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Revenue Analytics Announces Winners of 4th Annual Revenue Optimization Challenge
Business Wire, April 22, 2008
ATLANTA -- Revenue Analytics announced the winners of the 4th Annual Revenue Analytics Revenue Optimization Challenge at The Georgia Institute of Technology in Atlanta.
The Revenue Optimization Challenge was issued to MBA students in Operations Management at Georgia Tech's College of Management. Professor Mark Ferguson and Robert G. Cross, Revenue Analytics' Chairman & CEO and author of The New York Times Business Best Seller, Revenue Management, were the judges of the Revenue Optimization Challenge.
The Challenge is designed to promote excellence in the creative use of Revenue Optimization to solve complex business problems and increase revenue and profits. The judging criteria included originality of ideas, financial impact, benefits to consumers and applicability of the principles to others.
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The winning team was comprised of John Frazer, Jorge Lopez, Saurabh Gupta, Priyanka Fernandes, and Arun Jayakumar. They proposed an innovative application of Revenue Management techniques to the pricing of annual parking passes for Georgia Tech's home football games. The current approach sets a flat rate for all parking permits, irrespective of the demand for the games or the distance of the lot from the stadium. Using data collected from current permit sales and lot utilization, the students modeled several alternative approaches which would use tiered pricing to balance the demand for lots with the supply. The students indicated that the school could expect an increase in annual pass revenue of 36% from following their recommendations.
"This was a very competitive group of entries," noted Revenue Analytics' Robert Cross, sponsor of the Challenge. "The winning entry articulated very clear benefits to the university as well as to football fans who will have a greater choice of options for parking at various lots."
About Revenue Analytics
Revenue Analytics is the world's leading consulting firm in designing visionary capabilities in Pricing and Revenue Management. Revenue Analytics partners with clients to create elegant solutions that deliver high impact results. The firm's principals have successfully facilitated more than 100 previous clients uncovering over $10 billion in additional revenues. For more information, visit www.revenueanalytics.com.
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