IntroductionToday the use of Revenue Management has radically changed in recent decades. As revenue management proves its importance in the industry, revenue managers now have more strategic roles than simply analyzing and applying open and close rates and forecasting them for the following weeks and months. They are now responsible for controlling revenue from other income-generating activities at the hotel. They have also become closely associated with marketing colleagues and interact with competitors, as well as predict their actions. Taking all these changes into consideration, RM evolves much faster as a role. What is revenue management? “Revenue management or RM is the process or actions that enable you to sell the right product to the right customer at the right time at the right price to maximize revenue from a company's products.” (Cross, 1998). In other words , RM is an essential tool for matching supply and demand, dividing customers into different segments based on their purchasing capacity and allocating capacity to different segments in order to maximize the revenues of a particular company (Ivanov, 2012). )Today all hotel chains and small private hotels have their own annual, five-year and, in some cases, up to 20-year revenue plan. The hospitality industry is one of the fastest evolving industries as it always has to satisfy each customer's requirements and industry standards. Revenue managers must deal with new customer service standards and a high level of competition. History of revenue management Revenue management is a relatively young discipline. Its story begins in the early 1980s, when the airline industry began using revenue management practices after government deregulation… half of the paper… Ivanov, S. and Zhechev, V. (2012 ). Hotel Revenue Management: A Critical Review of the Literature. Kaplan, A.M. and Haenlein, M. (2010) Users of the world, unite! The challenges and opportunities of social media Business Horizons 53 (1) 59-63. Mahmoud, A. Revenue Management: Creative Strategies and Additional Sources of Revenue. Retrieved from http://hotelexecutive.com/business_review/3191/revenue-management-the-creative-strategies-and-additional-sources-of-revenueMcGuire, K. PhD (2012) Revenue Management Meets Social Media. Retrieved from http://hotelexecutive.com/business_review/2814/revenue-management-meets-social-media-taking-advantage-of-social-data-and-channelsSalerno, N. (2014) A Hotel Marketer's Guide to Revenue Management . Retrieved from http://www.hotelmarketingcoach.com/i-Rates About (2014). Retrieved March 21, 2014, from http://www.i-rates.com/about.php