Dynamic pricing tool algorithms have been widely used for increasing a company’s revenue, and customer satisfaction while maintaining competitiveness in many industries. In the private aviation indust..
Dynamic pricing tool algorithms have been widely used for increasing a company’s revenue, and customer satisfaction while maintaining competitiveness in many industries. In the private aviation industry, the objective of the dynamic pricing tool algorithm is to calculate flight prices for a customer based on a multitude of factors including: the type of private jet, the arrival and departure dates and locations, and the time proximity to a special event or holiday. OneSky Network, the IT branch of a private jet company located in Embry-Riddle Aeronautical University’s Micaplex, teamed up with students at Embry-Riddle Aeronautical University on a research project that aims to develop a dynamic pricing algorithm for the private aviation industry. One of the biggest challenges is creating an Event Calendar with designated weights and multipliers that will impact the variations in prices. The objective of this research project is to create the Event Calendar which will consist of all global, regional, and local holidays and events within the United States using 3 years of historical flight data provided by OneSky.
