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Articles 1 - 12 of 12
Full-Text Articles in Business
Predicting The Performance Of Queues: A Data Analytic Approach, Kum Khiong Yang, Cayirli Tugba, Mei Wan Low
Predicting The Performance Of Queues: A Data Analytic Approach, Kum Khiong Yang, Cayirli Tugba, Mei Wan Low
Research Collection Lee Kong Chian School Of Business
Existing models of multi-server queues with system transience and non-standard assumptions are either too complex or restricted in their assumptions to be used broadly in practice. This paper proposes using data analytics, combining computer simulation to generate the data and an advanced non-linear regression technique called the Alternating Conditional Expectation (ACE) to construct a set of easy-to-use equations to predict the performance of queues with a scheduled start and end time. Our results show that the equations can accurately predict the queue performance as a function of the number of servers, mean arrival load, session length and service time variability. …
Appointment Sequencing: Why The Smallest-Variance-First Rule May Not Be Optimal, Qingxia Kong, Chung-Yee Lee, Chung-Piaw Teo, Zhichao Zheng
Appointment Sequencing: Why The Smallest-Variance-First Rule May Not Be Optimal, Qingxia Kong, Chung-Yee Lee, Chung-Piaw Teo, Zhichao Zheng
Research Collection Lee Kong Chian School Of Business
We study the design of a healthcare appointment system with a single physician and a group of patients whose service durations are stochastic. The challenge is to find the optimal arrival sequence for a group of mixed patients such that the expected total cost of patient waiting time and physician overtime is minimized. While numerous simulation studies report that sequencing patients by increasing order of variance of service duration (Smallest-Variance-First or SVF rule) performs extremely well in many environments, analytical results on optimal sequencing are known only for two patients. In this paper, we shed light on why it is …
Least Squares Approximation To The Distribution Of Project Completion Times With Gaussian Uncertainty, Zhichao Zheng, Karthik Natarajan, Chung-Piaw Teo
Least Squares Approximation To The Distribution Of Project Completion Times With Gaussian Uncertainty, Zhichao Zheng, Karthik Natarajan, Chung-Piaw Teo
Research Collection Lee Kong Chian School Of Business
This paper is motivated by the following question: How to construct good approximation for the distribution of the solution value to linear optimization problem when the random objective coefficients follow a multivariate normal distribution? Using Stein’s Identity, we show that the least squares normal approximation of the random optimal value can be computed by estimating the persistency values of the corresponding optimization problem. We further extend our method to construct a least squares quadratic estimator to improve the accuracy of the approximation; in particular, to capture the skewness of the objective. Computational studies show that the new approach provides more …
Managing Emergency Department Crowding Through Improved Triaging And Resource Allocation, Kum Khiong Yang, Sean Shao Wei Lam, Joyce M. W. Low, Marcus Eng Hock Ong
Managing Emergency Department Crowding Through Improved Triaging And Resource Allocation, Kum Khiong Yang, Sean Shao Wei Lam, Joyce M. W. Low, Marcus Eng Hock Ong
Research Collection Lee Kong Chian School Of Business
Long waiting times in emergency departments (EDs) not only reduce patients’ perceived quality of care, but also increase crowding which can adversely affect patients’ outcomes. Waiting time has been found to affect patients’ outcomes and is closely associated with delays in the provision of ancillary services to ED patients by the diagnostic/treatment laboratories. The focus of this study is to improve the flow of ED patients by testing alternative triage processes and capacity of physicians, triage nurses and laboratories. Three alternative triage processes are examined for managing the flow of ED patients through shared and dedicated laboratories across different utilization …
The Impact Of The Potential Entry Of Copycats: Entry Conditions, Consumer Welfare, And Social Welfare, Sarah Y. Gao, Wei Shi Lim, Christopher Tang
The Impact Of The Potential Entry Of Copycats: Entry Conditions, Consumer Welfare, And Social Welfare, Sarah Y. Gao, Wei Shi Lim, Christopher Tang
Research Collection Lee Kong Chian School Of Business
This article examines the implications of the potential entry of a copycat who produces and sells a copycat (i.e., imitation) product that competes with the incumbent product. By analyzing a two-period dynamic noncooperative game between these two firms, we identify conditions under which the copycat can gain successful market entry. More importantly, we find that the potential entry of a copycat creates (implicit) pressure for the incumbent to lower its selling price; hence, it improves consumer welfare. Finally, we identify conditions under which the potential entry of a copycat can increase social welfare (i.e., consumer welfare and the profit of …
Can S'Pore Be An Icon For Service Productivity?, Arnoud De Meyer
Can S'Pore Be An Icon For Service Productivity?, Arnoud De Meyer
Research Collection Lee Kong Chian School Of Business
The traditional analysis tools or flexible work design deployed in manufacturing may be insufficient in giving a boost to services. For all practical purposes, there are only two ways to create more value per worker and stimulate growth, we need innovation or become more productive.
