|
Pricing Science
Pricing science is the application of social and business science methods to the problem of setting prices. Methods include economic modeling, statistics, econometrics, mathematical programming. This discipline had its origins in the development of yield management in the airline industry in the 1980s, and has since spread to many other sectors and pricing contexts, including yield management in other travel industry sectors, media, retail, manufacturing and distribution. Pricing science work is effectuated in a variety of ways, from strategic advice on pricing on defining segments for which pricing strategies may vary, to enterprise-class software applications, integrated into price quoting and selling processes. History Pricing science has its roots in the development of yield management programs developed by the airline industry shortly after deregulation of the industry in the early 1980s. These programs provided model-based support to answer the central question faced ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Model
In economics, a model is a theoretical construct representing economic processes by a set of variables and a set of logical and/or quantitative relationships between them. The economic model is a simplified, often mathematical, framework designed to illustrate complex processes. Frequently, economic models posit structural parameters. A model may have various exogenous variables, and those variables may change to create various responses by economic variables. Methodological uses of models include investigation, theorizing, and fitting theories to the world. Overview In general terms, economic models have two functions: first as a simplification of and abstraction from observed data, and second as a means of selection of data based on a paradigm of econometric study. ''Simplification'' is particularly important for economics given the enormous complexity of economic processes. This complexity can be attributed to the diversity of factors that determine economic activity; ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Optimization (mathematics)
Mathematical optimization (alternatively spelled ''optimisation'') or mathematical programming is the selection of a best element, with regard to some criterion, from some set of available alternatives. It is generally divided into two subfields: discrete optimization and continuous optimization. Optimization problems of sorts arise in all quantitative disciplines from computer science and engineering to operations research and economics, and the development of solution methods has been of interest in mathematics for centuries. In the more general approach, an optimization problem consists of maximizing or minimizing a real function by systematically choosing input values from within an allowed set and computing the value of the function. The generalization of optimization theory and techniques to other formulations constitutes a large area of applied mathematics. More generally, optimization includes finding "best available" values of some objective function given a define ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Linear Programs
Linear programming (LP), also called linear optimization, is a method to achieve the best outcome (such as maximum profit or lowest cost) in a mathematical model whose requirements are represented by linear relationships. Linear programming is a special case of mathematical programming (also known as mathematical optimization). More formally, linear programming is a technique for the optimization of a linear objective function, subject to linear equality and linear inequality constraints. Its feasible region is a convex polytope, which is a set defined as the intersection of finitely many half spaces, each of which is defined by a linear inequality. Its objective function is a real-valued affine (linear) function defined on this polyhedron. A linear programming algorithm finds a point in the polytope where this function has the smallest (or largest) value if such a point exists. Linear programs are problems that can be expressed in canonical form as : \begin & \text && \mat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Heuristic
A heuristic (; ), or heuristic technique, is any approach to problem solving or self-discovery that employs a practical method that is not guaranteed to be optimal, perfect, or rational, but is nevertheless sufficient for reaching an immediate, short-term goal or approximation. Where finding an optimal solution is impossible or impractical, heuristic methods can be used to speed up the process of finding a satisfactory solution. Heuristics can be mental shortcuts that ease the cognitive load of making a decision. Examples that employ heuristics include using trial and error, a rule of thumb or an educated guess. Heuristics are the strategies derived from previous experiences with similar problems. These strategies depend on using readily accessible, though loosely applicable, information to control problem solving in human beings, machines and abstract issues. When an individual applies a heuristic in practice, it generally performs as expected. However it can alternatively cre ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Expectation Maximization
Expectation or Expectations may refer to: Science * Expectation (epistemic) * Expected value, in mathematical probability theory * Expectation value (quantum mechanics) * Expectation–maximization algorithm, in statistics Music * ''Expectation'' (album), a 2013 album by Girl's Day * ''Expectation'', a 2006 album by Matt Harding * ''Expectations'' (Keith Jarrett album), 1971 * ''Expectations'' (Dance Exponents album), 1985 * ''Expectations'' (Hayley Kiyoko album), 2018 **"Expectations/Overture", a song from the album * ''Expectations'' (Bebe Rexha album), 2018 * ''Expectations'' (Katie Pruitt album), 2020 **"Expectations", a song from the album * "Expectation" (waltz), a 1980 waltz composed by Ilya Herold Lavrentievich Kittler * "Expectation" (song), a 2010 song by Tame Impala * "Expectations" (song), a 2018 song by Lauren Jauregui * "Expectations", a song by Three Days Grace from ''Transit of Venus'', 2012 See also *''Great Expectations'', a novel by Charles Dickens *''X ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Stock-keeping Unit
