Operations Research and Statistics are disciplines that are concerned with the application of quantitative methods to making better decisions and analytically trying to obtain optimal solutions to complex decision making problems. They also provide an understanding of relationships between various factors that impact decisions.
Operations Research and Statistics major is designed for students who want to provide themselves with the analytical and statistical skills that are necessary for success in industry, business or in the public sector. Applications of Operations Research and Statistics or management science as it is referred to in business schools are found in every domain of enquiry and life – from business to engineering to medicine to defence to social sciences and even in evolution, biology, public health and climate change. Students in this major will learn to model complex unstructured problems, build an understanding and expertise in methods to derive solutions, and then use them in applications of managerial situations and elsewhere. Course work for the major would include learning about data science, deterministic and stochastic optimization, simulation, models and methods of queueing and networks, statistical modelling and their applications in marketing, finance, manufacturing, supply chains etc. Case studies and experiential projects are the mechanisms through which models and methods will be applied.
On completion of this major, the student will be able to:
Students who pursue this major will be able to pursue careers as management science professionals, business analysts or as a statistician in various business management disciplines including marketing, finance, human resources, supply chain and operations functions. Graduates find positions in various industries including IT and Consulting sectors. This major opens up opportunities for graduate education in a variety of quantitative fields.