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Masters Degrees (Operational Research)

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Summary. This programme offers a firm grounding in operational research and finance in preparation for careers in financial institutions. Read more

Summary

This programme offers a firm grounding in operational research and finance in preparation for careers in financial institutions. You’ll develop understanding of how operational research, statistical and optimisation techniques are applied to practical problems and gain many key workplace skills. A three-month project follows successful completion of the instructional component. The majority of projects involve either working on a placement or in partnership with a company or organisation.

Full time study: This one year masters programme is suitable for numerate graduates. The MSc programme lasts for twelve months.

Part-time study: This scheme is suitable for numerate students who are qualified to enter the one year full time scheme but wish to study on a part time basis. Project work takes the special circumstances of a particular student into account.

Programme objectives are:

-to give you a thorough knowledge of the mathematical, financial, computational and communication skills needed for the practical application of Operational Research and finance

-to give you a broad appreciation of related disciplines important in Operational Research

-to illustrate the use of Operational Research and finance tools in a wide range of applications. This part of the programme is not just descriptive since much of the application of Operational Research is best learned by active involvement. The 3-month summer project and computer workshops are designed with this in mind. In addition, seminars provide a forum for the discussion of practical Operational Research issues

-to introduce you to research methods and current issues in Operational Research and finance

Introducing your course

The MSc in Operational Research and Finance at the University of Southampton will equip you with skills in revenue management, credit scoring, and financial risk management that are highly sought by employers, and this degree will give you a deep understanding of applied analytics and financial modelling that is applicable across the financial institutions.

The summer dissertation gives you an opportunity to develop your research skills, often in a commercial setting, and our industrial liaison team will work with you to find a project that suits your skills and ambitions.

What is Operational Research and Finance?

Operational Research is the application of scientific methods to the study of complex organisational problems. In this degree course, there is an emphasis on complementary financial studies. Even within the same organisation Operational Research and Finance tends to be highly varied because of its project-driven nature. This breadth of experience offers an exciting and rewarding career in many financial organisations, enabling many Operational Research workers to progress to a career in general management. Moreover the nature of the work brings an Operations Research and Finance graduate into early contact with senior management, and career advancement is typically rapid.

Why do an MSc?

An MSc is generally accepted as being highly desirable for starting and developing a career in OR and financial modelling. The MSc is also a good preparation for research work.

A highlight of the programme is the 3-month summer project (http://www.southampton.ac.uk/cormsis/mscsummerproject/index.page). The student is usually placed with a nearby company and works on a real problem of practical importance to that company.

Environment

The Operational Research Group in Mathematics is a strong committed team of 11 lecturing staff and a number of research staff. The Group teaches a wide range of undergraduate and postgraduate courses, as well as undertaking consultancy work for outside organisations. Many of the staff are internationally known in their fields of research.

CORMSIS Business Advisory Board

This Committee is a good indicator of the high regard in which the Southampton MSc programmes involving Operational Research are held by outside organisations. Its purpose is to ensure that the MSc programmes produce graduates with the requisite skills for the needs of industry. It also provides a focal point for liaison between the Operational Research Group and industry. You have the chance to meet the Committee several times during the year. Major companies including Shell, British Airways, BAA, BT, The AA, Dstl and HM Revenue & Customs are represented on the Committee.

Modules

Compulsory modules: Corporate Finance; Data Analytics; Deterministic Operational Research (OR) Methods; Presenting Reports; Statistical Methods; Stochastic OR Methods; Visual Basic for Applications

Optional modules include: Credit Scoring and Data Mining; Financial Portfolio Theory; Financial Risk Management; Forecasting; Game Theory in Business; Nonlinear Optimisation; Data Visualisation Plus dissertation as three-month project (MSc only)



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This programme will show you how to use mathematical techniques to tackle real-life problems ranging from scheduling flights, handling large data sets to managing investments and minimising risks. Read more

This programme will show you how to use mathematical techniques to tackle real-life problems ranging from scheduling flights, handling large data sets to managing investments and minimising risks. The skills of Operational Research (OR) and Data Science are in high demand.

The MSc in Operational Research with Data Science is a new, forward-looking programme that delivers high-quality training in operational research, optimization and statistics. Students will have strong technical skills in these areas and the ability to apply them using appropriate software.

This MSc programme delivers:

  • technical skills in operational research, optimization and statistics
  • practical skills in programming and modelling for a wide range of applications
  • communications skills in writing and audio-visual presentation

Programme structure

You need to obtain a total of 180 credits to be awarded the MSc. All students take courses during semester 1 and 2 to the value of 120 credits. Successful performance in these courses (assessed through coursework or examinations or both) permits you to start work on a three-month dissertation project (60 credits) for the award of the MSc degree.

