Determining an overbooking policy

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Q. 1. Suppose which the cost of a no-show is equal to the cost of an overbooking, also historically you have on average two no-shows. Illustrate what should be your overbooking policy?

2. Suppose which the cost of a no-show is half the cost of an overbooking also historically you have on average two no-shows. Illustrate what is your overbooking policy?

3. Suppose which from experience you know the probabilities of specific numbers of no-shows. Could you use which information in determining an overbooking policy?

Reference no: EM1396240

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