What is uncertainty quantification?

Uncertainty Quantification (UQ) is the science of quantifying, managing, and reducing uncertainties in computational models and real-world systems. It involves identifying sources of uncertainty in data, model parameters, and algorithms, then using statistical and mathematical methods to assess their impact on model predictions. UQ is essential in fields like engineering, finance, and environmental science to ensure that predictions and decisions are robust and reliable. Practitioners use techniques such as sensitivity analysis, probabilistic modeling, and Monte Carlo simulations to quantify and analyze uncertainties.