Decision-making under uncertainty and long pay-off times is difficult and gets even harder in business environments, where the decision analysis is done by one person, and the final managerial authority belongs to another. Good investment opportunities are missed, as the tools used to analyze and report the results fail to find them, and bad investments are not caught, as the risks associated with them are not visible in the used approaches.
SimDec is a breakthrough technology that originated at LUT University School of Business and Management. It is a simple but powerful tool with an innovative approach to uncertainty analysis that solves much of the difficulty in the analysis and decision-maker dualism. SimDec is a one-of-a kind technology for so-called multifactor analysis with the ability to reveal interactions of factors and assist the decision-maker in shaping a profitable strategy. The value of our innovative approach has already been demonstrated both in the academic and managerial realms, with multiple academic publications in highly respected journals, testimonials on the utility from industry experts, and letters of interest from multi-billion technology companies.
Within the proposed research-to-business project, aim is to prepare the commercialization for SimDec. By the end of the project, we will (i) test SimDec concept with a sophisticated 'trade secret' recommendation algorithm, (ii) conduct in-depth market research, (iii) figure out from which market segment to start the commercialization and by which means, and finally (iv) develop SimDec proof of- concept solution and test it in series of pilot studies with (already) interested companies.
Takes place in project
- Mariia Kozlova (Main researcher and head of the project)
- Sofia Ramos (Business & Market research)
- Sergey Zakrytnoy (Sofware Business Advisor)
- Manuel Beeler (Lead Developer)
- Christoph Lohrmann (Researcher)
- Julian Scott Yeomans (Researcher)
- Alexander Matrosov (LAB Project Manager, Business & Market research)
More info about the idea: https://pubsonline.informs.org/doi/10.1287/ited.2019.0240