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We develop a multistakeholder, multicriteria decision-making framework for Eurocontrol, the European air traffic management organization, for evaluating and selecting operational improvements to the air traffic management system. ...
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We develop a multistakeholder, multicriteria decision-making framework for Eurocontrol, the European air traffic management organization, for evaluating and selecting operational improvements to the air traffic management system. The selected set of improvements will form the master plan of the Single European Sky initiative for harmonizing air traffic, in an effort to cope with the forecasted increase in air traffic, while maintaining safety, protecting the environment, and improving predictability and efficiency. The challenge is to select the set of enhancements such that the required performance targets are met and all key stakeholders are committed to the decisions. In this paper, we develop and implement a model to identify a preferred set of improvements to the arrival and departure procedures to and from airports. We provide an integrated approach for valuing a large number of alternatives, while considering interactions among them. The model combines quantitative and qualitative expert assessments of the possible enhancements and identifies commonalities and differences in the stakeholders' perspectives, ultimately recommending a preferred course of action. The model is currently being adopted by Eurocontrol as the formal trade-off analysis methodology supporting all enhancements' decision-making discussions throughout the construction of the master plan.
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We study how innovators can optimally design licensing contracts when there is incomplete information on the licensee's valuation of the innovation, and limited control over the licensee's development efforts. A licensing contract...
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We study how innovators can optimally design licensing contracts when there is incomplete information on the licensee's valuation of the innovation, and limited control over the licensee's development efforts. A licensing contract typically contains an up-front payment, milestone payments at successful completion of a project phase, and royalties on sales. We use principal-agent models to formulate the licensor's contracting problem, and we find that under adverse selection, the optimal contract structure changes with the licensee's valuation of the innovation. As the licensee's valuation increases, the licensor's optimal level of involvement in the development—directly or through royalties—should decrease. Only a risk-averse licensor should include both up-front and milestone payments. Moral hazard alone is not detrimental to the licensor's value, but may create an additional value loss when combined with adverse selection. Our results inform managerial practice about the advantages and disadvantages of the different terms included in licensing contracts and recommend the optimal composition of the contract.
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We describe a research and development project-valuation model developed for Phytopharm plc, a pharmaceutical development and functional food company based in Cambridgeshire, United Kingdom. Phytopharm uses the model to value the ...
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We describe a research and development project-valuation model developed for Phytopharm plc, a pharmaceutical development and functional food company based in Cambridgeshire, United Kingdom. Phytopharm uses the model to value the projects in its research and development portfolio, and in licensing negotiations with potential product development and marketing partners. We include different valuation methods, including net present value, decision analysis, and Monte Carlo simulation. We also consider the technological risks of product development, as well as the uncertainty of commercial success. In addition to determining a value for a product in development, the model proposes appropriate licensing contract structures. A typical licensing contract specifies milestone payments and royalties to be paid by the licensee to the licensor. The contract structures adhere to an agreed-upon equitable split of the project value between the two parties. The model also generates critical information during the negotiation meetings, including break-even analyses, trade-offs, and bargaining zones. Phytopharm is currently deploying the model for use with its entire project portfolio.
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Problem definition: Mining for heterogeneous responses to an intervention is a crucial step for data-driven operations, for instance, to personalize treatment or pricing. We investigate how to estimate price sensitivity from trans...
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Problem definition: Mining for heterogeneous responses to an intervention is a crucial step for data-driven operations, for instance, to personalize treatment or pricing. We investigate how to estimate price sensitivity from transaction-level data. In causal inference terms, we estimate heterogeneous treatment effects when (a) the response to treatment (here, whether a customer buys a product) is binary, and (b) treatment assignments are partially observed (here, full information is only available for purchased items). Methodology/ Results: We propose a recursive partitioning procedure to estimate heterogeneous odds ratio, a widely used measure of treatment effect in medicine and social sciences. We integrate an adversarial imputation step to allow for robust estimation even in presence of partially observed treatment assignments. We validate our methodology on synthetic data and apply it to three case studies from political science, medicine, and revenue management. Managerial implications: Our robust heterogeneous odds ratio estimation method is a simple and intuitive tool to quantify heterogeneity in patients or customers and personalize interventions, while lifting a central limitation in many revenue management data.
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This paper contributes to the literature on enterprise resource planning (ERP) by pursuing two objectives. First, it identifies configurations of ERP adopters that have similar needs and develop similar competencies. Second, it te...
