The Chartered Institute of Procurement & Supply (CIPS) and TWS Partners are expanding their existing collaboration on a global scale. TWS Partners will become the exclusive knowledge partner for game theory giving CIPS members access to an innovative approach for procurement practice. With this partnership, CIPS and TWS Partners aim to showcase how the power of game theory and commercial applications of this Nobel Prize-winning theory can benefit the procurement profession and the businesses they work for.
Game theory is the scientific modelling of interactions between different parties each pursuing their own interests. Based on mathematical theory of rational behaviour, it can be applied in Procurement and business to any interaction between decision makers who undertake business in competitive situations.
CIPS, the global professional body for the procurement and supply management profession, started working with TWS Partners, a company that has a team of more than 60 experts specialising in game theory and industrial economics, in 2016.
The partnership will offer a number of materials in various formats from printed to video content and at launch there will be several pieces available on what is game theory, how game theory can be used in business, a survey on how game theory is used in business and the intricacies of game theory in more detail.
CIPS is represented in all major regions around the world and is the only truly globally active association of its kind. TWS Partners is now exclusively responsible for the topic of game theory for CIPS and is therefore the 'go to' partner for over 120,000 in the CIPS community across the globe.
Helen Alder, Head of Knowledge and Product Development at CIPS comments, "We recognise the importance of game theory for procurement professionals and the organisations they work for to respond to the challenges of the future the profession will face, as well as the part it will play in building procurement's reputation as a value driver within those organisations. The feedback from our members after last year’s CIPS UK Annual Conference and the interest in game theory showed us how important it is for CIPS to be at the forefront of this development providing continuous thought-leadership to our members.”
Dr. Sebastian Moritz, Director of TWS Partners said, "Since we began working alongside CIPS last year, both organisations have benefited from the great added value of the collaboration. Game theory has been well received by members of the institute for the value it adds, as have our events and offers. This exclusive knowledge partnership is an important step for us to underpin our global position as the leading expert for commercial applications game theory and industrial economics".