HOUSTON--(BUSINESS WIRE)--PROS® (NYSE: PRO), the revenue and profit realization company, today announced that two members of its Science and Research team – Ravi Kumar, Ph.D., and Wei Wang, Ph.D. – have been selected to deliver presentations at the 16th Annual INFORMS Revenue Management and Pricing Conference 2016. Scheduled for June 16-17, the event will be held in New York City at the NYU Stern School of Business, hosted by its Department of Information, Operations and Management Sciences.
INFORMS – the Institute for Operations Research and the Management Sciences – is the largest society for professionals in the field of operations research, management science and analytics, with more than 12,000 members around the world.
PROS Principal Research Scientist Darius Walczak, Ph.D., serves as chair of the Revenue Management and Pricing (RMP) Section of INFORMS.
“The INFORMS Revenue Management and Pricing Conference each year attracts operations research professionals from around the world,” said Walczak. “Participants will hear presentations from some of the world’s foremost thought leaders who work both in large, globally recognized companies and in some of the world’s most renowned universities.
“Airlines around the world are redefining the customer experience through dynamic pricing, offer optimization and offer personalization,” noted Walczak. “PROS is helping carriers reshape their businesses using operations research and science as a strategic enabler. We are honored that Ravi Kumar and Wei Wang have been selected to address the conference and discuss their research on how PROS is enabling airlines to make these transformations.”
Kumar and Wang will deliver presentations based on revenue management-related research for airlines:
- Kumar will deliver a presentation titled Dynamic Pricing and Classless Revenue Management. To better model customer behavior, many airlines have deployed fully unrestricted fare structures that rely on discrete price points, even though there are explicit price-sensitive behaviors and no product-induced market segmentations. A recent trend reveals customer willingness-to-pay can be modeled as a continuous function of the offered price. Kumar will present features important for real-time implementation of dynamic pricing models with continuous demand curves. He will include numerical comparisons and simulation results to show how dynamic pricing algorithms can help airlines realize their revenue and profit potential.
- Wang will deliver his research in a presentation titled Overbooking Under Dynamic and Static Policies. Overbooking, no-shows and cancellations are important aspects of revenue management. Today, despite the availability of a variety of theoretical models – including dynamic models – airlines still apply relatively simplistic static solutions. Wang will present a simulation-based comparison of modeling overbooking for no-shows and cancellations using dynamic and static policies. He will analyze the impact of no-show rates and refunds, as well as cancellation rates and refunds, and denied-boarding cost structures. Wang will demonstrate the enhanced revenue benefits of dynamic methods that are naturally embeddable into the core optimization algorithm of PROS revenue management products.
PROS Holdings, Inc. (NYSE: PRO) is a revenue and profit realization company that helps B2B and B2C customers realize their potential through the blend of simplicity and data science. PROS offers cloud solutions to help accelerate sales, formulate winning pricing strategies and align product, demand and availability. PROS revenue and profit realization solutions are designed to allow customers to experience meaningful revenue growth, sustained profitability and modernized business processes. To learn more, visit pros.com.
This press release contains forward-looking statements, including statements about the functionality and benefits of revenue and profit realization 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 and profit realization software and its current expectations of the benefits of revenue and profit realization 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 and profit realization 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 and profit realization 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.