Compulsory courses have previously included:

  • Fundamentals of Optimization
  • Fundamentals of Operational Research
  • Methodology, Modelling and Consulting Skills
  • Computing for Operational Research and Finance

Themed courses have previously included:

  • Simulation
  • Statistical Regression Models
  • Machine Learning & Pattern Recognition
  • Introductory Applied Machine Learning
  • Bioinformatics 1
  • Stochastic Modelling
  • Credit Scoring
  • Large Scale Optimization for Data Science
  • Modern Optimization Methods for Big Data Problems
  • Optimization Methods in Finance
  • Combinatorial Optimization
  • Time Series Analysis and Forecasting
  • Advanced Computing for Operational Research
  • Operational Research in Telecommunications
  • Biomedical Data Science
  • The Analysis of Survival Data
  • Likelihood and Generalized Linear Models
  • Probabilistic Modelling and Reasoning

Optional courses chosen from postgraduate courses in the following areas:

  • Finance
  • Industry
  • Optimization
  • Statistics
  • Data Science

Learning outcomes

At the end of this programme you will have:

  • flexible problem-solving skills based on deep knowledge of operational research, optimization, data analysis techniques and the ability to apply them using appropriate software
  • transferable skills to maximize their prospects for future employment, including writing, oral presentation, team-working, numerical and logical problem-solving, planning and time-management

Career opportunities

Graduates will gain the transferable skills required to pursue careers in a data-rich operational research environment, and will be in an ideal position to apply for work in a wide range of institutions in the public and private sector. The degree is also excellent preparation for further study in operational research, optimization or data science.

Industry-based dissertation projects

The dissertation projects of approximately half the students on this programme take place in public and private sector organisations. Other students choose a University-based project.



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Our MSc in Operational Research and Applied Statistics aims to equip you with the necessary analytical skills, methods and ways of thinking to tackle and analyse complex organisational problems, help make better decisions, and to become confident statistical analysts. Read more
Our MSc in Operational Research and Applied Statistics aims to equip you with the necessary analytical skills, methods and ways of thinking to tackle and analyse complex organisational problems, help make better decisions, and to become confident statistical analysts.

This course is ideal training and experience for those looking for career opportunities in areas such as Operational Research, management science, statistics, management consultancy, business analytics, supply chain management, government operational research/statistics.

You will undertake case studies and project work which will give you the opportunity to put your skills into practice and provides valuable experience of working in the field. The dissertation project, typically undertaken with an industrial partner, will allow you to work with complex data in a creative manner and a problem-solving environment, as well as to communicate your ideas and findings effectively.

Distinctive features:

• Available on a one year full-time or three year part-time basis

• Acquire transferable operational research and statistical skills that are highly sought after in a broad range of sectors

• Learn from experts in the fields of Operational Research and Statistics

• Gain valuable work experience; we have some placement opportunities available with industrial partners in the UK and abroad

Structure

The course can be completed in one year with full-time study or in three years by part-time study.

The one-year course includes a three-month period working with a company on a real problem that they have identified. You will take 80 credits of core modules and 40 credits of optional modules in the taught component of the programme. This is followed by a 60 credit summer project.

As a part-time student you will typically need to be in the University for lectures and workshops for the equivalent of one day per week over 24 weeks each year. You will usually complete the taught component of the programme over two years with up to a further year to complete the project dissertation.

The programme will prepare you with essential techniques in Operational Research and Applied Statistics, and then allow you to select from optional courses in topics such as supply chain modelling, healthcare, and Statistics and Operational Research for Government (delivered with input from the Office for National Statistics and Welsh Assembly Government).

You will have the opportunity to put the theory into practice, through case studies and project work in the ‘real-world’. An important feature of the MSc is the project dissertation, allowing you to work with an external company.

For a list of modules for the FULL-TIME route, please see website:

http://www.cardiff.ac.uk/study/postgraduate/taught/courses/course/operational-research-and-applied-statistics-msc

For a list of the modules for the PART-TIME route, please see website:

http://www.cardiff.ac.uk/study/postgraduate/taught/courses/course/operational-research-and-applied-statistics-msc-part-time

Teaching

The methods of teaching we employ will vary from module to module, as appropriate depending on the subject matter and the method of assessment. We teach using a mixture of lectures, seminars, computer workshops and tutorials.

You will apply the skills you develop through presentations, research assignments, case studies and the summer project.

Assessment

During the course your development will primarily be monitored via tutorial sheets, with other means where appropriate.

Written examinations, often in combination with an in-course element forms overall assessment.

Career Prospects

This programme prepares you for a career in areas such as operational research, management science, statistics, risk analysis, financial modelling, actuarial risk and credit scoring, management consultancy, business analytics, supply chain management, government operational research /statistics.

Our School of Mathematics has well established and strong links with many employers of Operational Researchers and Applied Statisticians, who regularly offer projects and/or recruit our students.

If you prefer to continue on a more academic career pathway, you may choose to continue your studies with a PhD.

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Operational Research (called "Operations Research" in some parts of the world) has been briefly described as the "scientific analysis of decisions". Read more

Why this course?

Operational Research (called "Operations Research" in some parts of the world) has been briefly described as the "scientific analysis of decisions". It's concerned with assisting and advising decision-makers in a wide variety of settings.

The MSc in Operational Research aims to realise the potential of graduates, so that you immediately can play an effective role in providing model-based support to managers helping them to make better decisions at an operational/technical level.

