By Revenue Management (RM), we mean the process of understanding, forecasting and influencing consumer behaviour in order to maximise a firm's revenues. Put simply, RM is all about selling the right product to the right customer at the right time for the right price. RM originated in the airline industry under the term Yield Management. Today, RM is widely employed in many other major industries, such as hotels, restaurants, car rentals and carparks.
A prospective research student in this area should expect to gain knowledge on Optimisation, Markov Processes, Dynamic programming and HJB equations.