The Second Transportation Student Research Symposium
Abstract Detail
| Name | School | Title of presentation |
| Joshua McConnell | MIT | Dynamic Airline Scheduling - Models and Experiments |
|
Designing flexibility into a physical system is one method for
managing uncertainty. However, designing flexibility into the
physical system is but one of several tasks that must be
accomplished if the designed flexibility is to be feasible.
This research proposes that ITS capabilities can be used to
design a flexible transportation system. The concept of
“ITS as a real option” is proposed as an innovative way to
accomplish several objectives; these objectives include:
• Creating a flexible transportation system architecture capable of dealing with “known unknowns”, • Aiding in the ability of institutions to exercise designed flexibility, • Creating a methodology to comprehensively design flexibility into systems over their entire life-cycle. ITS as a real option is based on the general concept of real options, which are in turn based on the notion of financial options. Real options provide flexibility to physical systems and institutions by providing the right, but not the obligation, to pursue an option at some time in the future for a predetermined price. ITS as a real option is a subset of real options that focuses on the use of ITS capabilities to provide flexibility in the transportation system. The “real world” challenge that motivated this research is the ongoing major investments in transportation systems for Malaysia. The fast pace of development in Malaysia and the social, demographic, economic and political changes that this development has created is a major source of uncertainty complicating the design of the transportation system to meet the uncertain needs of the future. To keep pace with these changes, the Malaysian government has embraced the use of Intelligent Transportation Systems (ITS). |
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