You’ll develop a rigorous academic understanding of advanced analytical methods that are used to provide structured and analytical approaches to decision-making. You’ll also develop practical skills in using operational research models to support decision-makers.

See the website https://www.strath.ac.uk/courses/postgraduatetaught/operationalresearchdistancelearning/

You’ll study

All classes are taught using material presented via the internet. Classes are supported by faculty members who also teach on the full-time course. They will guide and support discussion via discussion forums.

The programme contains three stages. In progressing towards completion of the MSc students will undertake the following:

Postgraduate Certificate in Operational Research

This includes five compulsory classes and one elective class all of which can be completed fully online.

Compulsory classes:
1. Foundations of Operational Research & Business Analysis
2. Quantitative Business Analysis
3. Managing Business Operations
4. Spreadsheet Modelling & Demand Forecasting
5. Operational Research Methods

Elective classes:
One optional class chosen from:
1. Business Simulation Methods
2. Risk Analysis & Management
3. Decison Analysis
4. Advanced Operations Research Modeling using specialist software tools

Postgraduate Diploma in Operational Research

After completion of the Postgraduate certificate two further elective classes and one compulsory class are required to be undertaken.

Compulsory class:
1. Becoming an effective operational research modeller

Elective classes:
Two elective classes chosen from same list as for the Postgraduate Certificate.

If you wish to proceed to the Postgraduate Diploma you need to be in appropriate employment. The final decision as to what is "appropriate employment" remains with the University of Strathclyde. However, if your employment covers all of the following, you're likely to be in the correct type of post:
- solving problems owned by someone else
- ill-defined problems
- working in teams
- the opportunity to use a variety of Business Analysis techniques
- your work has an influence on the operation of your organisations

Your employment should require some analysis of business situations, in the private or public sector. Samples of your work will form the basis of reflection and learning projects, guided by a personal mentor.

MSc in Operational Research

Students who complete the Diploma and gain sufficient marks to proceed to the MSc will be expected to undertake a project. The project will be integrated with your employment. You'll have individual personal mentoring to guide you in reflection and learning.

Technical requirements

To undertake this course you need to have:
- Modern PC running Windows Vista or higher, web cam, headset with microphone
- Minimum 2Mb/sec broadband connection
- Microsoft Excel 2010 or higher

NB: Some of the course software is Windows-only and will not run under Linux or on Macintosh computers so use of a PC or PC-emulation software is essential if these operating systems are used.

Start dates

You can start the Certificate programme in October or April. The Diploma course usually runs between September and May, though there is some flexibility with this. It's followed by the project which has a flexible timetable.

Normally, a student should be able to complete the MSc programme in around two and a half years. Please contact us if you need advice about the best start date for you.

English language requirements

In addition to academic qualifications, you must also be able to show that you have a sufficient grasp of English. If English is not your first language you'll need to provide evidence of your proficiency before you can begin the course.

Pre-Masters preparation course

The Pre-Masters Programme is a preparation course for international students (non EU/UK) who do not meet the entry requirements for a Masters degree at University of Strathclyde. The Pre-Masters programme provides progression to a number of degree options

To find out more about the courses and opportunities on offer visit isc.strath.ac.uk or call today on +44 (0) 1273 339333 and discuss your education future. You can also complete the online application form. To ask a question please fill in the enquiry form and talk to one of our multi-lingual Student Enrolment Advisers today.

Careers

In the department, we have very good links with business and have hosted recruitment events for many companies including Barclay’s Wealth, British Airways, Deloitte, Morgan Stanley, Rolls Royce, Sopra and SIMUL8, to name a few.

The skills you learn in the MSc make you very marketable to potential employers. Other employers where our graduates have found work include Clydesdale Bank, HSBC, PWC, RBS, Roland Berger and the Scottish Government.

Find information on Scholarships here http://www.strath.ac.uk/search/scholarships/index.jsp

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This programme will show you how to use mathematical techniques to tackle real-life problems ranging from scheduling flights and routing mobile phone calls to managing investments and minimising risks. Read more

This programme will show you how to use mathematical techniques to tackle real-life problems ranging from scheduling flights and routing mobile phone calls to managing investments and minimising risks. Operational Research (OR) is an important skill that is in high demand.

Our intensive programme allows you to specialise in an area that best suits your career goals. In addition to this general MSc in Operational Research, the following degrees are offered:

Programme structure

This programme involves two taught semesters of compulsory and option courses followed by your dissertation project.

Compulsory courses previously offered include:

  • Computing for Operational Research and Finance
  • Fundamentals of Optimization
  • Fundamentals of Operational Research
  • Methodology, Modelling and Consulting Skills
  • Probability and Statistics
  • Simulation
  • Stochastic Modelling

Optional courses are generally grouped into the following areas:

  • Finance
  • Industry
  • Optimization
  • Statistics

Career opportunities

The skills you will learn are in demand by a vast range of high-profile organisations including consultancy firms, companies with operational research departments such as airlines or telecommunications providers, financial firms and the public sector.

Recent graduates have joined British Airways, the Government OR Service, Barclays, Deloitte, Capgemini and smaller specialised OR, finance and energy companies.



