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Articles 601 - 630 of 1238
Full-Text Articles in Business
A Multinomial Lattice Option Pricing Methodology For Valuing Risky Ventures: Multiple Sources Of Uncertainty, Bardia Kamrad
A Multinomial Lattice Option Pricing Methodology For Valuing Risky Ventures: Multiple Sources Of Uncertainty, Bardia Kamrad
Research Reports from the Department of Operations
The methodology for determining the value of a claim whose payoffs depend upon the stochastic prices of other assets is referred to as Contingent Claims Analysis (CCA). This methodology has now become an industry standard for valuation of financial assets such as options, warrants, bonds, convertibles, and a host of other financial derivative securities. In recent years, techniques of Contingent Claims Analysis (CCA) and stochastic control theory have also been used to value risky ventures characterized by significant operating flexibility. While the advantages of these methods over alternative valuation approaches have been well documented, implementation problems have emerged, primarily due …
On Stages Of Knowledge Growth In The Management Sciences, Arnold Reisman, Xiaomei Xu
On Stages Of Knowledge Growth In The Management Sciences, Arnold Reisman, Xiaomei Xu
Research Reports from the Department of Operations
This paper invokes Rostow's theory of economic development, the kinetics of chemical reactions and the principles of technology forecasting to address, by analogy, the stages of knowledge development in Management Science. It shows that different strategies dominate research at the various stages of its development. Lastly it relates the stages to the level of knowledge accumulated and the relative difficulty of teaching/learning the accumulated knowledge.
Toward An Epistemology Of Or/Ms, Arnold Reisman
Toward An Epistemology Of Or/Ms, Arnold Reisman
Research Reports from the Department of Operations
This paper reviews some concepts from History and Philosophy of Science and applies them to examining the stages of development reached by some theoretical OR/MS subdisciplines and by several applications areas.An attempt is made to create an epistemologic context for recent discussions regarding the state-of-the-art and implications for the future of OR/MS.
Toward Meta Research In Technology Transfer, Liming Zhao, Arnold Reisman
Toward Meta Research In Technology Transfer, Liming Zhao, Arnold Reisman
Research Reports from the Department of Operations
Technology Transfer (TT) literature has grown exponentially during the last twenty-five years. As in most emerging fields, the literature is quite disjointed. It is especially so in TT because of the cross-disciplinary nature of the field. Although a number of taxonomies have been proposed, most are by and for a specific discipline, e.g., economics or sociology. This paper offers a taxonomic schema which takes into account each of the streams of TT knowledge and classifies the developments efficiently and effectively.
Beginning A Voyage : The Lincoln Electric Company (Cleveland, Ohio) Automation Forum Plant Study, A. Dale Flowers, Henry C. Co
Beginning A Voyage : The Lincoln Electric Company (Cleveland, Ohio) Automation Forum Plant Study, A. Dale Flowers, Henry C. Co
Research Reports from the Department of Operations
This paper details the Lincoln Electric Company’s strategic initiative to enter the ODP (open drip proof) motor market with their new Signature Series during the 1990s. Faced with stagnant sales of their TEFC (totally enclosed fan cooled) motors, Lincoln invested over $10 million in advanced automation and vertical integration to produce high-quality ODP motors. The project emphasized in-house manufacturing, rigorous quality control, and innovative product design, resulting in a unique five-year warranty. Despite challenges such as cost overruns and delays, Lincoln views the project as a learning opportunity, demonstrating their commitment to integrating human resources with state-of-the-art technology for long-term …
The Cim Journey : The Allen-Bradley Pilot Cim Cell In Twinsburg, Ohio, Henry C. Co, A. Dale Flowers
The Cim Journey : The Allen-Bradley Pilot Cim Cell In Twinsburg, Ohio, Henry C. Co, A. Dale Flowers
Research Reports from the Department of Operations
The Allen-Bradley (A-B) Twinsburg plant assembles printed circuit boards (PCB's) for four geographically remote engineering departments. Each engineering department uses different CAD (Computer-Aided Design) and CAE (Computer-Aided Engineering) systems to meet application-specific design requirements. The journey to CIM began at the same time as A-B's decision to implement surface-mount technology (SMT) to increase product function while maintaining product size. CIM allowed Allen-Bradley to leverage its investment in SMT by integrating the assembly cell with the design databases of the four operating divisions.
