Bruce Jenkins, Ora Research
SmartUQ is a software tool for uncertainty quantification (UQ) and engineering analytics that heightens fidelity of engineering and systems analysis by taking account of real-world variability and probabilistic behavior.
UQ is the science of quantifying, characterizing, tracing and managing uncertainty in both computational and real-world systems. UQ seeks to address the problems associated with incorporating real-world variability and probabilistic behavior into engineering and systems analysis. Nominal-that is, idealized-as opposed to real-world simulations and tests answer the question: What will happen when the system is subjected to a single set of inputs? UQ moves this question into the real world by asking: What is likely to happen when the system is subjected to a range of uncertain and variable inputs?
UQ got its start at the intersection of mathematics, statistics and engineering. Drawing together knowledge from each of those fields has yielded a family of system-agnostic capabilities that require no knowledge of the inner workings of a system under study to make predictions about its likely behavior. A key strength of UQ methods is that they require information only about the system's input/output response behavior. Thus, a method that works on an engineering system may be equally applicable to a financial problem that exhibits similar behavior. This makes it possible for many different industries to benefit from advances in UQ...Read more here