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The MSc in Operational Research aims to realise the potential of graduates, so that you immediately can play an effective role in providing model-based support to managers helping them to make better decisions at an operational/technical level. Read more

Why this course?

The MSc in Operational Research aims to realise the potential of graduates, so that you immediately can play an effective role in providing model-based support to managers helping them to make better decisions at an operational/technical level.

You’ll develop a rigorous academic understanding of advanced analytical methods that are used to provide structured and analytical approaches to decision-making.

You’ll also develop practical skills in using operational research models to support decision-makers.

Study mode and duration:
- MSc: 12 months full-time or 24 months part-time
- PgDip: 9 months full-time or 21 months part-time
- Distance learning options available

See the website https://www.strath.ac.uk/courses/postgraduatetaught/operationalresearch/

You’ll study

Study for the Postgraduate Diploma degree lasts nine months, following the same taught classes as for the MSc. As well as allowing you to complete a recognised course in a shorter time, the Diploma provides the opportunity for a wider range of applicants to enter the operational research world. Students demonstrating sufficient progress may be allowed to transfer in-course to study for the MSc.

The course is structured comprising four classes each semester, with the ‘Becoming an Effective Operational Researcher’ module running through both semesters. The first semester involves only core classes, whereas the second semester involves only one core class and three electives.

- Dissertation
MSc students undertake a three-month project. This is typically for an external organisation. You’ll apply the concepts and theories studied on the course.
Subject to demand, the MSc can also be obtained part-time, over two or three years. The same topics are studied, normally 1 to 2 days per week. Most part-time students are already in employment and are sponsored by their employers. They carry out their project work within their own organisations.

Distance learning option

All classes are taught using material presented online. Classes are supported by faculty members who also teach on the full-time course and who guide and support discussion via discussion forums.

This is a flexible degree and duration can vary. Minimum durations are PgCert: 13 months; PgDip: 20 months; MSc: 26 months.

Work placement

The apprenticeship scheme forms a vital component of the MSc in Operational Research. Through the scheme, many of our students spend an invaluable three weeks in January working in the analytical function of their host organisation.

Last year, more than 35 selected students worked with over 25 different organisations based all over the UK, including Capita, Department of Health, Diageo, Doosan Babcock, First Scotrail, Glasgow City Council, NHS, RBS, Scottish Enterprise, SEP, Scottish Water, and Tesco Bank.

Students work on all manner of projects that link directly to their semester 1 classes, allowing them to deliver real work that can make an immediate impact to their host organisations. Every year, our students gain not only valuable experience that is relevant to their job hunt, but also make contacts that can be of assistance throughout their career.

The scheme has a highly competitive selection process, where the students with the strongest generic skills and academic capabilities are chosen for external placements. Other students are also given invaluable opportunities to work with external organisations in this three week period, for example in the form of group projects analysing their operations.

In addition, many MSc projects are carried out for an external organisation. Students spend the three months from July to September working on a project of importance to their clients. The aim is to gain direct experience in applying the concepts and theories studied on the course. Projects may be carried out individually or in small teams of two or three students. Project clients include many major concerns, in fields ranging from aerospace to whisky distilling.

Major projects

Most of the taught modules on the programme introduce you to a variety of techniques, methods, models and approaches. However, the practical reality of applying analytical methods in business is often far removed from the classroom. Working with decision-makers on real issues presents a variety of challenges. For example, data may well be ambiguous and hard to come by, it may be far from obvious which business analysis methods can be applied and managers will need to be convinced of the business merits of any suggested solutions. While traditional teaching can alert students to such issues, understanding needs to be reinforced by experience.

This is primarily addressed by the core module ‘Becoming an Effective Business Analyst’, which takes place over both semesters and also involves the ‘apprenticeship scheme’. Every year, case studies and challenging projects are presented to the students by various organisations such as Accenture, British Airways, RBS and Simul8.

Facilities

Strathclyde’s Business School is one of the largest institutions of its kind in Europe. We have around 200 academic staff and more than 3,000 full-time students.

The departments and specialist units work together to provide a dynamic, fully-rounded and varied programme of specialist and cross-disciplinary postgraduate courses.

Course awards

Strathclyde MSc Operational Research students were awarded the May Hicks Prize of the OR Society three years in a row:
- Christoph Werner (2013)
- Geraint Roberts (2012)
- Rutger Albrink (2011)

The prize recognizes the best industry-based student projects in operational research and has an award of £1,000.

Student competitions

Every year, the best overall performance in the MSc Operational Research course is recognised by the Tony Christer Prize. The prize involves a formal recognition by the department and an award of £100.

English language requirements

If you’re a national of an English speaking country recognised by UK Border Agency (please check most up-to-date list) or you have successfully completed an academic qualification (at least equivalent to a UK bachelor's degree) in any of these countries, then you do not need to present any additional evidence.
For others, the department requires a minimum overall IELTS score of 6.5 (with no individual component below 5.5 (or equivalent)). Pre-sessional courses in English are available.
If you are from a country not recognised as an English speaking country by the United Kingdom Border Agency (UKBA), please check English requirements before making your application.