Technology Transfer: A Taxonomic View, Arnold Reisman
Technology Transfer: A Taxonomic View, Arnold Reisman
Research Reports from the Department of Operations
Interest in the notion of Technology Transfer has been gaining momentum during the last two decades. Technology Transfer, however, has different meanings to different people. It may indeed mean different things to any one individual. This paper is an attempt to define the field in its entirety and to delineate all its facets in a manner that is parsimonious yet discriminating. In other words, it is an attempt to create a classification or taxonomy of Technology Transfer.
Toward A Generic Taxonomy Of The Not-For-Profits, Not-For-Profit Managers, And Not-For-Profit Managerial Functions, Arnold Reisman
Toward A Generic Taxonomy Of The Not-For-Profits, Not-For-Profit Managers, And Not-For-Profit Managerial Functions, Arnold Reisman
Research Reports from the Department of Operations
The not-for-profit sector encompasses a diverse range of organizations, from large entities like the American Red Cross to small neighborhood associations, collectively representing the third largest economic sector and employing as many civilians as the federal government and all 50 states combined. This sector, influenced by privatization trends under the Reagan administration, necessitates a deeper understanding of the roles and functions of its managers. Existing literature highlights the importance of systematic taxonomies for classifying the functions, structures, and characteristics of nonprofit organizations. These frameworks assist educators, policymakers, and practitioners in comprehensively analyzing the sector, from identifying operational profiles to refining …
The Accuracy In Estimating Truck Class Rates For Logistical Planning, Ronald H. Ballou
The Accuracy In Estimating Truck Class Rates For Logistical Planning, Ronald H. Ballou
Research Reports from the Department of Operations
Truck class rates are usually needed in strategic logistical planning, especially for facility location. Using point-to-point transport rates is exact, but for practical reasons it is often necessary to estimate them from distance. Two sources of rate estimating error are examined: (1) the error resulting from the linear approximation of rates from distances and (2) the error associated with estimating distances from shipment origin-destination coordinate points. Suggestions are made as to how the rate estimating error may be minimized. [Published circa 1990.]
An Approach To Planning For Physician Manpower Requirements In Developing Countries Using Dynamic Programming, Fidelis Madeke Ikem, Arnold Reisman
An Approach To Planning For Physician Manpower Requirements In Developing Countries Using Dynamic Programming, Fidelis Madeke Ikem, Arnold Reisman
Research Reports from the Department of Operations
Physician manpower requirements of most developing countries can often be met by developing local training facilities, sending indigenes to train abroad, and/or by recruiting expatriate physicians. Foreign training and having expatriates often involve expenditures of scarce foreign exchange in competition with other development projects. This paper develops a manpower planning model which coordinates physician manpower requirements of a developing country with its capacity to train such physicians along with national objectives to contain costs. The paper presents computational results from a dynamic programming model using the best data available from Nigeria.
A Continued Comparison Of Several Popular Algorithms For Vehicle Routing And Scheduling, Ronald H. Ballou
A Continued Comparison Of Several Popular Algorithms For Vehicle Routing And Scheduling, Ronald H. Ballou
Research Reports from the Department of Operations
This article reports on the relative performance of several popular heuristic approaches to the vehicle routing and scheduling problem. It is a continuation of a previous study where the problems addressed were small. This research extends the problem size to see if the results would still be valid. Because of disappointing performance in the previous study, two of the algorithms were redesigned to see if their performance would improve.
