Determine if particular overbooking strategy is sound

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Reference no: EM13128426

SarParKingsGraUsch Airlines has a 15-seat commuter turboprop that is used for short flights. Their data suggest that on average about 8% of the customers who buy tickets are no-shows. Wanting to avoid empty seats (they see this as missed opportunity to increase revenue), they decide to sell 17 tickets for each flight. Ticketed customers who can't be seated on the plane will be accommodated on another flight and will receive a certificate good for a free flight at another time that can be used for any available seat. You have been retained as a consultant to SarParKingsGraUsch. Your job is to determine if this particular overbooking strategy is sound. Use simulation methods to perform your analysis.

Reference no: EM13128426

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