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​Expert Talk on Game Theory & New Product Development Held at IIM Indore

By : Guest on 26 May 2018 E-mail Print Report Abuse


An expert talk was held for the employees from Volvo-Eicher at IIM Indore on May 25, 2018 by the Industry Interface Office of the Institute. The speakers for the talk included Professor Omkar D. Palsule-Desai and Professor Abhishek Mishra, Faculty Members, IIM Indore. 24 participants from various departments of Volvo-Eicher attended the full-day workshop.

 

The talk was held in two sessions. The first session was conducted by Professor Palsule-Desai on the topic Game Theory and Applications. 

 

His talk revolved around decision making and how game theory affects and can help in decision making in business settings. He began his talk discussing about what game theory is and noted that any department—operations, management, marketing, sales, etc. need to understand game theory to take effective decisions. He discussed about the theoretical foundation of game theory in the first part, and its application in the second. Discussing about success and/or failures of business giants in variety of contexts such as Nokia, Windows OS against android, Xerox, Kodak, Reliance Jio, etc., Professor Palsule-Desai said—‘Most of thegiants slowly failed in keeping their products/services/technology as per the market requirements. Game theory helps in “reading the market” better, thereby growing business while achieving organizational objectives’. He said that game theory helps in focusing on areas like competition v/s cooperation v/s coopetition; and in managing the vertical v/s horizontal supply chains as well that is paramount in modern business settings. He also shared his insights on game theory through tools such as Prisoner’s dilemma, shared how it is applicable in business contexts, and where managers play critical roles.

 

The second half of talk had Professor Abhishek Mishra as the speaker, who discussed on New Product Development. He began his talk discussing about regression analysis and how it examines associative relationships between a metric dependent variable and one or more independent variable. He also discussed about ho w various methods might help in increasing the sales and attain profit with the available resources. This included variables like fixed prize and investment and similar combinations, which affect per unit sale. He also discussed how these factors are important in maintaining sales. He concluded his talk sharing views about how regression can help in predicting the sales figures for the company, and how time series analysis affects the sales and production. 

 

The talk was very insightful for the participants and gave interesting insights about sales, analysis and production. The session concluded with a Q&A session. 

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