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| Author: | Dittman, D.A. Hesford, J.W. |
| Title: | A simulation-based optimization approach for investment decisions: A case study of pure allergy-friendly rooms |
| Journal: | Cornell Hotel and Restaurant Administration Quarterly
2007 : FEB, VOL. 48:1, p. 88-100 |
| Index terms: | hotel management decision making investments risk case studies Monte Carlo technique simulation optimization models USA |
| Language: | eng |
| Abstract: | This article demonstrates how to use optimization combined with Monte Carlo simulation to model an investment decision through a case study of a hotel considering the converting a portion of its inventory to allergy-friendly rooms. Using survey data on consumer demand and data on hotel occupancy (here as: ocp-y.), the model considers the random nature of ocp-y. to determine the optimal number of rooms to convert and the corresponding price to charge. In addition, the limitations of traditional approaches are demonstrated using data on average ocp-y. |
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