Using DecisionTools, London Business School Wins INFORMS Case Competition
1 November 2004, Ithaca, NY - Professors Bert De Reyck and Zeger Degraeve, and Pascale Crama from London Business School have won the Annual Case Competition Award organised by the Institute for Operations Research and Management Science (INFORMS) for their case “Project Portfolio Management at Novartis Pharma”. The award was presented at the INFORMS Annual Meeting in Denver, Colorado, on October 24, 2004.
The case describes the R&D project selection and prioritization problem at Novartis, a recurrent issue of strategic importance for the company. In the pharmaceutical industry, project portfolio decisions are crucial to the viability and success of a company, and require huge investment commitments. This case illustrates the usefulness of management science methods for this purpose. In particular, decision analysis, simulation and optimization are used to analyze and optimize project portfolio decisions. The software @RISK, PrecisionTree, and RISKOptimizer were applied to these portfolio decisions. This is a relevant issue in today’s pharmaceutical industry, which is facing an increasingly tough environment and needs to improve the quality of its decision-making in order to maintain its profitability.
Bert De Reyck is an Associate Professor at London Business School. His current research activities concern the development of methods and processes for project, programme and project portfolio management. Zeger Degraeve is a Professor at London Business School. His current research includes project portfolio management, development of optimisation methodology and applications of operations research in business and industry. Pascale Crama is working on a PhD dissertation at London Business School in the area of “R&D Project Valuation, Management and Portfolio Management”. Professors De Reyck and Degraeve have won several research awards and have worked as consultants with a wide variety of companies.
INFORMS is the world's largest professional organisation concerned with operations research and management science, and the Annual Meeting is the major forum for researchers active in the field.
The London Business School is the graduate school of business at the University of London. Founded in 1965, the school has three main areas of activity: post-graduate degree programmes in management and business administration, non-degree courses for business executives, and research. The London Business School’s full-time faculty includes 100 world-renowned business experts, publishing an average of 300 research papers, articles and books every year.