IIM Visakhapatnam has inaugurated an ‘Interdisciplinary Decision Science & Analytics Lab’ at its campus on August 18, 2021. The inauguration ceremony was graced by Chair of Faculty Development & Evaluation Committee of IIM Visakhapatnam, Professor V Nagadevara.
Indian Institute of Management (IIM) Visakhapatnam has inaugurated the Interdisciplinary Decision Science and Analytics Lab as its ‘Centre of Excellence for various interdisciplinary research on the campus.
Industry Leader Dr. Jai Ganesh, Senior Vice President and Head of the Mphasis Research and Innovation Center (NEXT Labs) along with the Chair of the Faculty Development & Evaluation Committee were also present during the inauguration event of IIM Visakhapatnam's IDeAL.
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Referring to the initiative, Former Dean and Director (i/c) of IIM Bangalore, Professor V Nagadevara said, “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 added that the Interdisciplinary Decision Science and Analytics Lab at the Indian Institute of Management-Visakhapatnam will work as a platform for building, investing, and valorizing various products and services innovations.
Adding to the same, 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".
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Talking about the recent challenges faced by the researchers, Chairman, Department of Management Studies, Indian Institute of Science (IISc), Bangalore, Professor Parthasarathy Ramachandran stated that as of now the research is facing various challenges.
Inter-disciplinary decision sciences, such as collection, compilation, collation of big data, and the need for ensuring equity, equality, and ethics in the use and interpretation of data have now become a challenge in the research field.
Adding to the same, Dr. Jai Ganesh, Senior Vice President and Head of NEXT Labs stated that the industry is now adding value to the role of data sciences, artificial intelligence, and machine learning.
Further highlighting the importance of decision science models and solutions, he stated that explainability and suitability of decision models and solutions have now gained acceptance among the high industries.
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