Summary of the impact

This statement details the impact of research undertaken by members of the Logistics and Operational Research Group (LORG) at the University of Portsmouth in the area of strategic financial investment portfolio selection. A set of goal programming models was developed, which for the first time allowed the investment fund managers to consider a wider range of objectives beyond the usual risk and return paradigm. As a result, the decision making capabilities of key investment fund managers and advisors including those working for the Kuwait Sovereign Wealth Fund were enhanced, resulting in improved decision making capabilities.

Summary of the impact

The Computational Optimization Group (COG) in the Department of Computing produced new models, algorithms, and approximations for supporting confident decision-making under uncertainty — when computational alternatives are scarce or unavailable. The impact of this research is exemplified by the following:

1. Axioma (a firm that provides factor-based risk models and portfolio construction tools for equity investors) now offers insurance to equity portfolios with efficient calculation of coherent risk measures — allowing diverse assets in portfolios.
2. Commerzbank now has improved risk management for proprietary indices used in funds and options, increasing their revenue of investment strategies.
3. The consultancy Decision Tree uses scenario tree based valuation of swing options to create better decision-support software, which attracted new clients in the energy sector.
4. The utility provider Trianel now saves over two million Euros annually by adopting tools that rely on our new optimization techniques.
5. The energy trading company e&t bought software based on our research that optimizes coal procurement contracts for a 750MW coal-fired power plant.

Summary of the impact

Research conducted at the School of Mathematics at Cardiff University has engineered lifesaving, improvements to UK healthcare systems. New mathematical models, accounting for the complexity and diversity of the health system, have been created and applied in a variety of contexts to markedly enhance the efficiency and effectiveness of a wide range of healthcare services — at policy, commissioning and operational levels. The extensive benefits include:

• Reducing the mortality of trauma patients across South London by 54% (equating to 0.7 additional survivors out of every 100 patients for the period 2010-2012, rising to 4.2 in 2013)
• Reducing the mortality of stroke patients across South London by 60% through the creation of a new Stroke Unit, based on the research findings (the services were rated as the best in the country by the National Sentinel Audit 2010 organised by the Royal College of Physicians).
• Realising net efficiency gains of £1.6m per year in the emergency department at University Hospital of Wales;
• Provision of hospital capacity planning tools in use across the UK

This work has been disseminated nationally and internationally, in the media and at a range of events designed to engage the public with Mathematics. Therefore the impacts claimed in this case study are health, economic benefits and public engagement.

Summary of the impact

A series of econometric methods and software, designed by a team of econometricians at Oxford, have been adopted as standard by a large range of governmental bodies, international agencies and businesses. The econometric methods are designed to model and forecast high-dimensional, evolving economic processes facing multiple structural shifts, while the econometric software (PcGive) implements the resulting best-practice procedures. The application of these methods have resulted in more appropriate empirical models, improved robust forecasts, and, consequently, better decision making by these bodies.

Summary of the impact

Fluid modelling approaches devised by the Materials and Engineering Research Institute's (MERI's) materials and fluid flow modelling group have impacted on industrial partners, research professionals and outreach recipients. This case study focuses on economic impacts arising from improved understanding which this modelling work has given of commercial products and processes. These include: metal particulate decontamination methods developed by the UK small company Fluid Maintenance Solutions; liquid crystal devices (LCDs) manufactured by the UK SME ZBD Displays; and an ink-droplet dispenser module originally invented at the multinational Kodak. Additionally, the modelling group's computer simulation algorithms have been adopted by industrial research professionals and made available via STFC Daresbury's internationally distributed software package DL_MESO. Finally, the group has developed, presented and disseminated simulation-based materials and visualisations at major public understanding of science (PUS) events.

Summary of the impact

Semmle is a successful spin-out company set up by members of the UoA, based on their research on program analysis. Semmle markets an industrial-strength product allowing organisations with large software systems to understand and manage their code bases. This business intelligence platform started to be sold to prominent customers in 2008, including [text removed for publication] NASA. NASA used it to help ensure the safe landing of the Curiosity Mars Rover.