Operations Research: Billions and Billions of Benefits !
HYPOTHALAMUS Artificial Intelligence
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Operations Research: Billions and Billions of Benefits !
by Jeffrey M. Alden, General Motors Analytics Research?
More than $336 billion U.S. dollars of impact! That’s impressive! How were they estimated? How broad is the impact? Is there more? Since 1974, Edelman Competition finalists publish their project accomplishments in the INFORMS (Institute for Operations Research and Management Science) Journal on Applied Analytics. In reviewing the 289 articles, their cumulative monetary impact was estimated using the following guidelines:
? Be objective and make conservative assumptions.
? Include reported impact plus at most two more years of anticipated impact.
? Include only one year of enormous impact (tens of billions) to downplay the huge size and budget of some organizations.
? Ignore relative impact even though saving $10 million for a small company may be more impressive than saving $100 million for a large company.
These conservative guidelines exclude important yet difficult-to-quantify reported benefits, such as improvements in legal dispute resolution, cancer treatments, airline safety, epidemic disease control, organizational structure, on-time railways, space shuttle heat shielding, and water quality.
For example, there are more than 20 finalist papers with significant life and health benefits. Most are difficult to quantify, however, a CDC project on (future) U.S. epidemics expects annual savings of 6,000 lives valued at $12B and one U.S. Army project estimates 4,500 avoided casualties by reducing requirements for helicopter and ground-convoy movements.?
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