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SUMMARY:VIDEOCONFERENCE : Real Options and Flexibility in Engineering Syst
 ems Design and Architecture: An Emerging Research Paradigm
DTSTART:20160525T091500
DTEND:20160525T101500
DTSTAMP:20260508T032442Z
UID:b293aad8559bd799034979d2b1dd9dc7aa3343e09d83aeca86698481
CATEGORIES:Conferences - Seminars
DESCRIPTION:Dr Michel-Alexandre Cardin\, NU Singapore\nVIDEOCONFERENCE :\n
 Engineering systems are socio-mechanical systems that perform crucial task
 s for society and cities (e.g. car sharing\, emergency services\, power pl
 ants\, waste to energy systems). Architecting\, designing\, and managing s
 uch systems are becoming increasingly challenging tasks for engineers. Thi
 s is because the systems are called to operate and perform well over a lon
 g lifecycle (e.g. 10-15 years)\, inevitably facing a wide range of changin
 g conditions and uncertainty in their operating\, markets\, regulatory\, a
 nd technological environments. Designing engineering systems for flexibili
 ty – referred in the talk as real options – is an emerging paradigm th
 at aims to provide the system with the ability to adapt pro-actively to ch
 anging conditions\, so as to extract additional economic value and improve
 d performance from uncertainty. Inspired from the fields of finance and ec
 onomics\, this paradigm aims to improve engineering design and system arch
 itecture practice by focusing on better management of the distribution of 
 performance outcomes and risks. This is done by exploiting the emerging co
 ncept of flexibility in socio-mechanical design\, leading to designs and a
 rchitectures that offer better protection against downside conditions – 
 acting like an insurance policy – and providing contingencies to capital
 ize on upside opportunities – like a call option on a stock.\n \nThe ta
 lk provides an overview of the latest research developments in this emergi
 ng field by introducing a framework enabling flexibility in engineering sy
 stems design under uncertainty. The framework provides supports for the ma
 in phases involved in system design and architecture for flexibility. An e
 xample study focusing on the evaluation of a flexible systems design conce
 pt generation procedure is presented in the area of energy systems. Anothe
 r study focusing on stochastic optimization of flexible energy systems is 
 discussed\, considering the deployment in the large-scale of a new waste t
 o energy technology in an urban environment. The talk concludes with futur
 e research directions in this emerging area of mechanical engineering desi
 gn and systems architecture.\nBio: Dr. Michel-Alexandre Cardin is Assistan
 t Professor of Industrial and Systems Engineering at the National Universi
 ty of Singapore and Lead of the Strategic Engineering Laboratory. He has r
 esearch affiliations at the Massachusetts Institute of Technology (MIT)\, 
 Singapore-ETH Center\, and Singapore-MIT Alliance for Research and Technol
 ogy. He is an Associate Editor for the INCOSE journal Systems Engineering\
 , serves on the Editorial Review Board of the journal IEEE Transactions on
  Engineering Management\, and is the founding chairman of the organizing c
 ommittee for the conference on Complex Systems Design and Management (CSD&
 M Asia). His research focuses on the development\, experimental evaluation
 \, and applications of novel procedures to design and architect engineerin
 g systems for uncertainty and flexibility (i.e. real options) in sectors i
 ncluding energy\, transportation\, and water management. He earned a PhD i
 n Engineering Systems and MSc degree in Technology and Policy from MIT\, a
  Master’s in Aerospace Engineering from the University of Toronto\, a ho
 nors BSc in Physics from McGill University\, and is a graduate of the Spac
 e Science Program at the International Space University.
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STATUS:CONFIRMED
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