Franz Edelman Award for Achievement in Operations Research and the Management Sciences
2017 Edelman Winner: Holiday Retirement
INFORMS has awarded Holiday Retirement its 2017 Franz Edelman Award for Achievement in Operations Research and the Management Sciences for its use of operations research (O.R.) to improve the pricing model for its more than 300 senior living communities across the country.
With approximately $1 billion in annual revenue, Holiday Retirement is the largest private owner and operator of independent senior living communities in the United States. The company partnered with Prorize LLC, an Atlanta-based revenue management firm that leveraged O.R. to develop its Senior Living Rent OptimizerTM(SLROTM), the first revenue management system in the industry. The SLRO system enables a consistent and proactive pricing process across Holiday, while simultaneously providing optimal pricing recommendations for each unit in every one of their communities.
Purpose of the Award
The Franz Edelman competition attests to the contributions of operations research and analytics in both the profit and non-profit sectors. Since its inception, cumulative benefits from Edelman finalist projects has topped the $250 billion mark. Edelman finalist teams have improved organizational efficiency, increased profits, brought better products to consumers, helped foster peace negotiations, and saved lives. The purpose of the Franz Edelman competition is to bring forward, recognize and reward outstanding examples of operations research, management science and advanced analytics in practice in the world, with $15,000 in awards. First prize is accompanied by a $10,000 honorarium.
View the Edelman Gala 2017 book to read summaries of the 2017 finalists and the winning submission from Holiday Retirement.
Videos of past competitions, suitable for teaching, marketing, or publicizing OR/MS practice successes, are available in the INFORMS Video Library. Click here to view the Franz Edelman Laureates (people) and the Franz Edelman Academy (companies).
Apply for the leading O.R. and analytics award in the industry.
Applications for 2017 are due October 18, 2017.
About the Award/Namesake
Franz Edelman is counted among the fathers of innovation in OR/MS. Coming of age in Hitler's Germany, Edelman dedicated his career to facilitating better decisions on matters great and small through operations research. Today, his discoveries, along with other OR/MS pioneers, inspire initiatives to help leaders get better results in every sector of management and operations.
This top INFORMS practice prize was named after Franz Edelman shortly after his death in 1982. He established one of the earliest industrial OR/MS groups in North America at RCA, where he worked for over 30 years as O.R. director.
Franz Edelman died suddenly on January 15, 1982. He learned about the capriciousness of life from his early experiences, fleeing to England from his native Germany at the age of 16, only to be interned as an alien and sent to Canada for an interlude of lumberjacking. He received his undergraduate education at McGill University, and he obtained a Ph.D. in applied mathematics from Brown University...