Risk Management is a growing and highly-relevant field of study. While probability and statistics are the primary quantitative techniques of Risk Management, there are many other techniques (such as optimization, decision theory, control theory, and game theory) which play an essential role in managing risk. The goal is to build the knowledge and application of such techniques with attention to the interdisciplinary aspects. The mission is to develop Risk Management as a comprehensive scientific discipline that provides methods, concepts and techniques to deal with uncertainties in decision-making.
The research at ICDRiA primarily involves risk management related to industrial projects involving new technology, new applications and markets, and large investments. These projects are funded by commercial markets, such as telecommunications, automotive and pharmaceutical industries, or by the public sector such as defense, space and energy.
Our approach is to develop relevant models—validated by practitioners—to derive concepts and results which help to understand the impact of uncertainties. We provide useful, tested tools for mitigating risks and decision-making. We focus on the situation of several players, with various possibilities of rules of game.
One can see that Risk and Decision Analysis is a comprehensive emerging new discipline in full development, and our objective at ICDRiA is to be a major contributor to its progress. We do so by leveraging the large expertise in Operations Management, Information Systems and Finance among others in the Jindal School of Management and by cooperating with other schools at UT Dallas (in particular the School of Engineering), other universities, government agencies and industry counterparts.
We currently develop research in the following domains:
Title: Optimization of Wind Farms and Solar Plant Facilities
Sponsor: EREN GROUPE
Economie des Ressources Naturelles, EREN, current objective is to make reliable and competitive technologies available in order to utilize natural resources more efficiently. EREN Groupe and ICDRiA has joined efforts in research on optimization of wind farms and solar plants facilities.
Title: Optimization of Wind Farms and Solar Plant Facilities
September 1, 2013, The National Science Foundation (NSF) approved a 3 year grant with financial support for “Mean Field Games, Mean Field Type Control and Extensions.”
Title: TC: Large: Collaborative Research: Privacy-Enhanced Secure Data Provenance
June 1, 2011, The National Science Foundation approved a 5 year grant with financial support for “TC: Large: Collaborative Research: Privacy-Enhanced Secure Data Provenance.”
The Activity Report is an annual account of the research projects, education programs, and progress at ICDRiA. For inquiries, please contact Karen Decker.
The following presentations are resources from talks given by ICDRiA affiliates and guest lecturers. If you are seeking material from a talk which is not posted below, please contact Karen Decker.
RICHARDSON, Texas (June 11, 2011)—ICDRiA is awarded a renewed contract with CEA, the French Alternative Energies and Atomic Energy Commission (Commissariat à l’énergie atomique et aux énergies alternatives). The partnership between ICDRiA and CEA began in 2005 and is now extended through 2013.
The CEA is active in four main areas: low-carbon energies, defense and security, information technologies and health technologies. In each of these fields, the CEA maintains a cross-disciplinary culture of engineers and researchers, building on the synergies between fundamental and technological research.
The research performed at ICDRiA is related to seismic risk on structures such as nuclear power facilities. Several PhD and post-doctoral researchers have been supported under this project and are now anticipating the continuation of critical collaboration with engineers at CEA.
RICHARDSON, Texas (February 1, 2011)—ICDRiA recently signed a contract with Électricité de France (EDF) to study uncertainties related to wind-power production. ICDRiA researchers will use their expertise to model randomness and forecasting.
EDF is France’s second largest utility company and the world’s leading nuclear energy company. The contract will run through 2013.
RICHARDSON, Texas (November 30, 2010)—J. Chris White has joined The International Center for Decision and Risk Analysis (ICDRiA) in the School of Management at The University of Texas at Dallas. Mr. White is President of ViaSim Solutions and will serve as ICDRiA’s Director of Development.
Mr. White brings extensive experience in Risk Management to ICDRiA. He served as Vice President of Operational Risk Management at Bank of America, where he developed models and simulations to help the bank understand the short-term and long-term risks associated with strategic decisions. He was also Director of Program Management at Decision Dynamics, Inc. (DDI), where he developed several program management (PM) simulation tools for the defense acquisition community under the Small Business Innovative Research (SBIR) program and commercial ventures.
Mr. White’s role at ICDRiA is to establish industry contacts in Dallas-Fort Worth area. The Director of ICDRiA, Dr. Alain Bensoussan, stated, “[Mr. White’s] expertise fits particularly well with the goals of the center, and we are pleased he has accepted the position. ICDRiA continues to grow, and Chris’ efforts are very important for building on this momentum.”
RICHARDSON, Texas (March 17, 2010)— The International Center for Decision and Risk Analysis (ICDRiA) is partnering with the international community to organize a research forum hosted at Hong Kong Polytechnic University in Hong Kong, China, from December 15 to 17, 2010. The forum, titled “What can the Academic Community learn from the global crisis?” is intended to encourage scientists to look at the global crisis as an opportunity as well as a necessity for the evolution of models, concepts and transfer actions.
