We investigate project scheduling with stochastic activity durations to maximize the expected net present value. Individual activities also carry a risk of failure, which can cause the overall project to fail. To mitigate the risk that an activity's failure jeopardizes the entire project, more...

Research and development (R&D) collaborations, common in high-tech industries, are challenging to manage due to technical and market risks as well as incentive problems. We investigate how control rights, options, payment terms and timing allow the innovator to capture maximum value from its R&D...

An inherent characteristic of Ramp;D projects is technological uncertainty, which may result in project failure, and time and resources spent without any tangible return. In pharmaceutical projects, for instance, stringent scientific procedures have to be followed to ensure patient safety and...

Problem definition: Airports and airlines have been challenged to improve decision-making by producing accurate forecasts in real time. We develop a two-phased predictive system that produces forecasts of transfer passenger flows at an airport. In the first phase, the system predicts the...

Improving airport collaborative decision making is at the heart of airport operations centers (APOCs), recently established in several major European airports. In this paper, we describe a project commissioned by Eurocontrol, the organization in charge of the safety and seamless flow of European...

We determine the optimal timing for replacement of an emerging technology facing uncertainty in both the output price and the arrival of new versions. Via a sequential investment framework, we determine the value of the investment opportunity, the value of the project, and the optimal investment...

Decarbonisation of the Nordic power sector entails substantial variable renewable energy (VRE) adoption. While Nordic hydropower reservoirs can mitigate VRE output's intermittency, strategic hydro producers may leverage increased flexibility requirements to exert market power. Using a...