INFORMS, the national professional association for operations research, has awarded its 2017 Franz Edelman Award for Achievement in Operations Research to Holiday Retirement in partnership with Prorize LLC, a revenue management firm that was founded in 2006 by University of Texas at Austin Operations Research & Industrial Engineering program alumnus Dr. Utku Yildirim and former instructor Dr. Ahmet Kuyumcu.

First awarded in 1972, the Franz Edelman Award recognizes and rewards outstanding contributions of analytics and operations research in the for-profit and non-profit sectors that improve organizational efficiency, increase profits, bring better products to consumers, help foster peace negotiations and save lives.

“This recognition is the realization of the hard work and collaboration of many people at both Holiday and Prorize in harnessing the power of operations research to transform our senior living operations and business model,” said Scott Shanaberger, chief operating officer at Holiday Retirement.

Holiday Retirement, the largest private owner and operator of independent senior living communities in the United States, and Prorize leveraged operations research to develop the first revenue management system in the industry. The new 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. 

Prorize has a history of engagement across multiple industries—including gaming, hotel, multi-family, online retailing, telecommunications, high tech manufacturing and distribution—and has revolutionized how companies with complex business environments set prices and optimize revenue. Today, Prorize is focused on senior living and self-storage, two industries that are experiencing tremendous growth, but are limited by manual and reactive pricing practices.