, given the constraints of supply and demand (Forgacs, 2010). This field grew out of the yield management strategies developed for use in the airline industry beginning in the 1960s. They used data driven decision making to maximize revenues gained from every seat on every flight. The hospitality industry now views this field as one of the core competencies for successful profitability (Hayes & Miller, 2011). It is a multidisciplinary approach that blends elements of marketing, operations, and financial management to effectively …