Prediction markets have proven high forecasting performance in many areas such as politics, sports, and business-related fields, compared to traditional instruments such as pools or expert opinion. This case study provides details about a VLITP that achieved the goal of which makes that possible for five companies providing different modes of public transport in The Netherlands. It details the implementation problems and presents focusing point for VLITP involving multiple companies on a project that requires them to share both costs and profits. This is partly due to the need to work together and improve business practices in the same industry.
Industry Specific Requirements Vlitp
The decision to use OV-chipcard was taken seriously in 2005 when the OV-chipcard became available to the first passengers. Rotterdam was the first city in which the OV-chipcard was tested under guidance of a public transport companies called RET. RET is the public transportation company of Rotterdam and one of the five major transport companies which developed the OV-chipcard. The project was visibly promoted by director and staff using the primary process of safety, speed and comfortable means of transport for passengers using buses, underground, railway and tram. The company also investigated the issues involving proof of access, controlled movement and security supervision. These had to be completed ensuring the maintenance of material and infrastructure. The VLITP management team consisted of an Executive Board with resources belong all supporting departments, such as Finances, Management & Development and Staff & Organisation. Under the responsibility of this Executive Board fall matters such as automation, logistical, staff administration, telephone call centre, damage regulation, company restaurant and still much more.
The OV-chipcard project was perceived to benefits almost all departments and processes within the organisation. Fort the transport operators, the system represents a better way to manage passenger flow and finances. For example, it gives insight into the need for manpower, equipment and maintenance, allowing a focus on service. Operational processes, such as clearing and settling funds among transport operators, would be performed faster and more accurately. The new system the cost of printing paper tickets reduces fare evasions and decreases congestion because only OV-chipcard holders are able to proceed onto platforms.
With the arrival of the OV-chipcard the five major public transportation companies of the Netherlands will have to collaborate with each other. It was the intention that by 2009 travellers across the entire country would be in the position to use the OV-chipcard. Those five companies together would then take joint responsibility in managing all these travellers, using the facilities this VLITP would establish.