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New book from QM academics explores probability, statistics and risk

Ever wondered how we analyse risk and make decisions?  A new book by academics based at Queen Mary, University of London attempts to explain to the general public and specialists alike how Bayesian networks, a branch of mathematics, can be used in problem solving.

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Professors Norman Fenton and Martin Neil from Queen Mary’s School of Electronic Engineering and Computer Science explore the practical applications of Bayesian networks in the book Risk Assessment and Decision Analysis with Bayesian Networks.

Bayesian networks are widely gaining recognition as a way of understanding risk assessment. The book focuses on practical model building using AgenaRisk, a commercial software tool, and uses real-life examples from the areas of operational risk, software risk, and reliability.     

The science journalist Angela Saini writes about the book in her blog and says: “The lovely thing about Risk Assessment and Decision Analysis with Bayesian Networks is that it holds your hand while it guides you through this maze of statistical fallacies, p-values, randomness and subjectivity, eventually explaining how Bayesian networks work and how they can help to avoid mistakes.”

Professor Martin Neil, co-author of the book, said: "This book is a distillation of over 15 years' experience in applying our ideas across many industries including finance, medicine, the law and defence. We have taken care to present the material in an engaging and accessible way with dozens of examples, to enable readers to get up and running quickly, and hence transform how they measure uncertainty and risk in practice".

The book is published by CRC Press.

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