Pre-Masters preparation course

The Pre-Masters Programme is a preparation course for international students (non EU/UK) who do not meet the entry requirements for a Masters degree at University of Strathclyde. The Pre-Masters programme provides progression to a number of degree options

To find out more about the courses and opportunities on offer visit isc.strath.ac.uk or call today on +44 (0) 1273 339333 and discuss your education future. You can also complete the online application form. To ask a question please fill in the enquiry form and talk to one of our multi-lingual Student Enrolment Advisers today.

Careers

In the department, we have very good links with business and have hosted recruitment events for many companies including Barclay’s Wealth, British Airways, Deloitte, Morgan Stanley, Rolls Royce, Sopra and SIMUL8, to name a few.

The skills you learn in the MSc make you very marketable to potential employers. Other employers where our graduates have found work include Clydesdale Bank, HSBC, PWC, RBS, Roland Berger and the Scottish Government.

Find information on Scholarships here http://www.strath.ac.uk/search/scholarships/index.jsp

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Summary. This programme is an ideal opportunity to provide yourself with the analytic skill set necessary for success in business and industry. Read more

Summary

This programme is an ideal opportunity to provide yourself with the analytic skill set necessary for success in business and industry. From day one you will find yourself working with multinational organisations on case studies to develop your abilities in applied analytics. Opportunities for summer projects in a wide range of industries are an integral part of the programme.

Full time study: This one year masters programme is suitable for numerate graduates. The MSc programme lasts for twelve months.

Part-time study: This scheme is suitable for numerate students who are qualified to enter the one year full time scheme but wish to study on a part time basis. Project work takes the special circumstances of a particular student into account.

Many prestigious organisations recruit our students because of the strong vocational training on this programme. You should be numerate, a good communicator with strong interpersonal skills, and enjoy problem-solving. A three-month project follows successful completion of the instructional component. The majority of projects involve either working on a placement or in partnership with a company or organisation.

Introducing your course

Operational researchers play a fundamental role in the modern world, providing analytics and guidance to management teams. This MSc will equip you with the necessary skills and knowledge to provide effective solutions to complex organizational challenges in a business environment. You will study modules such as revenue management and forecasting and you will learn to use optimization techniques to enhance productivity.

The summer dissertation gives you an opportunity to develop your research skills, often in a commercial setting, and our industrial liaison team will work with you to find a project that suits your skills and ambitions.

What is Operational Research?

Operational Research is the application of scientific methods to the study of complex organisational problems. Even within the same organisation Operational Research tends to be highly varied because of its project-driven nature. This breadth of experience offers an exciting and rewarding career in many organisations and in general management. Moreover the nature of the work brings an Operations Research graduate into early contact with senior management, and career advancement is typically rapid.

Why do an MSc?

An MSc is generally accepted as being highly desirable for starting and developing a career in OR. The MSc is also a good preparation for research work.

A highlight of the programme is the 3-month summer project. The student is usually placed with a nearby company and works on a real problem of practical importance to that company.

Environment

The Operational Research Group in Mathematics is a strong committed team of 11 lecturing staff and a number of research staff. The Group teaches a wide range of undergraduate and postgraduate courses, as well as undertaking consultancy work for outside organisations. Many of the staff are internationally known in their fields of research.

CORMSIS Business Advisory Board

This Committee is a good indicator of the high regard in which the Southampton MSc programmes involving Operational Research are held by outside organisations. Its purpose is to ensure that the MSc programmes produce graduates with the requisite skills for the needs of industry. It also provides a focal point for liaison between the Operational Research Group and industry. You have the chance to meet the Committee several times during the year. Major companies including Shell, British Airways, BAA, BT, The AA, Dstl and HM Revenue & Customs are represented on the Committee.

Modules

Compulsory modules: Deterministic Operational Research (OR) Methods; Presenting Reports; Case Studies; Problem Structuring; Data Analytics; Statistical Methods; Stochastic OR Methods; Visual Basic for Applications

Optional modules include: Credit Scoring and Data Mining; Financial Portfolio Theory; Forecasting; Game Theory in Business; Healthcare Modelling; Nonlinear Optimisation; Project Management; Revenue Management; Data Visualisation Plus dissertation as three-month project (MSc only)



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This programme will help you develop professionally in the theory and practice of statistics and operational research (OR), providing the foundations for a successful career. Read more

This programme will help you develop professionally in the theory and practice of statistics and operational research (OR), providing the foundations for a successful career.

This programme will prepare you for work in areas such as the medical and health industry, government, the financial sector and any other area where modern statistical tools and OR techniques are used. You will also develop the wider skills required for solving problems, working in teams and time management.

You will be able to identify appropriate statistical or operational techniques, which can be applied to practical problems, and will acquire extensive skills in modelling using the packages R for Statistics and Arena for simulation. In addition, you will acquire the ability to use high-level applications in Excel.

Programme structure

This MSc consists of lecture-based courses and practical, lab-based courses. You will be assessed by exams, written reports, programming assignments and a dissertation project. The set of courses available is subject to review in order to maintain a modern and relevant MSc programme.

