Industries Like Car Rentals Use Yield Management Techniques for Dynamic

question 63

True/False

Industries like car rentals use yield management techniques for dynamic capacity, pricing, and overbooking decisions because of the complexity of the problems they face.

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Definitions:

Common Standard

A uniform criterion or benchmark that can be widely used across different systems, organizations, or industries to ensure compatibility and efficiency.

Management Duties

Encompasses a range of responsibilities held by managers, including planning, organizing, leading, and controlling resources to achieve organizational objectives.

Corrective Action

Measures taken to rectify a problem, error, or deviation from a desired standard or performance.

Control

In management, the process of regulating organizational activities so that actual performance conforms to expected standards and objectives.