What Is Meant by Yield Management Systems,and When Is a Service

question 12

Short Answer

What is meant by yield management systems,and when is a service likely to use such a system?

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Definitions:

Invoice

A document issued by a seller to a buyer, detailing the products or services sold, their quantities, and the agreed prices for the transaction.

Payment

The transfer of money or goods in exchange for a product, service, or to fulfill a legal obligation.

Overhead Expenses

Represents the ongoing costs of operating a business that are not directly tied to the production of goods or services, such as rent, utilities, and administrative salaries.

Profit

The financial gain achieved when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes involved in sustaining the activity.