Manufacturing, Planning & Management

Financial management, environmental management, capacity planning, supply chain management, and control problems are integral part of a successful manufacturing facility. Uncertainties are inherent in operation, management, and planning. In fact, the essence of financial planning is the incorporation of risk in investment decisions. Both static and dynamic uncertainties enter in these problems making them the hardest in terms of decision making. Physical systems like molecular modeling can provide a framework for modeling financial decision process. Similarly, financial management theories like real option theory can help in deriving time-dependent decisions related to manufacturing and control. The multi-disciplinary approach in this institute. provides a framework for exploiting knowledge from one discipline to address question from other discipline.


Researchers

Projects

                       Bio-Medical Engineering

The main focus of the VRI biomedical engineering research is drug delivery using optimal control and stochastic optimal control methods. Models in biomedical engineering are fraught with uncertainties and variabilities. Time dependent decisions are necessary for drug delivery which leads to optimal control problems. Modeling time dependent uncertainties is studied in financial literature. This research extends these theories to problems in biomedical engineering. The problems currently studied are drug delivery for diabetes, HIV, and cancer patients.







Researchers

Projects