Modelling operational decisions in start-up firms

Thomas Welsh Archibald; Kuangyi Liu

Abstract

A general Markov decision process model for operations management with a profit maximizing objective is presented and extended to a survival maximizing objective with a constraint on capital. It is argued that the survival maximizing objective may be more suitable for start-up firms. The model has been used to address inventory, capacity expansion and marketing decisions. Analysis of the models under different assumptions about the operating environment provides insight into the successful management of start-up firms.

Original language	English
Publication status	Published - 2010
Event	24th European Conference on Operational Research (EURO XXIV) - Lisbon, Portugal Duration: 11 Jul 2010 → 14 Jul 2010

Conference

Conference	24th European Conference on Operational Research (EURO XXIV)
Country/Territory	Portugal
City	Lisbon
Period	11/07/10 → 14/07/10

Cite this

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title = "Modelling operational decisions in start-up firms",

abstract = "A general Markov decision process model for operations management with a profit maximizing objective is presented and extended to a survival maximizing objective with a constraint on capital. It is argued that the survival maximizing objective may be more suitable for start-up firms. The model has been used to address inventory, capacity expansion and marketing decisions. Analysis of the models under different assumptions about the operating environment provides insight into the successful management of start-up firms.",

author = "Archibald, {Thomas Welsh} and Kuangyi Liu",

year = "2010",

language = "English",

note = "24th European Conference on Operational Research (EURO XXIV) ; Conference date: 11-07-2010 Through 14-07-2010",

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T1 - Modelling operational decisions in start-up firms

AU - Archibald, Thomas Welsh

AU - Liu, Kuangyi

PY - 2010

Y1 - 2010

N2 - A general Markov decision process model for operations management with a profit maximizing objective is presented and extended to a survival maximizing objective with a constraint on capital. It is argued that the survival maximizing objective may be more suitable for start-up firms. The model has been used to address inventory, capacity expansion and marketing decisions. Analysis of the models under different assumptions about the operating environment provides insight into the successful management of start-up firms.

AB - A general Markov decision process model for operations management with a profit maximizing objective is presented and extended to a survival maximizing objective with a constraint on capital. It is argued that the survival maximizing objective may be more suitable for start-up firms. The model has been used to address inventory, capacity expansion and marketing decisions. Analysis of the models under different assumptions about the operating environment provides insight into the successful management of start-up firms.

M3 - Abstract

T2 - 24th European Conference on Operational Research (EURO XXIV)

Y2 - 11 July 2010 through 14 July 2010

ER -

Modelling operational decisions in start-up firms

Abstract

Conference

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