HOUSTON--(BUSINESS WIRE)--PROS® (NYSE: PRO), a cloud software company powering the shift to modern commerce, today announced that two members of its Science and Research team have been selected to present research findings on their work in dynamic pricing science and revenue management for the airline industry. Ravi Kumar, Ph.D., and Wei Wang, Ph.D., will deliver presentations at the 21st annual International Federation of Operational Research Societies (IFORS) Conference, scheduled for July 17-21 in Quebec City, Canada.
Kumar will deliver a presentation titled “Price Learning and Optimization for Airline Revenue Management.” Airlines are actively evaluating class-free demand control structures for dynamic pricing and how to manage uncertain demand distributions. Kumar will present key challenges and evaluate dynamic pricing algorithms that incorporate learning as part of the optimization to help improve revenue performance.
Wang’s presentation – “Overbooking Under Dynamic and Static Policies for the Network” – evaluates the important elements of revenue management and dynamic pricing science for airlines. Today, carriers still apply static approaches to overbooking and cancellation, and Wang will simulate model comparisons using both dynamic and static network policies. He will evaluate both no-show and cancellation refunds for airline seating classes and the impact on profitability.
“New modern commerce strategies are enabling airlines with opportunities to deliver personalized travel recommendations based on each customer’s travel history, profiles and preferences,” said PROS Senior Vice President of Science and User Experience Jeff Robinson. “With more than three decades of experience in airline revenue management, carriers around the world look to PROS for optimizing their capabilities and to better serve their passengers. We are honored to have Ravi Kumar and Wei Wang represent PROS at this prestigious conference.”
IFORS comprises 50 national societies that focus on the exchange of operational research between nationals, maintaining competence standards and encouraging the teaching of operational research.
PROS Holdings, Inc. (NYSE: PRO) is a cloud software company powering the shift to modern commerce by helping companies create personalized and frictionless buying experiences for their customers. Fueled by dynamic pricing science and machine learning, PROS solutions make it possible for companies to price, configure and sell their products and services in an omnichannel environment with speed, precision and consistency. Our customers, who are leaders in their markets, benefit from decades of data science expertise infused into our industry solutions. To learn more, visit pros.com.
This press release contains forward-looking statements, including statements about the functionality and benefits of revenue, profit realization and modern commerce software to organizations generally as well as the functionality and benefits of PROS software products. The forward-looking statements contained in this press release are based upon PROS historical experience with revenue, profit realization and modern commerce software and its current expectations of the benefits of revenue, profit realization and modern commerce software for organizations that implement and utilize such software. Factors that could cause actual results to differ materially from those described herein include the addressability of an organization’s revenue, profit realization and modern commerce software needs, the risks associated with PROS developing and enhancing products with the functionality necessary to deliver the stated results and the risks associated with the complex implementation and maintenance of revenue, profit realization and modern commerce software such as PROS software products. Additional information relating to the uncertainty affecting the PROS business is contained in PROS filings with the Securities and Exchange Commission. These forward-looking statements represent PROS expectations as of the date of this press release. Subsequent events may cause these expectations to change, and PROS disclaims any obligations to update or alter these forward-looking statements in the future whether as a result of new information, future events or otherwise.