HOMEWORK SESSION 5 : Futurecasting and Revenue Management evolution

What is futurecasting ?

As regards the different analysts and professionals using this method, futurecasting is the fact to analyze the macro-environment in order to better understand how the future will be. 

This analyzes rest on individuals at a social scale and not the market. They try to better understand the behavior and interaction of those people in order to perceive what the future trends would be.

Have a better understanding of the future trends allow professional to make the most of their forecast and then offer an accurate strategy. 

How it is an evolution of Revenue Management? 

The traditional Revenue Management as we know it mostly relies on past figures and events to determine the price that will manage to generate more revenue. Futurecasting enables to none only focus on previous data but also forecast including future trends. 

Meaning that the defined prices would tend to be more accurate. Moreover, datas will be collected regarding much more sources and, then, bring more value to the forecast.

The difficult aspect of it is to focus on relevant datas for its business.