Revenue Management (yield management) optimizes pricing and capacity allocation to maximize revenue from perishable inventory. Core problem: dynamically set prices or allocate capacity to different customer segments with varying willingness-to-pay and booking patterns. Techniques: (1) nested protection levels - reserve capacity for high-value segments; (2) bid-price control - accept bookings exceeding opportunity cost; (3) dynamic pricing - adjust prices based on remaining capacity and time. OR models: stochastic dynamic programming, network revenue management (multiple legs), and forecasting integration. Applications pioneered in airlines, now ubiquitous in: hotels, car rentals, theaters, and advertising. Success requires: demand forecasting, optimization, and operational execution.