International Center for Decision and Risk Analysis
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 both the knowledge and application of these techniques with specific attention to the interdisciplinary aspects.
To develop Risk Management as a comprehensive scientific discipline that provides methods, concepts and techniques to deal with uncertainties in decision-making.
What We Do
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.
Uncertainties are more and more overwhelming in all aspects of life. Understandably, Risk and Decision Analysis is now at the core of Management Science and Economics. This science of Risk and Decision Analysis is also a key in the application of Engineering Sciences, Environmental Sciences and even Natural Sciences.
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:
Alain Bensoussan, PhD