Window of opportunity

From KYNNpedia
Revision as of 17:46, 8 January 2024 by imported>Swpb (→‎Costs)
(diff) ← Older revision | Latest revision (diff) | Newer revision → (diff)
Critical windows in emergency medicine
Illustration of a short gamma-ray burst, a transient astronomical event caused by a collapsing star.<ref name="Niorlab"/>

A window of opportunity, also called a margin of opportunity or critical window, is a period of time during which some action can be taken that will achieve a desired outcome. Once this period is over, or the "window is closed", the specified outcome is no longer possible.<ref name="Collins"/>

Examples

Windows of opportunity include:

Biology and medicine

Economics

  • Market opportunities, in which one may be positioned to take advantage of a gap in a particular market,<ref name="boundless"/><ref name="investopedia"/> the timing of which may depend on the activities of customers, competitors, and other market context factors<ref name="Sull"/>
  • Limited time offer, a critical window for consumers that is artificially imposed (or even falsely implied) as a marketing tactic to encourage action<ref name="adage"/>

Other examples

  • Planting and harvesting seasons, in agriculture, which are generally timed to maximize crop yields
  • Space launch and maneuver windows, which are determined by orbital dynamics and mission goals and constrained by fuel/delta-v budgets<ref name="Heiney"/><ref name="Wheeler"/>
  • The theorized tipping point in climatology, after which the Earth's climate is predicted to shift to a new stable equilibrium<ref name="ipcc"/>
  • Various transient astronomical events, which present limited (and often unpredictable) windows for observation<ref name="CFA"/><ref name="ESO"/>

Characteristics

Timing

The timing and length of a critical window may be well known and predictable (as in planetary transits) or more poorly understood (as in medical emergencies or climate change). In some cases, there may be multiple windows during which a goal can be achieved, as in the case of space launch windows.

In situations with very brief or unpredictable windows of opportunity, automation may be employed to take advantage of these windows, as in algorithmic trading<ref name="Lin"/> and time-domain astronomy.<ref name="Swift"/> Real-time computing systems can guarantee responses on the order of milliseconds or less.<ref name="Ben-Ari-pg164"/>

Costs

In some time-critical situations, failure to act may entail an increasing cost over time, or a decreasing probability over time of achieving the desired outcome. In real-time computing systems, this may be represented by time-utility functions.

See also

References

<references group="" responsive="1"><ref name="ACS">American College of Surgeons (2008). Atls, Advanced Trauma Life Support Program for Doctors. Amer College of Surgeons. ISBN 978-1880696316.</ref>

<ref name="adage">Morrison, Maureen (July 22, 2014). "How to Create a Successful Limited-Time Offer: A Do's (and One Don't) Guide for Marketers to Short-Lived Promos". AdvertisingAge. Crain Communications. Retrieved 22 April 2016.</ref>

<ref name="Ben-Ari-pg164">Ben-Ari, M., "Principles of Concurrent and Distributed Programming", Prentice Hall, 1990. ISBN 0-13-711821-X. Ch16, Page 164</ref>

<ref name="boundless">"Window of Opportunity". Boundless.com. Retrieved 21 April 2016.</ref>

<ref name="CFA">"Time Domain Astronomy". Center for Astrophysics. Retrieved 19 July 2022.</ref>

<ref name="Collins">"window of opportunity". Collins English Dictionary. Retrieved 19 July 2022.</ref>

<ref name="ESO">"Target of Opportunity Policies". European Southern Observatory. Retrieved 19 July 2022.</ref>

<ref name="Heiney">Heiney, Anna (February 23, 2012). Ryba, Jeanne (ed.). "Aiming for an Open Window". NASA.gov. NASA Kennedy Space Center. Retrieved 22 April 2016.</ref>

<ref name="investopedia">"Window of Opportunity". Investopedia. Retrieved 21 April 2016.</ref>

<ref name="ipcc">IPCC AR5 WGII (2014). "Climate change 2014, Impacts, Adaptation and Vulnerability" (PDF). Archived from the original (PDF) on 2015-05-14.{{cite web}}: CS1 maint: numeric names: authors list (link)</ref>

<ref name="Lin">Lin, Tom C. W. (2013). "The New Investor". UCLA Law Review. Temple University. 60 (678). SSRN 2227498.</ref>

<ref name="Niorlab">"Illustration of a Short Gamma-Ray Burst Caused by a Collapsing Star". July 26, 2021. Retrieved August 3, 2021.</ref>

<ref name="Robson">Robson, Ann L. "Critical/Sensitive Periods." Child Development. Ed. Neil J. Salkind. New York: Macmillan Reference USA, 2002. 101-103. Gale Virtual Reference Library. Web. 10 Dec. 2014.</ref>

<ref name="Sull">Sull, Donald N.; Wang, Yong (June 6, 2005). "The Three Windows of Opportunity". Working Knowledge. Harvard Business School. Retrieved 25 April 2016.</ref>

<ref name="Swift">"Automated operations". Mission Operations Center for Swift. Pennsylvania State University. Retrieved 19 July 2022.</ref>

<ref name="Wheeler">Wheeler, Robin (2009). "Apollo lunar landing launch window: The controlling factors and constraints". Apollo Flight Journal. Retrieved 22 April 2016.</ref></references>