CHICAGO, April 11, 2011 – Midwest ISO, Alstom Grid, and Paragon Decision Technology have been awarded the Franz Edelman Award for outstanding Achievement in Operations Research and Management Sciences at a banquet sponsored by the Institute for Operations Research and Management Sciences (INFORMS) in Chicago tonight.
“We are honored and proud to be part of the Midwest ISO team that has won the INFORMS Edelman Award 2011. This award strengthens us in our mission to bring the benefits of Operations Research to society. Working closely together with our customers and providing AIMMS has again proven to be essential for success.” Gertjan de Lange, VP at Paragon Decision Technology, the developers of AIMMS.
Midwest ISO with Alstom Grid, and Paragon Decision Technology have levered the advances in computing capabilities and OR algorithms to energy and ancillary services markets. They added significant value to the Midwest region through improved reliability and increased efficiencies of the region’s power plants and transmission assets. Based on its annual Value Proposition study, the Midwest ISO region realized between $2.1 and $3.0 billion in cumulative savings from 2007 through 2010. Midwest ISO estimates an additional $6.1 to $8.1 billion of value will be achieved through 2020.
The Franz Edelman competition recognizes outstanding examples of operations research (O.R.)-based projects that have transformed companies, entire industries, and people’s lives. O.R. uses advanced analytical methods to help make better decisions. Since its inception 40 years ago, cumulative dollar benefits from Edelman finalist projects has reached over $170 billion.
For further information on the competition and on the other 2011 Franz Edelman finalists, please visit the INFORMS newsroom.