Ad Revenue Optimization In Live Broadcasting, Dana G. Popescu, Pascale Crama
Ad Revenue Optimization In Live Broadcasting, Dana G. Popescu, Pascale Crama
Research Collection Lee Kong Chian School Of Business
In live broadcasting, the break lengths available for commercials are not always fixed and known in advance (e.g., strategic and injury time-outs are of variable duration in live sports transmissions). Broadcasters actively manage their advertising revenue by jointly optimizing sales and scheduling policies. We characterize the optimal dynamic schedule in a simplified setting that incorporates stochastic break durations and advertisement lengths of 15 and 30 seconds. The optimal policy is a "greedy" look-ahead rule that accounts for the remaining number of breaks; in this setting, there is no value to perfect information at the scheduling stage, and hence knowing the …
Electricity Trading And Negative Prices: Storage Vs. Disposal, Yangfang (Helen) Zhou, Alan Scheller-Wolf, Nicola Secomandi, Stephen Smith
Electricity Trading And Negative Prices: Storage Vs. Disposal, Yangfang (Helen) Zhou, Alan Scheller-Wolf, Nicola Secomandi, Stephen Smith
Research Collection Lee Kong Chian School Of Business
Electricity cannot yet be stored on a large scale, but technological advances leading to cheaper and more efficient industrial batteries make grid-level storage of electricity surpluses a natural choice. Because electricity prices can be negative, it is unclear how the presence of negative prices might affect the storage policy structure known to be optimal when prices are only non-negative, or even how important it is to consider negative prices when managing an industrial battery. For fast storage (a storage facility that can both be fully emptied and filled up in one decision period), we show analytically that negative prices can …
Made In Singapore, Plugged Into The World, Arnoud Cyriel Leo De Meyer
Made In Singapore, Plugged Into The World, Arnoud Cyriel Leo De Meyer
Research Collection Lee Kong Chian School Of Business
Manufacturing in Singapore is not an outmoded sector. Instead, it is a job multiplier and can be a source of innovation as well as a vital way to plug the Republic into the global manufacturing network.
Cost-Reducing Innovation And The Role Of Patent Intermediaries In Increasing Market Efficiency, Anupam Agrawal, Shantanu Bhattacharya, Sameer Hasija
Cost-Reducing Innovation And The Role Of Patent Intermediaries In Increasing Market Efficiency, Anupam Agrawal, Shantanu Bhattacharya, Sameer Hasija
Research Collection Lee Kong Chian School Of Business
Patent intermediaries have gained importance as non-practicing entities in the innovation domain, buying innovations from an external provider and then licensing them to practicing firms. In this study, we analyze the competition between two identical incumbent firms and a patent intermediary for the acquisition and licensing of a cost-reducing innovation developed by an external innovator. We show that the outcome of the IP acquisition and licensing game critically depends on the degree of the cost-reducing innovation. Patent intermediaries win IP rights in patent markets if the innovation is incremental. They also win the IP rights when the innovation is moderate …
Delayering The Global Production Network Into Congruent Subnetworks, Kasra Ferdows, Ann Vereecke, Arnoud De Meyer
Delayering The Global Production Network Into Congruent Subnetworks, Kasra Ferdows, Ann Vereecke, Arnoud De Meyer
Research Collection Lee Kong Chian School Of Business
The literature in operations management has not kept up with the growing complexity of and opportunities offered by global production networks. Managers need new tools to cope with this complexity. We propose one that is based on a model that delayers the global plant network into a set of subnetworks on the basis of complexity and proprietary information in the products they produce and production processes they use to produce them. This allows examining whether each subnetwork is congruent i.e., has an appropriate manufacturing mission and the competencies that it would need to carry it out. We apply this tool …
The Impact Of Budget Constraints On Flexible Vs. Dedicated Technology Choice, Onur Boyabatli, Tiecheng Leng, L. Beril Toktay
The Impact Of Budget Constraints On Flexible Vs. Dedicated Technology Choice, Onur Boyabatli, Tiecheng Leng, L. Beril Toktay
Research Collection Lee Kong Chian School Of Business
This paper studies the flexible versus dedicated technology choice and capacity investment decisions of a multiproduct firm under demand uncertainty in the presence of budget constraints. The firm operates under a capital budget for financing the capacity investment, and an operating budget, which is uncertain in the capacity investment stage, for financing the production. We investigate how the tightening of the capital budget and a lower financial flexibility in the production stage (the likelihood of having a sufficient operating budget) shape the optimal technology choice. We find that the dominant regime is one where dedicated technology should be adopted for …