Developing A Tutoring Module For Presentation Of Computerized Patient Management Problems, Rosa M. Barriga, Katherine Mann, Eugenia P. Vanek, Arnold Reisman, Lawrence Kent
Developing A Tutoring Module For Presentation Of Computerized Patient Management Problems, Rosa M. Barriga, Katherine Mann, Eugenia P. Vanek, Arnold Reisman, Lawrence Kent
Research Reports from the Department of Operations
[Published circa 1986-1990]. To aid in the design of a computerized teaching system, including a database of patient information, a patient case generator using an expert system shell, and a tutoring module, several existing patient management problem (PMP) presentation or tutoring programs were reviewed. Some attributes were identified as required for a computerized PMP system to constitute an effective instructional tool. After reviewing the literature, four major areas were identified on which to evaluate computerized PMPs: 1) Ability to simulate the Patient/Physician Encounter 2) Provision of Educational Feedback 3) User-Friendliness, Ease of Use, Flexibility 4) Tracking of Student Performance. The …
Multinomial Approximating Models For Options With K State Variables, Bardia Kamrad, Peter H. Ritchken
Multinomial Approximating Models For Options With K State Variables, Bardia Kamrad, Peter H. Ritchken
Research Reports from the Department of Operations
Contingent claims whose values depend on multiple sources of uncertainty arise in many financial contracts and in the analysis of real projects. Unfortunately closed form solutions for these options are rare and numerical methods can be computationally expensive. This article extends the literature on multinomial approximating models. Specifically, new multinomial models are presented, that include as special cases existing models. The more general models are shown to be computationally more efficient.
Quality Control Of Multistage Production Systems, Gad Rabinowitz
Quality Control Of Multistage Production Systems, Gad Rabinowitz
Research Reports from the Department of Operations
A single inspection facility (IF) is capable of multiple inspection tasks. Such IF could be a human inspector or an automated gaging system (e.g. an image analyzer in a machine vision system). In this study we focus on the use of such IF's for detecting 'out-of-control' production stages in multistage production systems. Managing a multi-IF system for this purpose requires three levels of decisions: the capacity (number of IF's needed), the assignment of inspection tasks to each IF, and the inspection schedule of each single IF subsystem. Both economical and quality performance objectives are considered. The study is presented in …
Optimization Of A Multi-Product, Multi-Period Distribution Network With Fixed Costs, For Refined Petroleum Products, Cynthia Diane Leach
Optimization Of A Multi-Product, Multi-Period Distribution Network With Fixed Costs, For Refined Petroleum Products, Cynthia Diane Leach
Research Reports from the Department of Operations
The distribution network for refined petroleum products is multicommodity in nature since multiple products must share the same transportation resources. To satisfactorily model this network in order to study strategic decisions requires modeling multiple time periods and the use of integer variables for fixed costs. Although the problem can be mathematically formulated as a mixed integer linear program the number of variables makes it difficult to solve using standard linear programming software for real world problems. In order to exploit the structure of the problem, which includes coupling constraints, coupling variables and embedded networks, a three-level decomposition algorithm using the …
A Systematic Approach To Countertrade Decision Making Analysis, Kil Ju Park
A Systematic Approach To Countertrade Decision Making Analysis, Kil Ju Park
Research Reports from the Department of Operations
Countertrade literature to date has concentrated ondiscussing the motivations, reasons, and advantages of specificcountertrades and the negotiation contract requirements fortransactions between countries. However, developing ascience-based decision model for countertrade has drawn littleattention in the literature. Increasing importance ofcountertrade in the world market requires a systematic decision-making process in order to reduce the transaction negotiationtime and cost, and increase profitability of a country or aninternational company.This thesis attempts to improve the countertradenegotiation process by recognizing a hierarchy of objectives tobe met in 1) Picking the proper negotiation partner. 2)Selecting the proper quantities of the different goods to betraded. The first objective …
Optimal Decision And Detection In The Decentralized Case, Moula Cherikh
Optimal Decision And Detection In The Decentralized Case, Moula Cherikh
Research Reports from the Department of Operations
This dissertation addresses the problem of optimal decentralized detection or decision-making about some binary states of the world. In the centralized case, the solutions are well known and easily obtained using the classical theory of statistical hypothesis testing. The decentralized case has an additional degree of complexity due to the interrelationships and the dependence between the decision-makers. As formulated here, the model has applications to any problem in which stochastically independent observations are abstracted to inform a central decision-maker, or are used to determine a team action. Examples include: a strategic defense system, a battery of medical tests, or an …
