Uncertainty quantificationUncertainty quantification (UQ) is the science of quantitative characterization and estimation of uncertainties in both computational and real world applications. It tries to determine how likely certain outcomes are if some aspects of the system are not exactly known. An example would be to predict the acceleration of a human body in a head-on crash with another car: even if the speed was exactly known, small differences in the manufacturing of individual cars, how tightly every bolt has been tightened, etc.
Group decision-makingGroup decision-making (also known as collaborative decision-making or collective decision-making) is a situation faced when individuals collectively make a choice from the alternatives before them. The decision is then no longer attributable to any single individual who is a member of the group. This is because all the individuals and social group processes such as social influence contribute to the outcome. The decisions made by groups are often different from those made by individuals.
Hilbert's axiomsHilbert's axioms are a set of 20 assumptions proposed by David Hilbert in 1899 in his book Grundlagen der Geometrie (tr. The Foundations of Geometry) as the foundation for a modern treatment of Euclidean geometry. Other well-known modern axiomatizations of Euclidean geometry are those of Alfred Tarski and of George Birkhoff.
Automated decision-makingAutomated decision-making (ADM) involves the use of data, machines and algorithms to make decisions in a range of contexts, including public administration, business, health, education, law, employment, transport, media and entertainment, with varying degrees of human oversight or intervention. ADM involves large-scale data from a range of sources, such as databases, text, social media, sensors, images or speech, that is processed using various technologies including computer software, algorithms, machine learning, natural language processing, artificial intelligence, augmented intelligence and robotics.
Consensus decision-makingConsensus decision-making or consensus process (often abbreviated to consensus) are group decision-making processes in which participants develop and decide on proposals with the aim, or requirement, of acceptance by all. The focus on establishing agreement of at least the majority or the supermajority and avoiding unproductive opinion differentiates consensus from unanimity, which requires all participants to support a decision. The word consensus is Latin meaning "agreement, accord", derived from consentire meaning "feel together".
Kuratowski closure axiomsIn topology and related branches of mathematics, the Kuratowski closure axioms are a set of axioms that can be used to define a topological structure on a set. They are equivalent to the more commonly used open set definition. They were first formalized by Kazimierz Kuratowski, and the idea was further studied by mathematicians such as Wacław Sierpiński and António Monteiro, among others. A similar set of axioms can be used to define a topological structure using only the dual notion of interior operator.
Financial riskFinancial risk is any of various types of risk associated with financing, including financial transactions that include company loans in risk of default. Often it is understood to include only downside risk, meaning the potential for financial loss and uncertainty about its extent. A science has evolved around managing market and financial risk under the general title of modern portfolio theory initiated by Harry Markowitz in 1952 with his article, "Portfolio Selection".
Propagation of uncertaintyIn statistics, propagation of uncertainty (or propagation of error) is the effect of variables' uncertainties (or errors, more specifically random errors) on the uncertainty of a function based on them. When the variables are the values of experimental measurements they have uncertainties due to measurement limitations (e.g., instrument precision) which propagate due to the combination of variables in the function. The uncertainty u can be expressed in a number of ways. It may be defined by the absolute error Δx.
Equity riskEquity risk is "the financial risk involved in holding equity in a particular investment." Equity risk is a type of market risk that applies to investing in shares. The market price of stocks fluctuates all the time, depending on supply and demand. The risk of losing money due to a reduction in the market price of shares is known as equity risk. The measure of risk used in the equity markets is typically the standard deviation of a security's price over a number of periods.
Log–log plotIn science and engineering, a log–log graph or log–log plot is a two-dimensional graph of numerical data that uses logarithmic scales on both the horizontal and vertical axes. Power functions – relationships of the form – appear as straight lines in a log–log graph, with the exponent corresponding to the slope, and the coefficient corresponding to the intercept. Thus these graphs are very useful for recognizing these relationships and estimating parameters. Any base can be used for the logarithm, though most commonly base 10 (common logs) are used.
Semi-log plotIn science and engineering, a semi-log plot/graph or semi-logarithmic plot/graph has one axis on a logarithmic scale, the other on a linear scale. It is useful for data with exponential relationships, where one variable covers a large range of values, or to zoom in and visualize that - what seems to be a straight line in the beginning - is in fact the slow start of a logarithmic curve that is about to spike and changes are much bigger than thought initially.
RiskIn simple terms, risk is the possibility of something bad happening. Risk involves uncertainty about the effects/implications of an activity with respect to something that humans value (such as health, well-being, wealth, property or the environment), often focusing on negative, undesirable consequences. Many different definitions have been proposed. The international standard definition of risk for common understanding in different applications is "effect of uncertainty on objectives".
