Full exam for Operations Management in the Management Engineering degree programme at Politecnico di Milano. The document covers: Yield manamagent text Vera Casio is a well-known yoga teacher in Europe. She held online classes on both her youtube channel and Instagram profile and once per year she organizes a yoga retreat for her followers. Since for 2020 she was not able to plan any physical meeting with
Full exam for Operations Management in the Management Engineering degree programme at Politecnico di Milano. The document covers: Yield manamagent text Vera Casio is a well-known yoga teacher in Europe. She held online classes on both her youtube channel and Instagram profile and once per year she organizes a yoga retreat for her followers. Since for 2020 she was not able to plan any physical meeting with
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Yield manamagent text Vera Casio is a well-known yoga teacher in Europe. She held online classes on both her youtube channel and Instagram profile and once per year she organizes a yoga retreat for her followers. Since for 2020 she was not able to plan any physical meeting with her followers due to Covid-19 situation, she is planning to organize a bigger one for 2021. In order to manage everything effectively, she asked Planning&Organize Spa company to help her arranging everything. The 2021 yoga retreat will be at PhiPhi Island, in the Relax resort, and it will last 5 days. The maximum number of participants that the resort can welcome is 1000. The fee for renting the whole Relax resort for all 5 days is 1.250.000€. In order to maximize the profit and to better organize the retreat, Planning&Organize Spa decided to apply yield management and to sell tickets to Vera followers at two different prices. If customers buy tickets in advance (until 2 months before the event) they will buy tickets at a discounted price of 2100€. The management, based on its experience, knows that if they decide to sell all the tickets at this special price, he would not have any problem to sell all the 1000 places. However, in order to gain more profit from the yoga retreat, Planning&Organize Spa decide to introduce another rate, 2800€, from 2 months onwards. The demand for tickets sold at 2 800€ is distributed as a normal distribution with average 320 and standard deviation 283. The yoga retreat will be organized to be all-included, in terms of meals (breakfast, light lunch and dinner), plus to have one yoga class per day. Planning&Organize Spa arranged a good deal with Relax resort: meals for all 5 days will cost 280€ per participants, but they need to payed in advance. The yoga classes…
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