The research councils are driving action to develop a multidisciplinary research community focussed on decision making under uncertainty. Two networks, funded by ESRC, EPSRC and NERC, are working with practitioner organisations to analyse real world decisions and identify where multi-disciplinary research can develop new approaches to improve decision making under uncertainty.
This investment is a response to a demonstrable call from businesses, policy makers, regulators and other institutions who must make risk-based judgements considering multiple possible consequences, that factor in uncertainty. For example, whether to build a high-speed rail link; when to abandon a flood defence; when an engine component is more likely to fail; when to restrict growth in credit to protect financial stability.
Examples of the disciplines these networks seek to engage with include: Applied Mathematics, Engineering, Operational Research, Economics, Finance, Environmental Science, Management Science, Arts and Humanities, Political Science, Computer Science, Psychology, Risk, Medical Informatics, Statistics and Applied Probability, Data Science and Information Science.
Examples of some of the topics that might be addressed include algorithms, data science, decision making, sensors, forecasting, risk management, financial regulation, consumer behaviour, heuristics, macroeconomic modelling, multi-scale/multiphysics modelling, engineering design, visualisation, large scale manufacturing, climate change, energy challenges and natural hazards.