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Correlation matrices play a key role in financial modelling, but their empirical construction (based on the actual statistical data) may lead to negative variances, which can lead to complete failure of a model. Our research has resulted in algorithms for efficiently computing the unique nearest correlation matrix (NCM) that does not yield negative variances. The most direct impact is to Numerical Algorithms Group (NAG) Ltd, whose library sales and renewals have been increased by an estimated £250k following the inclusion of our NCM codes. Further impact is to NAG clients, including the Tier 1 Investment Banks, with at least six of the top ten [e.g., Credit Suisse and Morgan Stanley] known to be using the new NAG nearest correlation matrix codes, leading to improved reliability of their financial models.
Manchester research on differential protection, synchronised using the global positioning system (GPS), has opened up a radically new approach to protection and integrity of electrical transmission networks. The research has led to updating of international technical guides and international standards. In the UK, National Grid has implemented policies based on the research, which will save about £0.5m per annum in substation upgrade costs. The market for GPS synchronised differential protection products is £400m pa globally. This figure represents the "insurance premium" against the avoided cost of a power system failure, estimated in a report on the North-East USA blackout to be $6bn in economic cost and 11 directly attributable deaths.
Our research on Active Shape Models (ASMs) and Active Appearance Models (AAMs) opened up a radically new approach to automated image interpretation, with applications in industrial inspection, medical image analysis, and face tracking/recognition. We identify:
About 18% of UK electric supply is provided by 14 graphite-moderated Advanced Gas-cooled Reactors (AGRs) and 1 Pressurised Water Reactor (PWR). The AGRs are graphite-moderated, generic in design and the nuclear regulator is concerned that a common safety related fault could lead to immediately shutdown of all AGRs. The development of novel techniques at Manchester has allowed the continued operation helping the operators to establish an expected seven-year life extensions for all AGRs. For the plant operators this represents a potential income of £2.5bn per annum, avoid 30m tonnes CO2 pa and generate supply chain income within the UK of £650m pa and create or protect 2000 jobs.
WHO estimates that 600 million school-age children need deworming treatment and preventive intervention.
The University of Manchester (UoM) Immunology Group delivered an educational programme on the immune response and biology of parasitic worm infections in areas where worm infections are most prevalent, including Uganda and Pakistan, and with UK immigrant communities.
International benefits include health worker and educator training, which is critical for improving the understanding of worm infection and distribution of health education messages to endemic communities. Nationwide engagement activities provided immigrant communities and school pupils with improved awareness of global health issues and a greater understanding of immunology, and have inspired some participants to pursue careers in science.
In the late 1990s, a significant barrier to the adoption of virtual reality software was the expense of manually creating models of real-world scenes. To address this, between 1998 and 2004, the ICARUS software system was developed, which enabled the creation of structured, 3D geometric models from a sequence of images or video. The system also pioneered improved methods of camera tracking. ICARUS was subsequently licensed and developed commercially, and became the foundation for video and film post-production products that are used worldwide in the film (e.g. Universal Pictures, Warner Bros, Paramount Pictures) and television (e.g. BBC) industries, underpinning a company with an annual turnover in excess of £1m.