Valid Inequalities For Constrained Assignment Problems, Sunil Dhamankar, Daniel Solow
Valid Inequalities For Constrained Assignment Problems, Sunil Dhamankar, Daniel Solow
Research Reports from the Department of Operations
Recently, valid inequalities derived from polytopal structure of the constraints are playing an important role in solving difficult combinatorial problems. These inequalities strengthen the LP relaxation of the problems and improve the lower bounds substantially. It is expected that in an branch-and-cut type algorithm stronger lower bounds will reduce size of the search tree and will minimize computational effort. In this paper , we consider an Assignment Problem with a single Knapsack Constraint (APKC). We present efficient procedures to identify valid inequalities for the APKC from the LP optimal solution. These inequalities can be strengthened by including additional variables for …
Quality Control Of An Unreliable Open Queueing Network Flexible Manufacturing System : With Repairable Parts And Non-Negligible Inspection Times, Charles S. Tapiero, Lie-Fern Hsu
Quality Control Of An Unreliable Open Queueing Network Flexible Manufacturing System : With Repairable Parts And Non-Negligible Inspection Times, Charles S. Tapiero, Lie-Fern Hsu
Research Reports from the Department of Operations
This paper examines the integration of quality control and repair mechanisms in flexible manufacturing systems (FMSs), addressing the challenges posed by automation and process complexity. Leveraging advanced computer-aided quality control technologies such as computer vision and laser-based systems, the study explores inspection and repair processes within an Open Queueing Network (OQN) framework. Two primary repair strategies are analyzed: directing defective units to dedicated repair stations and conducting on-site repairs within manufacturing cells. Using GI/G/S queue models and Whitt’s queueing network approximations, the paper evaluates the impact of these strategies on average outgoing quality (AOQ) and operational performance. Key findings include …
A Simulation Of An Input/Output Subsystem Of A Large Scale I.B.M Mainframe Environment, Thomas J. Bregar
A Simulation Of An Input/Output Subsystem Of A Large Scale I.B.M Mainframe Environment, Thomas J. Bregar
Research Reports from the Department of Operations
A large mainframe computing environment consists of three major hardware components: the mainframe computer, the input/output (I/O) subsystem, and the telecommunication network. Because the cost of each of these components can range from one to ten million dollars, care must be taken when configuring each component to maximize resource utilization while minimizing costs. The task is most difficult for the I/O subsystem. The I/O subsystem is comprised of a series of hardware devices that access data stored on magnetic media. This data is transferred to the computer's main memory for use by computer software. These hardware devices are produced in …
An Integer Programming Based Heuristic Approach To The Three Dimensional Packing Problem, Nancy J. Ivancic
An Integer Programming Based Heuristic Approach To The Three Dimensional Packing Problem, Nancy J. Ivancic
Research Reports from the Department of Operations
The problem of packing a set of boxes into a container (e.g., a truck) has prompted research efforts that have produced various solution techniques. Most published work, however, concentrates on the one and two dimensional packing problem and very little has been published in the area of three dimensional packing. Potential applications of this packing situation includes loading of shipping containers or trucks, warehouse design, etc. The present research investigates a three dimensional packing problem where one tries to pack various types of boxes (with different sizes) in various types of containers with the objective that the total cost of …
Off-Day Scheduling With Hierarchical Worker Categories, Hamilton Emmons, Richard N. Burns
Off-Day Scheduling With Hierarchical Worker Categories, Hamilton Emmons, Richard N. Burns
Research Reports from the Department of Operations
Workers of m types are available with type k (k=1,...,m-1) more highly qualified and able to substitute for types k+1,...,m. For seven-day-a-week operation, daily requirements are for at least dk workers of type k or better, of which at least dk must be precisely type k. Formulas are given to find the smallest number and most economical mix of workers, assuming each worker must have two off-days per week and a given fraction of weekends off. Algorithms are presented which generate a feasible schedule, and provide workstretches between two and five days, and consecutive weekdays off when on duty for …
A Binomial Contingent Claims Model For Valuing Risky Ventures, Peter H. Ritchken, Bardia Kamrad
A Binomial Contingent Claims Model For Valuing Risky Ventures, Peter H. Ritchken, Bardia Kamrad
Research Reports from the Department of Operations
Recently techniques of continuous time arbitrage and stochastic control theory have been used to value risky ventures characterized by significant operating flexibility. While the advantages of these methods over the used discounted cash flow approaches have been well documented, implementation problems have emerged, primarily due to the immence mathematical and computational complexity inherent in these approaches and due to the fact that the methodology is not easily understood by management. This article uses a simple binomial framework which not only provides an easily understandable introduction to these new methods, but also provides useful valuations in their own right.
