IIM Vizag inaugurates decision science and analytics lab

IIM-Vizag, Professor M Chandrasekhar said that “IDeAL would play a vital role in bringing industry, government, and academia together to address socio-economic issues of interdisciplinary nature, particularly being faced by aspirational districts like Visakhapatnam.”

Indian Institute of Management-Visakhapatnam has established an ‘Interdisciplinary Decision Science & Analytics Lab’ (IDeAL). The lab was inaugurated by the former Dean and Director (i/c) of IIM Bangalore and Chair of the Faculty Development & Evaluation Committee of IIM Visakhapatnam, Professor V Nagadevara on August 18. The IDeAL has been set up as a ‘Centre of Excellence' dedicated to inter-disciplinary research. While inaugurating the lab, Director, IIM-Vizag, Professor M Chandrasekhar said that “IDeAL would play a vital role in bringing industry, government, and academia together to address socio-economic issues of interdisciplinary nature, particularly being faced by aspirational districts like Visakhapatnam.” He further stated that the lab would work as a conceptualizing platform along with inventing, building, and valorising products, and service innovations.

Professor Chandrasekhar said, “IIM-V being a public-spirited and public-funded institution, the goal is to come up with disruptive and transformative innovations that serve a larger public purpose and the public good.”  The inauguration of the Lab was also graced with the presence of the industry leader Dr Jai Ganesh, senior vice president & head of the Mphasis research and innovation center (NEXT Labs).

While addressing the ceremony, Dr Ganesh talked about the interplay of data sciences, artificial intelligence, and machine learning in the transformation of industry and society at large. He highlighted the importance of aspects like explainability and auditability of decision science models and solutions, for them to gain greater acceptance among the beneficiaries.

Chairman, Department of Management Studies, Indian Institute of Science, Bangalore, Professor Parthasarathy Ramachandran, in his address, spoke about the challenges that research is facing in inter-disciplinary decision sciences, such as collection, compilation, collation of big data; engagement and communicating with stakeholders, as well as the need for ensuring equity, equality, and ethics in the use and interpretation of data.

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