Decision analysis, support, and risk management

Dynamic business and economic environments often urge business executives to make timely decisions. However, many factors such as uncertainty, the unknown, and information overloading may lead to wrong and costly decisions being made. There have been continuous worldwide efforts for developing new methodologies and tools to support decision making processes in a way that is systematic, rational, transparent, efficient, effective and reliable. Over the past 15 years, MBS researchers in decision sciences have been active in this field and made significant contributions to advance the discipline.

The main research activities include:

  • Evidential reasoning decision analysis, risk analysis, performance optimisation, and knowledge-driven decision support systems
  • Computational and mathematical models of human behaviour and behavioural decision making
  • Methodological and applied research in data and text analytics for information-driven decision making with applications in a range of areas such as health care
  • Design and evaluation of public participation processes and tools for societal decision making from the decision analytic perspective
  • Combination of the strengths of evidence-based decision modelling methodology and groupware web technology to develop generic web-based group decision support systems to facilitate decision groups and the public in an informed decision making process
  • Investigation, design, and evaluation of information technologies that support group work and social networking

Those activities have been supported by EPSRC, ESRC, EC, and industry such as general Motors and Tesco.

Research centres involved in this research are include: