Today's Revenue Management thought:-
One of the most insightful lessons I've learned from engaging in any challenge is viewing results in terms of "expected value".
This has guided my focus to be more process oriented and to take the long view on goals, which has led to better outcomes over time.
In probability theory, the expected value (also called expectation, mathematical expectation, mean, or average) is a generalisation of the weighted average. With other words, the expected value is the arithmetic mean of a large number of independently selected outcomes of a random variable.
When processing & planning your budgets & forecasts - do you calculate “expected value” ?
Have a profitable week.
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