By definition, “Operation Research” practical science seeks to optimize logistical operations by reducing resources deployment to increase efficiency and increase profits. This is in contrast with the “Prospect Theory” which states that decision making in organizations should be based on long range reduction of losses rather than short term increase of profits.
The problem was seen very clearly during the Covid-19 epidemic where the number of hospitals ICU facilities around the world (optimized for normal conditions) were not able to cope with increased demand for those resources thus caused an unfortunate increase in loss of life.
It’s in my opinion that the old “Operations Research” methods and calculations should be revisited and updated in view of the “Prospect Theory” alone for all activities relating to the preservation of human life.
