Congratulations to Dr. Aakil M. Caunhye and Dr. Michel-Alexandre Cardin for their 2019 Best Application Paper Award in Design & Manufacturing.
The article, authored by Dr Cardin of the Dyson School of Design Engineering at Imperial College and Dr Caunhye of the University of Edinburgh Business School and published with the Institute of Industrial & Systems Engineers (IISE), was awarded last 20 May the 2019 IISE Transactions Best Application Paper Award in Design & Manufacturing at the Annual Conference Honors & Awards Ceremony in Orlando, USA.
In the paper “An Approach Based on Robust Optimization and Decision Rules for Analyzing Real Options in Engineering Systems Design”, the authors combine fundamental principles from two seemingly opposite approaches to systems design and optimization under uncertainty (i.e. flexibility/real options and robust optimization). They derive a novel integrated methodology enabling more economically sustainable and resilient power systems in the face of power supply uncertainty and potential system disruptions. They demonstrate their approach by analyzing the design of an example power system in the Midwest United States, and show the significant cost savings and resilience potential enabled by the approach.
Prior to this award, the paper was selected by the Editor in Chief of IISE Transactions to be featured in the July 2017 issue of the ISE Magasine, the main practitioner outlet of the IISE community to disseminate the latest most impactful research, as well as best practices in the field.
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