US Patent:
20020120492, Aug 29, 2002
Inventors:
Robert Phillips - Palo Alto CA, US
Michael Eldredge - Menlo Park CA, US
Dave Levett - Surrey, GB
Nancy Pyron - Smyrna GA, US
Jeremy Cohen - Sunnyvale CA, US
George Cao - Sunnyvale CA, US
Kristen Holmquist - Sunnyvale CA, US
Bill Buckalew - Newnan GA, US
Stanley Ye - Mountain View CA, US
Andrew Mace - Peachtree City GA, US
International Classification:
G06F017/60
Abstract:
The present invention provides an event revenue management system that calculates event pricing to manage revenue and to maximize profit from the event. In particular, the system uses event parameters, including timing, resource, and discount categories, and initializes forecasting parameters. The system aggregates historical data using the forecasting parameters to generate initial forecast statistics, taking into account the event parameters. It then forecasts demand by updating the initial forecast statistics based on current data and optimizes pricing and availability of the event based on the forecasted demand.