The method of predicting private flight demand exists only as a manual process, resulting in restrictions with time and overall efficiency. In the private aviation industry, dynamic pricing is a tool ..
The method of predicting private flight demand exists only as a manual process, resulting in restrictions with time and overall efficiency. In the private aviation industry, dynamic pricing is a tool used to help computerize the flight demand predictions as it decreases time consumption in the procedure, increases company revenue while maintaining competitiveness in the industry and improves customer satisfaction. OneSky Network, the IT branch of a private jet company located in Embry-Riddle Aeronautical University’s Micaplex, teamed up with a few students at Embry-Riddle Aeronautical University for a research project that explores the concept of dynamic pricing with the ultimate goal of implementing such an algorithm for the private aviation industry. The objective of this research project is to create prediction models that will accurately predict private flight demand over the course of a year using three years of historical flight data that were provided by OneSky. Support for this project is provided by the National Research Experience for Undergraduates Program (NREUP) of the Mathematical Association of America funded by the NSF Grant #1950644.
