Prof. David Perry has received a grant of 600,000NIS from the Israel Science Foundation

Prof. David Perry, Dean of the Faculty of Industrial Engineering and Technology Management at HIT, and an expert in Applied Mathematics, has received a grant of 600,000NIS from the Israel Science Foundation, jointly with Prof. Offer Kella from the Hebrew University. Prof. Perry's research focuses on developing smart mathematical models to facilitate the analysis and management of complex systems, specifically inventory, queuing, and insurance risks.

Prof. David Perry

Prof. Perry explains: "In these systems, the main requirement is maintaining the balance between the input and output of products/consumers/money. For example: if vehicles in large quantities, imported but not yet sold, remain in the seaport's parking lots, incoming ships are unable to unload their cargo, forming a queue. In other words, the queuing system at the harbor is out of balance. Similarly, insurance companies must keep their money inventory balanced - between customers' deposits and claims that must be paid. Huge insured occurrences, such as 9/11, can lead to the collapse of insurance companies. The mathematical models we develop can help the various players analyze their complex systems and predict when they might become unbalanced." 

Specifically, the study to be funded by the new grant will focus on developing effective models for inventory systems with random input and output, which cannot be preplanned. A good example is the blood bank, in which the input depends on random blood donations and the output is determined by random demand and perishability (regulatory expiration date).

Posted: 07/11/2024