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Using the Frog Leaping Algorithm to Optimize Revenue Management in Sports Venues
چکیده مقاله Using the Frog Leaping Algorithm to Optimize Revenue Management in Sports Venues
Revenue management in sports venues has become an essential strategy for maximizing profitability while maintaining a high-quality fan experience. This paper explores the application of the Frog Leaping Algorithm (FLA), a bio-inspired optimization technique, to optimize revenue management strategies in sports venues. FLA's ability to adapt to dynamic environments, such as fluctuating demand, pricing variations, and capacity management, positions it as a promising tool for optimizing ticket pricing, demand forecasting, and venue utilization. The research investigates how FLA has been implemented in various sports venues across the Asian continent, highlighting its effectiveness in increasing revenue through dynamic ticket pricing and improved demand predictions. Results from case studies indicate that FLA can lead to significant revenue improvements by adjusting pricing strategies in real-time based on multiple factors such as game importance, opponent popularity, and fan behavior. However, challenges related to data quality, computational complexity, and real-time data integration are discussed. The paper concludes by offering recommendations for the future of FLA in sports venue revenue management, including the integration of hybrid models, real-time optimization, and personalized pricing strategies. With continued advancements in data collection and algorithmic development, FLA is poised to play a crucial role in the future of sports venue management.
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Using the Frog Leaping Algorithm to Optimize Revenue Management in Sports Venues
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