Institute for Advanced Management Systems Research

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D.Sc. (BA) Markku Heikkilä


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Research Areas

  • Corporate strategy, R&D strategy
  • Financial planning
  • Investment decision making processes
  • Decision support systems
  • Soft computing
  • Knowledge managment and mobilisation for investment management and decision making


Doctoral dissertation:

R&D Investment Decisions with Real Options – Profitability and Decision Support, 2009, Åbo Akademi


Carlsson C, Heikkilä M and Mezei J., Possibilistic Bayes Modelling for Predictive Analytics, CINTI 2014 - 15th IEEE International Symposium on Computational Intelligence and Informatics, 2014

Collan M. and M. Heikkilä, Enhancing Patent Valuation with the Pay-off Method, Journal of Intellectual Property Rights, Vol.16(5), [September 2011], p. 377-384

Carlsson C., R. Fullér, M. Heikkilä, Fuzzy Real Options Models for Closing/Not Closing a Production Plant, In: C. Kahraman, M. Yavuz (eds.), Production Engineering and Management under Fuzziness, 252/2010, 537-560, Springer, 2010.

Carlsson C. and M. Heikkilä, A Real Options Model for Closing or Not Closing a Production Plant, Journal of Applied Operational Research, Vol. 1: 1 (2010)

Heikkilä, M., Selection of R&D portfolios of real options with fuzzy pay-offs under bounded rationality, IAMSR Research Report 1/2009

Heikkilä M. and J. Kinnunen, Business Risk and Risk Management in Grid Computing. In C. Carlsson, S. Störling-Sarkkila (ed.), IAMSR Research Report 1 / 2008

Carlsson C., R. Fullér, M. Heikkilä and P. Majlender, A fuzzy approach to R&D project portfolio selection, In-ternational Journal of Approximate Reasoning, 44 (2007), pp. 93-105

Heikkilä M, Real Options in Investment Planning, in D. Satish (ed.), Real Options – Concepts and Applications, The ICFAI University Press, Hyderabad, India, 2005, pp. 100-125

Alcaraz Garcia, F. and M. Heikkilä, Improving Investment Decision-Making by Expanding Key Knowledge with Real Option Tools, Journal of Decision Systems, 12 (2003), pp. 345-368


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