Mathematical Modeling for Enhancing Business Strategies in the Hotel and Restaurant Industry: Implications for Economic Stability
Year: 2024
Type: article
Abstract: This paper explores the application of mathematical modeling as a strategic tool to enhance business operations in the hotel and restaurant industry, with a focus on promoting economic stability. The primary objective is to identify and analyze key factors influencing business performance, including customer satisfaction, operational efficiency, and resource allocation. Using quantitative methods, we developed various mathematical models to simulate different business scenarios and assess their potential impact on profitability and sustainability. The study employs data from industry case studies and surveys to inform the models, allowing for a comprehensive analysis of trends and patterns. Results indicate that mathematical modeling can significantly improve decision-making processes by providing insights into optimal pricing strategies, inventory management, and workforce allocation. The findings underscore the importance of adapting to changing market conditions and consumer preferences through predictive analytics. Overall, the integration of mathematical modeling into business strategies enhances operational effectiveness and contributes to the long-term economic stability of hotels and restaurants. This paper stresses industry stakeholders' need to embrace data-driven approaches to navigate challenges and capitalize on opportunities in a competitive landscape. Mathematical modeling helps businesses in the hospitality sector improve resilience and adaptability, driving sustainable growth.
Author: Andriy Kruhlyanko
Language: English
Subfield: Strategy and Management
Domain: Social Sciences
Open Access status: diamond
OpenAlex ID: W4407043358