price optimization

Article summary

Price optimization is the use of mathematical analysis by a company to determine how customers will respond to different prices for its products and services through different channels and is in contrast to market value. It is also used to determine the prices that the company determines will best meet its objectives such as maximizing operating profit. The data used in price optimization can include survey data, operating costs, inventories, and historic prices and sales. Price optimization practice has been implemented in industries including retail, banking, airlines, casinos, hotels, car rental, cruise lines and insurance industries.

Key claims

1. publication date: 2006 — source: Wikipedia · confidence 0.95

Discussion questions

1. Summarise the article in your own words. Which single claim would you verify first, and why?
2. The record states that the publication date is "2006". What evidence would count against this claim?
3. Which claim in this article is most likely to be revised as the sources update? How would you check its current status?
4. If two sources disagreed about one of these facts, what would you need in order to trust one over the other?

Bibliography

1. Wikipedia https://en.wikipedia.org/w/index.php?oldid=1308135578