Previous compulsory courses for 2016-17:

  • Computing for Statistics
  • Fundamentals of Operational Research
  • Fundamentals of Optimization
  • Likelihood and Generalised Linear Models
  • Methodology, Modelling and Consulting Skills
  • Simulation
  • Statistical Regression Models
  • Stochastic Modelling
  • Statistical Theory or Bayesian Theory

Previous option courses for 2016-17 include:

  • The Analysis of Survival Data
  • Categorical Data Analysis
  • Clinical Trials
  • Computing for Operational Research and Finance
  • Credit Scoring
  • Data Analysis
  • Genetic Epidemiology
  • Large Scale Optimization for Data Science
  • Machine Learning & Pattern Recognition
  • Multivariate Data Analysis
  • Nonparametric Regression
  • Operational Research in the Airline Industry
  • Operational Research in Telecommunications
  • Risk Analysis
  • Stochastic Models in Biology
  • Stochastic Optimization
  • Time Series Analysis and Forecasting

Career opportunities

This programme is ideal for students who wish to apply their statistics and operational research knowledge within a wide range of sectors including the medical and health sector, government and finance. The advanced problem-solving skills you will develop will be highly prized by many employers.

Industry-based dissertation projects

The dissertation projects of approximately half the students on this programme take place in public and private sector organisations. Other students choose a University-based project.



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Summary. This programme is an ideal opportunity to get equipped with the analytical, statistical and soft skills necessary for success in industry, business or in the public sector. Read more

Summary

This programme is an ideal opportunity to get equipped with the analytical, statistical and soft skills necessary for success in industry, business or in the public sector. From day one you will find yourself working on solutions to complex organisational challenges using mathematical modelling, experimental design, statistical analysis, and numerical computation. Opportunities for summer projects in a wide range of industries are an integral part of the programme.

The MSc programme in Operational Research and Statistics provides students with the ideal skill set in mathematical modelling, experimental design, statistical analysis, and numerical computation. This programme also provides soft skills such as communicating results to managers/executives. These prepare students to pursue a wide variety of career opportunities in industry, business or in the public sector.

What is Operational Research?

Operational Research is the application of scientific methods to the study of complex organisational problems. It is concerned with applying advanced analytical methods to make effective decisions in strategic planning or operational planning, and build more productive systems.

An MSc is generally accepted as being highly desirable for starting and developing a career in OR. The MSc is also a good preparation for research work.

A highlight of the programme is the 3-month summer project. The student is usually placed with a nearby company and works on a real problem of practical importance to that company.

CORMSIS Business Advisory Board

This Committee is a good indicator of the high regard in which the Southampton MSc programmes involving Operational Research are held by outside organisations. Its purpose is to ensure that the MSc programmes produce graduates with the requisite skills for the needs of industry. It also provides a focal point for liaison between the Operational Research Group and industry. You have the chance to meet the Committee several times during the year. Major companies including Shell, British Airways, BAA, BT, The AA, Dstl and HM Revenue & Customs are represented on the Committee.

Modules

Compulsory modules: Deterministic Operational Research (OR) Methods; Stochastic OR Methods; Statistical Theory and Linear Models; Statistical Computing; Presenting Reports

Optional modules: Visual Basic for Applications; Spreadsheet and Database Modelling; Forecasting; Computer Analysis of Data and Models; Nonlinear Optimisation; Case Studies; Revenue Management; Computer Intensive Statistical Methods; Generalised Linear Models; Topics in Statistics; Bayesian Methods; Design of Experiments; Clinical Trials; Survival Analysis



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Our MSc in Operational Research, Applied Statistics and Financial Risk aims to equip you with the necessary analytical skills, methods and ways of thinking to tackle and analyse complex organisational problems, help make better decisions, and to become confident statistical analysts. Read more
Our MSc in Operational Research, Applied Statistics and Financial Risk aims to equip you with the necessary analytical skills, methods and ways of thinking to tackle and analyse complex organisational problems, help make better decisions, and to become confident statistical analysts.

This course is ideal training for those who wish to study, in greater depth, risk models, particularly for application to financial markets but also to other sectors. 

You will undertake case studies and project work which will give you the opportunity to put your skills into practice and provides valuable experience of working in the field. The dissertation project, typically undertaken with an industrial partner, will allow you to work with complex data in a creative manner and a problem-solving environment, as well as to communicate your ideas and findings effectively.

Distinctive features:

• This course will give you the opportunity to study risk models in greater depth, particularly those models used in financial markets.

• The skills you will develop are highly transferable for use within industry, business and the public sector.

• The School of Mathematics has excellent links with a number of organisations who employ Operational Researchers, Statisticians and Financial / Risk Modellers

Structure

The course can be completed in one year with full-time study or in three years by part-time study.

This full-time one year course includes a three month period working with a company on a real problem that they have identified.
You will take 110 credits of core modules and 10 credits of optional modules in the taught component of the programme. This is followed by a 60 credit summer project.

As a part-time student you will typically need to be in the University for lectures and workshops for the equivalent of one day per week over 24 weeks each year. You will usually complete the taught component of the programme over two years with up to a further year to complete the project dissertation.

