Yield Management Systems Are Used To

question 116

Multiple Choice

Yield management systems are used to:

• A) determine the availability of product substitutes in complex industries that are experiencing rapid change
• B) profitably fill unused capacity
• C) predict necessary service levels to achieve revenue goals
• D) determine whether it is financially more feasible to buy a new product or repair a broken one
• E) create elastic demand for low-involvement products

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Definitions:

Continuous Random Variable

A random variable that can take any value in a continuum or uncountable range.

P(x > a)

The probability that a random variable x will take a value greater than a specified number a.

P(x < a)

This notation represents the probability that a random variable x is less than some value a.

Random Variable

A variable whose values depend on outcomes of a random phenomenon.