The Quantitative Decision Support Methods Laboratory (LAB-MAD) was initially conceived in 1998 as a Computer-Assisted Statistics Laboratory, providing a specific area for statistics-oriented software and hardware. In 2008, the laboratory also started to be used by the optimization area of the Department of Electrical Engineering, particularly for stochastic optimization. It is the combination of these two areas of study – statistics and optimization – that makes this laboratory unique.
LAB-MAD’s mission is to conduct innovative projects in the areas of statistical modeling and optimization, mainly investigating the combined use of these two tools, often within a context of risk and return analysis in the field of economics, with the objective of developing decision support tools.
LAB-MAD is also a space where students from both areas can exchange ideas and knowledge concerning their theses, dissertations and projects.