TY  - BOOK
AU  - Artmann,Christian
ED  - SpringerLink (Online service)
TI  - The Value of Information Updating in New Product Development
T2  - Lecture Notes in Economics and Mathematical Systems,
SN  - 9783540938330
AV  - T57-57.97 
U1  - 519 23
PY  - 2009///
CY  - Berlin, Heidelberg
PB  - Springer Berlin Heidelberg
KW  - Mathematics
KW  - Management
KW  - Industrial management
KW  - Operations research
KW  - Decision making
KW  - Finance
KW  - Applied mathematics
KW  - Engineering mathematics
KW  - Economics, Mathematical
KW  - Probabilities
KW  - Applications of Mathematics
KW  - Probability Theory and Stochastic Processes
KW  - Finance, general
KW  - Innovation/Technology Management
KW  - Operation Research/Decision Theory
KW  - Quantitative Finance
N1  - Literature Review -- Model Description -- Model Properties -- Numerical Study -- Conclusion -- Statistical Distributions -- Supplement to Performance Variability Limitation -- Supplement to Mean-Variance Update -- Program Listing
N2  - Managing uncertainty in new product development projects for improved valuation and decision making is one of the most complex and challenging problems in operations management. It is important for any corporation depending on the success of new products and innovations. This work shows how uncertainty can be handled and partly resolved by conducting an information update during the development process. It is one of the first comprehensive models that combine statistical decision theory in form of Bayesian analysis with a real options framework for projects exposed to different sources of uncertainty. The proposed framework makes an important theoretical contribution in addressing this problem, while at the same time being of significant value to managers who face the difficult task of evaluating and managing complex product development projects
UR  - http://dx.doi.org/10.1007/978-3-540-93833-0
ER  -