Premium
Strategic Revenue Management under Uncertainty: A Case Study on Real Estate Projects in India
Author(s) -
Padhi Sidhartha S.,
TheogrosseRuyken Pan,
Das Debabrata
Publication year - 2015
Publication title -
journal of multi‐criteria decision analysis
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.462
H-Index - 47
eISSN - 1099-1360
pISSN - 1057-9214
DOI - 10.1002/mcda.1537
Subject(s) - real estate , revenue , profit (economics) , revenue management , real estate development , operations research , artificial neural network , maximization , profit maximization , computer science , finance , business , economics , engineering , artificial intelligence , microeconomics
This paper proposes an approach for strategic revenue management under uncertainty for real estate projects. It integrates three modelling techniques: first, artificial neural network integrated support vector machines for forecasting the profit and loss‐making real estate residential projects; second, analytical network process approach using decision making trials and evaluation laboratory methodology for establishing interrelationships among factors; and third, multiobjective genetic algorithm approach for obtaining optimal numbers and types of apartments in a real estate project. We compare the respective revenues generated with the new number of apartments and price from the suggested revenue maximization model and that of the old practiced one through a case study of India. Copyright © 2015 John Wiley & Sons, Ltd.