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Mathematics Matters



Taking decisions, not risks Risks are an unavoidable part of modern life, but mathematicians and statisticians have developed a variety of methods to help mitigate its effects. These techniques enable hospitals, banks and other organisations to make better decisions, based on evidence and facts. Are some potentially life-saving drugs too expensive to be prescribed by the NHS? Should banks lend money to people with poor credit histories? Is it ever safe to live near a volcano? Answering questions such as these requires a careful analysis of the potential risks and consequences involved, and thanks to the latest advances in statistics we’re able to make better decisions than ever before. The consideration of risk isn’t a purely mathematical process, but a solid mathematical foundation is vital when making evidence-based decisions. In the past this meant using simple formulas to perform a basic statistical analysis, but the wealth of data and vast computing resources now available let statisticians develop new statistical methods, uncovering trends that were previously impossible to see

Year: 2011
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