Apparatus and method of allocating flight inventory resources based on the current market value
First Claim
1. A system for determining whether to allocate a flight inventory resource, the system comprising:
- a central information repository for storing current inventory data describing flight inventory resources currently available for allocation to a customer, wherein the inventory data includes a current market price for each flight inventory resource;
a local information repository for storing historical information on past market transactions of the flight inventory resources;
a flight inventory value enhancer, coupled to both the central information repository and the local information repository, for calculating the optimal market price of each flight inventory resource based on a set of factors selected from (1) the current market price for the flight inventory resource, (2) a number of allocated and unallocated flight inventory resources, (3) a forecast of demand for the unallocated flight inventory resources, and (4) a variation in the demand for unallocated flight inventory resources, wherein the flight inventory value enhancer determines the forecasted demand and the variation in demand based on the historical information stored in the local information repository; and
a comparator configured to compare the stored current market price of the flight inventory resource with the calculated optimal market price to determine whether to allocate to the customer the flight inventory resource.
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Abstract
The present invention relates to an inventory control method and architecture that maximizes revenues derived from the sale of a given inventory resource to a customer. More particularly, the present invention uses a continuous nested execution environment that allows a determination of a minimum acceptable price by continuously computing an optimal sale price based on current demand and supply and expected cancellations. The method described accesses a centrally located information repository and retrieves an inventory resource type and value allowing requests below the minimum acceptable price to be rejected, while requests above the minimum acceptable price can be accepted thus allowing the resource provider to maximize incoming revenues from the sale of its inventory of reservations.
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Citations
22 Claims
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1. A system for determining whether to allocate a flight inventory resource, the system comprising:
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a central information repository for storing current inventory data describing flight inventory resources currently available for allocation to a customer, wherein the inventory data includes a current market price for each flight inventory resource; a local information repository for storing historical information on past market transactions of the flight inventory resources; a flight inventory value enhancer, coupled to both the central information repository and the local information repository, for calculating the optimal market price of each flight inventory resource based on a set of factors selected from (1) the current market price for the flight inventory resource, (2) a number of allocated and unallocated flight inventory resources, (3) a forecast of demand for the unallocated flight inventory resources, and (4) a variation in the demand for unallocated flight inventory resources, wherein the flight inventory value enhancer determines the forecasted demand and the variation in demand based on the historical information stored in the local information repository; and a comparator configured to compare the stored current market price of the flight inventory resource with the calculated optimal market price to determine whether to allocate to the customer the flight inventory resource. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9)
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10. A computer-implemented method for determining whether to allocate a flight inventory resource, comprising:
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storing current market prices for flight inventory resources; storing historical information on past market transactions of the flight inventory resources; determining allocated and unallocated flight inventory resources; forecasting a demand for the unallocated flight inventory resources based on the stored historical information; computing a variation in the demand for the unallocated flight inventory resources based on the stored historical information; deriving an optimal market price for the flight inventory resources based on the forecasted demand and the computed variation in the demand for the unallocated flight inventory resources; comparing the stored current market price of the flight inventory resource with the derived optimal market price; and allocating the flight inventory resource to a customer based upon the comparison between the stored current market price of the flight inventory resource and the derived optimal market price. - View Dependent Claims (11, 12, 13)
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14. A system for determining whether to allocate a flight inventory resource, the system comprising:
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a first information repository for storing current inventory data describing flight inventory resources currently available for allocation to a customer, wherein the inventory data includes a current market price for each flight inventory resource; a second information repository for storing historical information on past market transactions of the flight inventory resources; a flight inventory value enhancer, coupled to both the first information repository and the second information repository, for calculating the optimal market price of each flight inventory resource using a forecasted demand and a variation in demand, each determined from the historical information stored in the second information repository; and a comparator configured to compare the stored current market price of the flight inventory resource with the calculated optimal market price to determine whether to allocate to the customer the flight inventory resource. - View Dependent Claims (15, 16, 17, 18, 19, 20, 21, 22)
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Specification