A Survey Of Design And Operational Issues In Automated Storage And Retrieval Systems, Ahmed Malki, Henry C. Co
A Survey Of Design And Operational Issues In Automated Storage And Retrieval Systems, Ahmed Malki, Henry C. Co
Research Reports from the Department of Operations
This report presents a research agenda on problems associated with designing and operating an Automated Storage/Retrieval System (AS/RS)
Countertrade: A Means Of Expanding Financial Resources In The Not-For-Profit Sector, Arnold Reisman, David Hammack
Countertrade: A Means Of Expanding Financial Resources In The Not-For-Profit Sector, Arnold Reisman, David Hammack
Research Reports from the Department of Operations
This paper discusses various formats of countertrade, from simple barter to complex joint ventures, as a means of expanding financial and other resources by non-profit institutions. Examples of the various types of agreements practiced by the various types of institutions are provided and summarized. Lastly, the paper calls for greater levels of institutional commitments to proactive seeking and consummating countertrade agreements.
Workforce Scheduling: A Taxonomy Of The Literature And Specification Of Potential Research Topics, Rudy Hung, Arnold Reisman
Workforce Scheduling: A Taxonomy Of The Literature And Specification Of Potential Research Topics, Rudy Hung, Arnold Reisman
Research Reports from the Department of Operations
The literature includes numerous workforce scheduling models, most of which are special cases or minor variations of the landmark Burns and Carter (BC) model. Some, however, extend the BC model significantly. This paper presents a taxonomy of workforce scheduling methodologies and classifies the majority of contributions to date. The classification highlights both the similarities and differences among the various approaches and identifies gaps in the literature. These gaps represent potential areas for further research.
A Systems Approach To Identifying Knowledge Voids In Problem Solving Disciplines And Professions, Arnold Reisman
A Systems Approach To Identifying Knowledge Voids In Problem Solving Disciplines And Professions, Arnold Reisman
Research Reports from the Department of Operations
The more mature a problem solving discipline or profession the greater is its dependence on its science base and less on its art form of knowledge. Knowledge for problem solving disciplines or professions, such as engineering or management, can be subdivided into three sectors e.g. data, methodology and problems. This paper discusses the significance of the availability of knowledge in each of these sectors and in each overlap between the sectors. Next, the paper discusses and illustrates a systematic approach to meta-analyses of past research in a field toward the ends of: a. Synthesizing what is known in a manner …
Entrepreneurship, Intrapreneurship Grantsmanship And Philanthropy Or Parlaying Your Wits Into More Services Rendered And Cash In The Bank Account, Arnold Reisman
Research Reports from the Department of Operations
The need to make available resources "go further" is perceived by managers of Independent Sector entities, ranging from the Red Cross Society to the tiniest neighborhood association. Much has been written [O'Neill and Young 1988] about this need, especially during the waning years of the Reagan administration. Moreover, prognoses exist for the post-Reagan years indicating that the need will still be there [Salamon and Abramson 1982; Skloot 1987]. This paper will attempt to explain everything you've been doing, observed being done, and/or contemplated, in parlaying your limited resources to higher levels. Clearly, going "hat-in-hand" for more donative resources is standard …
Optimal Loading In A Three-Node, Two Stage System With Two Stations Parallel, Jeanette S. Biermann
Optimal Loading In A Three-Node, Two Stage System With Two Stations Parallel, Jeanette S. Biermann
Research Reports from the Department of Operations
We consider a three node system having external Poisson arrivals at rate λ. Arrivals are received at a binary switch and go to node 1 with probability r1 and go to node 2 with probability r2 = 1 - r1. We refer to r1 and r2 as the switching parameters. After service at these first-stage stations, departures from either node 1 or 2 proceed to node 3 and depart the system after service there.
On Alternative Strategies For Doing Research In The Management And Social Sciences, Arnold Reisman
On Alternative Strategies For Doing Research In The Management And Social Sciences, Arnold Reisman
Research Reports from the Department of Operations
This paper delineates the various strategies for pursuing research in the management and the social sciences. The potential benefits as well as risks to both the state of knowledge and to the researcher are discussed for each of the strategies delineated.