“The cooperation between economists and mathematicians is a key factor to accomplish an understanding of the new situation arising from the global crisis. The Academic Community has to draw lessons from the global crisis and stir its own evolution for the benefit of our societies. This forum is an example of the will to be proactive and to fulfill our commitments to our stakeholders, in particular, our students,” says Dr. Alain Bensoussan, Director of ICDRiA.
New York University, College de France, INRIA, and Shandong University are among the institutions that joined Hong Kong Polytechnic University, the University of Texas at Dallas and Ajou University to sponsor the research forum.
IOS Press will publish a special issue of the journal Risk and Decision Analysis devoted to articles resulting from the forum.
RICHARDSON, Texas (October 30, 2009)— A tri-lateral agreement has been signed between ICDRiA, ICMS (the International Center for Maritime Studies) in Hong Kong PolyU and the WCUP-GDFE (World Class University Project and Graduate Department of Financial Engineering) in Ajou University. This agreement is endorsed by the three Deans to whom these centers report.
The research centers will operate in a decentralized way with each location contributing their expertise to the three common activities among the centers: Real Options and uncertainties in investment decisions, Mutual Insurance, and, Alternative Energies. The centers will exchange students and visiting researchers for collaboration on the research programs.
Dr. Alain Bensoussan, Director of ICDRiA, stated, “This initiative has been supported by the schools because it fits well with the need to network research and education activities due to globalization. The advancement of knowledge must be recognized at a global level and the problems we are facing incorporate substantial global aspects.”
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RICHARDSON, Texas (April 21, 2008)—The International Center for Decision and Risk Analysis (ICDRiA) has announced completion of a successful collaboration between Blueline/Rediform and ICDRiA within The UT Dallas School of Management. The project focused on research in forecasting demand and optimal ordering. Blueline/Rediform is currently employing techniques developed at ICDRiA and has hired UT Dallas graduate student Greg Turi who worked on the project.
News Contact: Patricia Schoch, UT Dallas (972) 883-6298, firstname.lastname@example.org
RICHARDSON, Texas (April 21, 2008)—EADS North America, Inc., a leading aerospace and defense company, and the European Space Agency (ESA) have awarded additional funding to the International Center for Decision and Risk Analysis (ICDRiA) at The UT Dallas School of Management.
EADS and ESA are long-time supporters of ICDRiA, providing substantial funding soon after ICDRiA’s inception in the fall of 2004. EADS will provide an additional $24,000 and ESA will provide €20,000 ($31,602) to continue study of risk and decision analysis topics related to their organization.
RICHARDSON, Texas (April 21, 2008)—The National Science Foundation (NSF) has provided an additional award of $30,000 to the International Center for Decision and Risk Analysis (ICDRiA) at The UT Dallas School of Management in support of international collaboration on risk analysis research related to the effects of vibration on mechanical structures.
The funding is matched by OTKA, the Hungarian counterpart of NSF, through the U.S.-Hungarian Cooperative Research Program. During the summer of 2008, Hungarian scientists will visit UT Dallas to collaborate with ICDRiA researchers.
NSF provided original funding of $290,000 to Dr. Alain Bensoussan, director of ICDRiA and Dr. Janos Turi, professor in the Department of Mathematical Sciences at UT Dallas.
RICHARDSON, Texas (April 21, 2008)—The International Center for Decision and Risk Analysis (ICDRiA) has welcomed Executive in Residence Dr. Hylan B. Lyon to The UT Dallas School of Management to collaborate with ICDRiA on water resource management research and industrial problems.Dr. Lyon’s career includes serving with the Advanced Aircraft Instrumentation (JANAIR) program of the U.S. Office of Naval Research from 1972 to 1975 with two assignments in the President’s Science Advisors Office under Presidents Nixon and Ford; deputy director of the Science, Technology and Industry Directorate in the Organization for Economic Cooperation and Development (OECD) in Paris, France; and senior consultant to the White House Office of Science and Technology’s Policy on International Science and Technology under President Carter. Dr. Lyon spent 10 years with Texas Instruments (TI), during which his experience relevant to risk management and water resources included serving as a back-up member for TI on President Carter’s National Agenda for the 80’s Commission and as chairman of the National Defense University Distinguished Fellows with oversight of the Mobilization Concepts Development Center for three years. After his time with TI, Dr. Lyon served as chief technology officer for Dallas-based Marlow Industries for 15 years.
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Risk and Decision Analysis is an interdisciplinary publication focused on bridging the theory and application of risk management. The journal is published quarterly by IOS Press. The editors-in-chief are Dr. Alain Bensoussan, UT Dallas Ashbel Smith Professor and Director of the university’s International Center for Decision and Risk Analysis, and Dr. Charles Tapiero, Morton L. Topfer Chair and Distinguished Professor of Financial Engineering and Technology Management at Polytechnic University of New York.
“A risk is a risk, whether it’s financial, operational or …the risk of a security breach or the spread of disease. There are common concerns to all aspects of risk, which justifies the idea of building a new science and this new journal. Our objective is to promote this new field and contribute to its progress by developing concepts and methods which can be applied.” –Dr. Alain Bensoussan, Editor-in-Chief.