The programme will prepare you with essential techniques in Operational Research and Applied Statistics, and then allow you to select from optional courses in topics such as supply chain modelling, healthcare, and Statistics and Operational Research for Government (delivered with input from the Office for National Statistics and Welsh Assembly Government).

You will have the opportunity to put the theory into practice, through case studies and project work in the ‘real-world’. An important feature of the MSc is the project dissertation, allowing you to work with an external company.


For a list of modules for the FULL-TIME route, please see website:

http://www.cardiff.ac.uk/study/postgraduate/taught/courses/course/operational-research,-applied-statistics-and-financial-risk-msc

For a list of the modules for the PART-TIME route, please see website:

http://www.cardiff.ac.uk/study/postgraduate/taught/courses/course/operational-research,-applied-statistics-and-financial-risk-msc-part-time

Teaching

The methods of teaching we employ will vary from module to module, as appropriate depending on the subject matter and the method of assessment. We teach using a mixture of lectures, seminars, computer workshops and tutorials.

You will apply the skills you develop through presentations, research assignments, case studies and the summer project.

Assessment

During the course your development will primarily be monitored via tutorial sheets, with other means where appropriate.

Written examinations, often in combination with an in-course element forms overall assessment.

Career Prospects

This programme prepares you for a career in areas such as operational research, management science, statistics, risk analysis, financial modelling, actuarial risk and credit scoring, management consultancy, business analytics, supply chain management, government operational research /statistics.

Our School of Mathematics has well established and strong links with many employers of Operational Researchers and Applied Statisticians, who regularly offer projects and/or recruit our students.

Placements

An important feature of the MSc programme is to undertake a project dissertation. This allows you to apply the methods and skills acquired in the taught programme in a real-world setting, and will typically involve working with a company on a project of importance. Some of these placements will be abroad given our strong international connections. Cardiff School of Mathematics already has well established links with many organisations that employ Operational Researchers, Statisticians and Financial Modellers including Admiral, Nationwide, ONS, Lloyds Banking Group and Ernst and Young amongst others.

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The course provides a detailed exposure to the context, issues and methods used to analyse the increasingly complex problems which are found in the defence environment and to support decision making. Read more

Course Description

The course provides a detailed exposure to the context, issues and methods used to analyse the increasingly complex problems which are found in the defence environment and to support decision making. It exposes the types of analysis and allows practical experience of tools and methods which are used, ranging from judgemental analysis through mathematical techniques to models and simulations. The course includes judgemental elicitation and analysis techniques, mathematical analysis methods (including optimisation), war gaming and combat modelling, logistics modelling and simulation methods. The use and utility of all the methods are explored through practical exercises and studies.

Course overview

The modular form of the course, consisting of a compulsory core and a selection of Standard and Advanced modules, enables you to select the course of study most appropriate to your particular requirements.

Standard modules normally comprise a week of teaching (or equivalent for distance learning) followed by a further week of directed study/coursework (or equivalent for part time and distance learning).

Advanced modules, which will enable you to explore some areas in greater depth, are two week (or equivalent for part time and distance learning) individual mini-projects on an agreed topic in that subject, which includes a written report and oral presentation.

- MSc students must complete a taught phase consisting of eight standard modules, which includes two core modules (Introduction to Operational Research Techniques and Decision Analysis), plus four advanced modules, followed by an individual thesis in a relevant topic. Thesis topics will be related to problems of specific interest to students and sponsors or local industry wherever possible.
- PgDip students are required to undertake the same taught phase as the MSc, but without the individual thesis.
- PgCert students must complete the core module (Introduction to Operational Research Techniques) together with five other modules; up to three of these may be advanced modules.

On successful completion of the course you will:

- Demonstrate a thorough understanding of the methods, techniques and tools for modelling defence problems and systems
- Be able to critically assess a range of approaches and methods to help support defence analysis and decision-making.

10 places are normally available for the full-time cohort.

The course is suitable for both military and civilian personnel, including those from defence industry and government departments

Individual Project

An individual research project on an agreed topic that allows you to demonstrate your technical expertise, independent learning abilities and critical appraisal skills.

Modules

Part-time students will typically not study as a cohort, but will follow an agreed individual programme of study, attending courses as convenient.
Advanced Modules, which typically comprise individual self-study, can be selected to follow on from any standard modules that have been chosen.
Standard Modules, which typically involve traditional classroom instruction and/or VLE-based delivery, can be chosen from the following:

Core -

Decision Analysis
Introduction to Operational Research Techniques

Optional -

Advanced Decision Analysis
Advanced Discrete and Continuous Simulation
Advanced Logistics Modelling
Advanced War Gaming and Combat Modelling
Applied Optimisation
Computational Statistics
Discrete and Continuous Simulation
Further Operational Research Techniques
Intelligent Systems
Intelligent Systems - Research Study
Logistics Modelling
Neural Networks
Optimisation
Statistical Analysis and Trials
War Gaming and Combat Modelling
Weapon System Performance Assessment

Assessment

Continuous assessment, written examinations, oral vivas and (MSc only) thesis.
Proportions of different assessment types will vary according to programme and elective options chosen. For an MSc these might typically comprise 15-24% continuous assessment (written and oral), 36-45% written examinations and 40% thesis/dissertation.

