The INFORMS Revenue Management and Pricing Section Practice Award
2010 1st-prize Winner: Marriott International’s Group Pricing Optimizer
The RM&P Section Practice Award recognizes outstanding applications of revenue management and pricing techniques. The selection of finalists and a 1st-prize winner were based on the applications’ impact, originality, and technical merit.
The 2010 Prize has been presented to Marriott International for their Group Pricing Optimizer. According to the prize committee, “Marriott's ability to jointly manage both group and individual travel demand to maximize total profitability and improve customer service required innovative analytics and a realignment of its business processes. Their solution involved novel operations research methods as well as the seamless integration of people and technology. With this project, Marriott has demonstrated true industry leadership in the application of management science.”
For more information on the 1st-place project, see the Finalist Presentation as well as their description in the journal Interfaces (“Marriott International Increases Revenue by Implementing a Group Pricing Optimizer,” Interfaces, Volume 40, Issue 1, January 2010). The members of Marriott’s prize-winning team were Sharon Hormby, Julia Morrison, Michele Meyers, Prashant Dave, and Tim Tenca.
The prize was awarded on June 18, 2010 during the INFORMS Revenue Management and Pricing Section summer conference at Cornell University. Marriott’s entry was one of four outstanding finalists for the prize. The other finalists were,
- Extra Space Storage, Revenue Management Solution for the Real Estate Industry, by Dr. Lijian Chen, Samrat Sondhi, Michael McDonald, Rene Gabrys, Joe Robinson, and Chandra Maddukuri;
- Ortec, Conquering the one-size-fits-all disease: How we put Revenue Management into action for Holland’s largest online tour operator, by Kevin Pak and Greenhardde Vries;
- Zara, Clearance Pricing and Optimization, by Felipe Caro, Jérémie Gallien, Rodolfo Carboni, Miguel Díaz, Javier García, Lorena Rodríguez, Christian Montejo, Francisco Babio, José Manuel Corredoira, Felipe Peña, and César Suárez.
The members of the 2010 Practice Prize committee were:
Warren Lieberman, Veritec Solutions
Robert Phillips, Columbia School of Business and Nomis Solutions
Maarten Oosten, SAS Institute
Robert Shumsky (Chair), Tuck School at Dartmouth.