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This paper contributes to the literature on enterprise resource planning (ERP) by pursuing two objectives. First, it identifies configurations of ERP adopters that have similar needs and develop similar competencies. Second, it tests the hypothesis that, to maximize benefits from their ERP projects, organizations should align their ERP competence-building mechanisms with the ERP needs that arise from their operational environment. The analysis of a sample of manufacturing companies that implemented ERP between 1995 and 2001 uncovers four distinct configurations representing different degrees of fit between needs and competence-building mechanisms: the frugal ERP, the extensive business process reengineering (BPR), the adaptive ERP, and the straitjacket. The results support our hypothesis and suggest that the consequences of a misfit between needs and competence-building mechanisms are more severe for companies that operate in complex and dynamic environments and have informal organizational structures than for firms with rigid structures that operate in simple and stable environments.
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To empirically investigate the role that rational efficiency, external pressure, firm's internal and external barriers have had in e-process adoption across service firms after the burst of the Internet bubble. The paper begins wi...
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To empirically investigate the role that rational efficiency, external pressure, firm's internal and external barriers have had in e-process adoption across service firms after the burst of the Internet bubble. The paper begins with a detailed introduction of the problem. In Section 2 of the paper, the theoretical background of technology adoption is presented. The role of rational efficiency, external pressure, internal and external barriers are discussed in detail. The authors present various hypotheses related to the above parameters. In Section 3 of the paper, details on data collection, scale development, and various statistical analysis that was done is presented. The results of the study are given in Section 4 of the paper. The main contributions of this study are presented in the concluding section.
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To study the research implications of missing data (MD) as utilized by OM researchers. The treatment of missing data has been overlooked by the OM literature. A review of 103 survey-based articles from JOM (1993-2001) indicate...
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To study the research implications of missing data (MD) as utilized by OM researchers. The treatment of missing data has been overlooked by the OM literature. A review of 103 survey-based articles from JOM (1993-2001) indicate that list-wise deletion, which is often the least accurate, is mainly utilized by OM researchers. This study pinpoints the drawbacks of this approach and recommends the techniques to be used in this regard.
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This paper develops and implements a model to identify a preferred set of improvements to the arrival and departure procedures to and from airports. It provides an integrated approach for valuing a large number of alternatives, wh...
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This paper develops and implements a model to identify a preferred set of improvements to the arrival and departure procedures to and from airports. It provides an integrated approach for valuing a large number of alternatives, while considering interactions among them. The model combines quantitative and qualitative expert assessments of the possible enhancements and identifies commonalities and differences in the stakeholders perspectives, ultimately recommending a preferred course of action.
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摘要 :
We describe an integrated decision-making framework and modelthat we developed to aid EUROCONTROL, the European air trafficmanagement organization, in its vital role of constructing asingle unified European sky. Combining multi...
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We describe an integrated decision-making framework and modelthat we developed to aid EUROCONTROL, the European air trafficmanagement organization, in its vital role of constructing asingle unified European sky. Combining multicriteria decisionanalysis with large-scale optimization methods, such as integerprogramming and column generation using branch and price, ourmodel facilitates the process by which the numerous Europeanaviation stakeholders evaluate and select technological enhancementsto the European air traffic management system. We consider multipleobjectives and potential disagreements by stakeholders regardingthe impact of proposed system enhancements and allow for differentpriorities for each key performance area. In an earlier paper,we described the mathematical programming model in detail. Inthis paper, we elaborate on the broader decision framework andsupporting methodologies to help EUROCONTROL in its facilitationrole. Using our model and decision framework, EUROCONTROL iscurrently selecting a set of enhancements to the European aviationsystem upon which all stakeholders have agreed.收起
摘要 :
We describe an integrated decision-making framework and model that we developed to aid EUROCONTROL, the European air traffic management organization, in its vital role of constructing a single unified European sky. Combining multi...
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We describe an integrated decision-making framework and model that we developed to aid EUROCONTROL, the European air traffic management organization, in its vital role of constructing a single unified European sky. Combining multicriteria decision analysis with large-scale optimization methods, such as integer programming and column generation using branch and price, our model facilitates the process by which the numerous European aviation stakeholders evaluate and select technological enhancements to the European air traffic management system. We consider multiple objectives and potential disagreements by stakeholders regarding the impact of proposed system enhancements and allow for different priorities for each key performance area. In an earlier paper, we described the mathematical programming model in detail. In this paper, we elaborate on the broader decision framework and supporting methodologies to help EUROCONTROL in its facilitation role. Using our model and decision framework, EUROCONTROL is currently selecting a set of enhancements to the European aviation system upon which all stakeholders have agreed.
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