Innovation prize finalists announced in 'Science of Better'

Hanover, MD, March 2, 2005 The Institute for Operations Research and the Management Sciences (INFORMS) today announced six finalists in its competition to win the 2005 Franz Edelman Award for Achievement in Operations Research and the Management Sciences. The annual contest highlights innovations in organizations that are profit and non-profit, in the U.S. and across the world, and frequently identifies unfolding trends in business and government.

This is the 34th year of the prestigious competition, which has recognized techniques that have changed our technical and business landscape. These include dynamic pricing, which revolutionized pricing in the airlines and hospitality industries; Diagnostic Related Groups, which saved $50 billion in costs faced by the Medicare system in the 1980s; and new methods of conducting online product procurement auctions, managing the supply chain, and fighting AIDS.

Innovations at IBM, Motorola, GM, NBC, Mars, and Merrill Lynch, as well as the U.S. Army, the City of New Haven, and Texas Children's Hospital, have been spotlighted. The Edelman competition has recognized the use of operations research in significant cost savings, most recently $130 million at HP and $600 million at Motorola.

Operations Research, known as the "science of better," is the discipline of applying advanced analytical methods to help make better decisions.

The 2005 finalists will compete in Palm Springs for the Franz Edelman Award, which is presented by INFORMS and CPMS, the Practice Section of INFORMS. The Edelman competition takes place Monday, April 18. The winner will be announced Tuesday, April 19.

This year's finalists include

  • The Athens 2004 Olympic Committee (working with Athens University), which responded to the challenge of planning the Olympics by developing an advanced Operations Research- and systems dynamics-based tool. Because of the project's success, the tool is being considered for use by the 2008 Olympic

  • Contact: Barry List
    Institute for Operations Research and the Management Sciences

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