Pricing
Category: Prescriptivec Analytics
It is well known that “many universities have introduced differential pricing by undergraduate program as an alternative to across-the-board tuition increasesâ€. It is a response to oversubscribed programs, and “a policy lever through which state governments can alter the field composition of the workforce they are training with the public higher education system†(Stange, 2013). Analytics plays a significant role in setting dynamic or variable prices, with prominent examples being found in hotel pricing, airfare, and ecommerce. (Altexsoft, 2019).
Examples and Articles
How Machine Learning is reshaping Price Optimization
Tyro Labs, April 16, 2020. "Machine Learning can be of great help in this case and have an enormous impact on KPIs. Its power lies in the fact that the developed algorithms can learn patterns from data, instead of being explicitly programmed."
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