In inventory management, a stock keeping unit (abbreviated as SKU and pronounced or ) is the unit of measure in which the stocks of a material are managed. Or to put it another way; is a distinct type of item for sale, purchased, or tracked in inventory, such as a product or service, and all attributes associated with the item type that distinguish it from other item types. (For a product, these attributes can include manufacturer, description, material, size, color, packaging, and warranty terms.) When a business records the inventory of its stock, it counts the quantity it has of each unit, or SKU. SKU can also refer to a unique identifier or code, sometimes represented via a barcode for scanning and tracking, that refers to the particular stock keeping unit. These identifiers are not regulated or standardized. When a company receives items from a vendor, it has a choice of maintaining the vendor's SKU or creating its own. This makes them distinct from Global Trade Item Number ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Exponential Smoothing
Exponential smoothing is a rule of thumb technique for smoothing time series data using the exponential window function. Whereas in the simple moving average the past observations are weighted equally, exponential functions are used to assign exponentially decreasing weights over time. It is an easily learned and easily applied procedure for making some determination based on prior assumptions by the user, such as seasonality. Exponential smoothing is often used for analysis of time-series data. Exponential smoothing is one of many window functions commonly applied to smooth data in signal processing, acting as low-pass filters to remove high-frequency noise. This method is preceded by Poisson's use of recursive exponential window functions in convolutions from the 19th century, as well as Kolmogorov and Zurbenko's use of recursive moving averages from their studies of turbulence in the 1940s. The raw data sequence is often represented by \ beginning at time t = 0, and the outpu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Forecasting
Forecasting is the process of making predictions based on past and present data. Later these can be compared (resolved) against what happens. For example, a company might estimate their revenue in the next year, then compare it against the actual results. Prediction is a similar but more general term. Forecasting might refer to specific formal statistical methods employing time series, cross-sectional or longitudinal data, or alternatively to less formal judgmental methods or the process of prediction and resolution itself. Usage can vary between areas of application: for example, in hydrology the terms "forecast" and "forecasting" are sometimes reserved for estimates of values at certain specific future times, while the term "prediction" is used for more general estimates, such as the number of times floods will occur over a long period. Risk and uncertainty are central to forecasting and prediction; it is generally considered a good practice to indicate the degree of uncertainty ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Statistics
Statistics (from German language, German: ''wikt:Statistik#German, Statistik'', "description of a State (polity), state, a country") is the discipline that concerns the collection, organization, analysis, interpretation, and presentation of data. In applying statistics to a scientific, industrial, or social problem, it is conventional to begin with a statistical population or a statistical model to be studied. Populations can be diverse groups of people or objects such as "all people living in a country" or "every atom composing a crystal". Statistics deals with every aspect of data, including the planning of data collection in terms of the design of statistical survey, surveys and experimental design, experiments.Dodge, Y. (2006) ''The Oxford Dictionary of Statistical Terms'', Oxford University Press. When census data cannot be collected, statisticians collect data by developing specific experiment designs and survey sample (statistics), samples. Representative sampling as ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
INFORMS
The Institute for Operations Research and the Management Sciences (INFORMS) is an international society for practitioners in the fields of operations research (O.R.), management science, and analytics. It was established in 1995 with the merger of the Operations Research Society of America (ORSA) and The Institute of Management Sciences (TIMS). Overview INFORMS promotes greater public awareness, interest, and understanding about the benefits of operations research (O.R.) and analytics and provides a variety of programs and services that support lifelong learning and networking for O.R. and analytics professionals. This includes publishing 16 peer-reviewed journals, hosting numerous conferences and meetings, providing continuing education courses and professional certification, and administering dozens of special-interest communities that help professionals network and collaborate with colleagues from around the world. INFORMS is a member of the International Federation of Operation ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Operations Research
Operations research ( en-GB, operational research) (U.S. Air Force Specialty Code: Operations Analysis), often shortened to the initialism OR, is a discipline that deals with the development and application of analytical methods to improve decision-making. It is considered to be a subfield of mathematical sciences. The term management science is occasionally used as a synonym. Employing techniques from other mathematical sciences, such as modeling, statistics, and optimization, operations research arrives at optimal or near-optimal solutions to decision-making problems. Because of its emphasis on practical applications, operations research has overlap with many other disciplines, notably industrial engineering. Operations research is often concerned with determining the extreme values of some real-world objective: the maximum (of profit, performance, or yield) or minimum (of loss, risk, or cost). Originating in military efforts before World War II, its techniques have grown to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
