Reference no: EM131451627
DELTA AIRLINE PRICE OPTIMIZATION
Delta Airline is an American company which serves both domestic and international networks with 319 destinations in 54 countries across six continents. They manage over 5400 flights daily and one of the founding members of the sky team and airline alliance member. The company commenced its operations in 1939 but was founded in 1924 with its headquarter in Atlanta Georgia. Due to an incline in the level of operations and changes in the economic conditions, the company aims at optimizing their prices while giving the customers the best services ever. Price optimization therefore is the process in which the company uses mathematical analysis to aid in the determination of how customers respond to divergent prices for the company's products and services through different channels. It is also a process in which the company aims at determining the best prices which maximizes their profits. For the company to realize these plans, the management as well as the team of employees are called upon to set strategies as well as objectives which could enable them meet the set standards, vision and mission. They include
- To determine the best prices that shall be optimal for both the company and the customers hence value maximization.
- To determine the price elasticity of the products and how to manipulate them so as to meet the need of the customers in the market and manage competition
- To achieve optimal pricing, profits and revenue while minimizing costs as much as possible
In determination of the optimal prices, the company should take caution since the customers are very responsive to prices. They should ensure that quality services are embedded in the operations hence making the customers' switching costs to be very expensive. Besides, Delta Airline should also ensure that there is a proper communication and management process which shall help them to avoid confusion which can give the competitors an advantage over them.
PROJECT TITLE: Delta Airline Price Optimization
A single page summary of this Project Title and project goals of the project Title.
Then later next week, the second phase will be the progress report, a comprehensive report that reviews the organization's specific situation(s); compare against recognized best practices, assesses the actions that were taken; and makes recommendations for further improvement
BUSINESS ANALYTICS PROJECT GUIDELINES
Important Points / FAQ
The study will identify and evaluate the business opportunities or challenges that need to be addressed and propose (implement when possible) recommendations to improve the situation.
Deliverables
The Operations Management Project will be composed of three phases:
1. The first phase will be your project proposal - a single page summary of your intended study and project goals with a project title.
2. The second phase will be your progress report, with problem definition and appropriate management science technique.
3. Third phase will include your final project report; a comprehensive report that reviews the organization's specific situation(s); problem symptoms and definition, implemented quantitative analysis; and recommendations for further improvement.
Format
The final report should not exceed 12 pages in length, excluding appendices (typewritten, 1.5 spaced, standard margins & fonts).
Final Report-Outline- (This can be modified depending on the project topic)
Executive Summary
Table of Contents
List of Figures
List of Tables
1.INTRODUCTION
1.1. General Overview of the contents
1.2. Motivation
1.3. Goals
1.4. Company Background
2.PROBLEM DEFINITION
(Problem Challenges)
1.1....
1.2....
1.3....
1.4 Challenges
3. LITERATURE REVIEW
(Link challenges to Research articles)
4. APPROACH / METHODOLOGY
5. DATA COLLECTION&ANALYSIS
6. IMPLEMENTATION
7. RESULTS AND ANALYSIS
8. PROJECT EVALUATION
8.1. Project Outcomes
8.2. Contribution to Company
8.3. Contribution to Student
8.4. Performance of Team
9. CONCLUSION
10. APPENDIX