A new research programme will develop new ways of extracting useful information from particular types of huge, complex datasets. The aim is to achieve a step change in the modelling and analysis of complex data, with applications in many areas such as financial fraud, cyber security, and developing therapies for the treatment of patients.

Combining expertise in statistics, probability theory and data science, the six-year programme is being funded by the Engineering and Physical Sciences Research Council (EPSRC), part of UK Research and Innovation (UKRI).

The Network Stochastic Processes and Time Series (NeST) partnership involves six universities – Bath, Edingburgh, Imperial College London, the London School of Economics and Political Science, Oxford, and York – and a range of companies and government organisations.

Researchers at Oxford, led by Prof Gesine Reinert, will work on modelling the mechanisms which underlie, for example, financial interactions between a network of banks. A better understanding of such interactions in an interconnected world will allow fundamental insights, as well as informing tailor-made policy evaluation and development.

The ambition is for NeST to establish itself as the world's leading research centre in the development of new theory, methods and computational techniques for tackling the mathematical and statistical analysis of datasets generated by ‘dynamic networks’.

Examples of such networks are traditional networks such as the railway network and all the railway lines and connection points (e.g. stations, where the network connects with customers), but also networks as representations of complex interactions, such as financial transactions between bank accounts.

The dynamic aspect of networks is particularly important: most datasets are not static but are constantly evolving and growing.

This maths research has multiple other potential fields of application, for example

• More secure, greener power grids: Greater use of renewables is key to the UK’s energy security and its ability to achieve net-zero carbon emissions. Integrating intermittent energy sources such as wind and solar requires sophisticated forecasting of net demand on power networks. NeST will develop computer models and simulations that help meet this challenge.
• Better detection of cyberattacks: In 2022, cybercrime cost global businesses, consumers and governments an estimated £1 trillion. Innovative tools are urgently needed to make IT networks safer. NeST will develop new ways of analysing network traffic to pinpoint tell-tale changes indicative of cyberattacks, enabling earlier detection and reducing damage caused.
• Improved mail services: Mail companies face many logistical challenges to enhance the efficiency of their services. NeST will help them match resources to changing demand and better utilise their distribution infrastructure and vehicle fleets. Benefits will include improved services for business and the public, plus significant cuts to carbon footprints.