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Decision Analysis and Risk Analysis

Professor Ron Howard defined the field of decision analysis in 1964, and continues to lead research at Stanford. Although many people make personal decisions instinctively and haphazardly, a more serious approach essential for management is to analyze the problem as a three-legged structure of preferences, alternatives and available information in the context of a frame.

The mission of the Engineering Risk Research Group, led by department Professor M. Elisabeth Pate-Cornell, is the analysis, mathematical modeling and management of the safety of engineering systems using probabilistic methods and systems analysis. Recently, the members of the ERRG have extended the application of these methods to the domains of medical operations and devices, national security and the strategy of firms in the financial industry with the objective of identifying the most cost-effective risk-reduction measures within these complex systems. Technical, organizational and strategic solutions are considered, and decision analysis is often used to make the final choice among a spectrum of risk-mitigation options.

Tuesday, February 28, 2017 -
12:00 to 15:00
Thursday, November 17, 2016

MS&E Professor Elisabeth Paté-Cornell discusses the risks of cyber attacks and how we may be able to mitigate and manage them.

Watch the video to learn more  about how data collection and the application of leading-edge analytics and management science techniques can prevent cybercrimes.

Thursday, June 30, 2016 -
08:30 to 11:30

Dynamic Strategy for Metastatic Breast Cancer

Monday, April 18, 2016

Congratulations to the winners of the Syngenta Crop Challenge.   MS&E PhD students Xiaocheng Li, and Hayden Huaiyang Zhong were awarded First Prize in the Syngenta Data Challenge at the INFORMS Conference in Orlando, Florida in April 2016.   The prize was for their work on "Hierarchical Modeling of Soybean Variety Yield and Decision Making for Future Planting Planning."

Monday, September 21, 2015 -
16:00 to 19:00
Wednesday, May 27, 2015 -
15:00 to 18:00

Everyday DA: The Essence of Decision Analysis

Management Science & Engineering
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