Today we are joined by 3 Guests:

🔹 David Lopez – Chief Science Officer at Pace
🔹 Maxime Cohen – Associate Professor at McGill University
🔹 Nancy Pyron – Analytics, Strategic, and Organizational Consultant at NMP Consulting

In today’s video we discuss elements of a whitepaper our 3 guests have recently authored looking at Statistical Field Experimentation (or lack thereof) for testing revenue management strategies in the hospitality industry

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👇 We touch on:

🟠 What Field Experimentation is
🟠 Indicative scenarios where it could prove valuable
🟠 Practical challenges faced
🟠 Experimental Designs to address these challenges

🔗Link to Whitepaper:
https://www.pacerevenue.com/free-download

Here are the chapters:

  • Guest Intros (1:30)
  • Rationale for writing the whitepaper (3:48)
  • Introduction to Statistical Field Experimentation (6:55)
  • Beneficial Scenario 1 – Ancillary Pricing (17:20)
  • Beneficial Scenario 2 – Distribution Channel Optimisation (20:06)
  • Beneficial Scenario 3 – Promotion Success (24:00)
  • Beneficial Scenario 4 – Choice of RMS (31:08)
  • Beneficial Scenario 5 – Updating Revenue Management Algorithms (38:57)
  • Beneficial Scenario 6 – Price Update Frequency (42:23)
  • 3 Core Practical Challenges (51:09)
  • Experimental Design to Address the Challenges (1:05:55)
  • Summary of areas discussed (1:15:55)
  • What do we hope the whitepaper will achieve (1:16:21)
  • Wrap up (1:16:48)

👀 WATCH NEXT (A few of our other videos):

💢Want your Revenue Manager to be Strategic .. Do You Have an RMS?
https://youtu.be/m_vcVchwFZs
💢Revenue Manager Crisis Checklist
https://youtu.be/4h9v8SbpdMw
💢Now is the time for hotels to bring revenue and marketing together
https://youtu.be/6QjKDgpnBKk
💢How will the RMS evolve to move revenue management forward
https://youtu.be/9ijlPw-tg7Y

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