Career opportunities

Equips you for:

- Appointments within the armed forces or government, or in the defence related activities of commercial organisations.
- Further research leading to a PhD.

Further Information

For further information on this course, please visit our course webpage - http://www.cranfield.ac.uk/Courses/Masters/Military-Operational-Research

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This programme will show you how to use mathematical techniques to tackle real-life problems ranging from scheduling flights and routing mobile phone calls to managing investments and minimising risks. Read more

This programme will show you how to use mathematical techniques to tackle real-life problems ranging from scheduling flights and routing mobile phone calls to managing investments and minimising risks. Operational Research (OR) is an important skill that is in high demand.

This MSc will give an Operational Research perspective on risk and its management.

Programme structure

This programme involves two taught semesters of compulsory and option courses followed by your dissertation project.

Compulsory courses have previously included:

  • Computing for OR and Finance
  • Fundamentals of Optimization
  • Fundamentals of OR
  • Methodology, Modelling and Consulting Skills
  • Probability and Statistics
  • Simulation
  • Stochastic Modelling

Option courses are generally grouped into the following areas:

  • Finance
  • Industry
  • Optimization
  • Statistics

As part of your option course choices Operational Research with Risk requires you to study a combination from a set of courses which, previously, has included

  • Credit Scoring
  • Stochastic Optimization
  • The Analysis of Survival Data
  • Statistical Modelling
  • Risk Analysis

Career opportunities

The skills you will learn are in demand by a vast range of high-profile organisations including consultancy firms, companies with operational research departments such as airlines or telecommunications providers, financial firms and the public sector.

Recent graduates have joined British Airways, the Government OR Service, Barclays, Deloitte, Capgemini and smaller specialised OR, finance and energy companies.

Industry-based dissertation projects

The dissertation projects of approximately half the students on this programme take place in public and private sector organisations. Other students choose a University-based project.



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Businesses, organisations, and individuals all strive to work as effectively as possible. Operational research uses advanced statistical and analytical methods to help improve the complex decision-making processes to deliver a product or service. Read more
Businesses, organisations, and individuals all strive to work as effectively as possible. Operational research uses advanced statistical and analytical methods to help improve the complex decision-making processes to deliver a product or service. Working in this field, you might be identifying future needs for a business, evaluating the time-life value of a customer, or carrying out computer simulations for airlines.

Our MSc Statistics and Operational Research will appeal if your first degree included mathematics as its major subject, and we expect you to have prior knowledge of statistics – for example significance testing or basic statistical distributions – and operational research such as linear programming.

You specialise in areas including:
-Continuous and discrete optimisation
-Time series econometrics
-Heuristic computation
-Experimental design
-Machine learning
-Linear models

Our interdisciplinary research recognises that mathematics, including what can be very abstract mathematics, is an essential part of research in many other disciplines.

Our Department of Mathematical Sciences has an international reputation in many areas including semi-group theory, optimisation, probability, applied statistics, bioinformatics and mathematical biology.

This course can also be studied to a PGDip level - for more information, please view this web-page: http://www.essex.ac.uk/courses/details.aspx?mastercourse=PG00808&subgroup=2

Our expert staff

Our Department of Mathematical is a small but influential department, so our students and staff know each other personally. You never need an appointment to see your tutors and supervisors, just knock on our office doors – we are one of the few places to have an open-door policy, and no issue is too big or small.

Our staff have published several well-regarded text books and are world leaders in their individual specialisms, with their papers appearing in learned journals like Communications in Algebra, Studia Logica, International Journal of Algebra and Computation, SIAM Journal in Optimization, IEEE Evolutionary Computation, Computers and Operations Research, Ecology, Journal of Mathematical Biology, and Journal of Statistical Applications in Genetics and Molecular Biology.

Specialist facilities

-Unique to Essex is our renowned Maths Support Centre, which offers help to students, staff and local businesses on a range of mathematical problems. Throughout term-time, we can chat through mathematical problems either on a one-to-one or small group basis
-We have our own computer labs for the exclusive use of students in the Department of Mathematical Sciences – in addition to your core maths modules, you gain computing knowledge of software including Matlab and Maple
-We host regular events and seminars throughout the year
-Our students run a lively Mathematics Society, an active and social group where you can explore your interest in your subject with other students

Your future

Our MSc Statistics and Operational Research will equip you with employability skills like problem solving, analytical reasoning, data analysis, and mathematical modelling, as well as training you in independent work, presentation and writing skills.

Your exposure to current active research areas, such as decomposition algorithms on our module, Combinatorial Optimisation, prepares you for further study at doctoral level. Graduates of this course now hold key positions in government, business and academia.

We also offer supervision for PhD, MPhil and MSc by Dissertation. We have an international reputation in many areas such as semi-group theory, optimisation, probability, applied statistics, bioinformatics and mathematical biology, and our staff are strongly committed to research and to the promotion of graduate activities.

We additionally work with our Employability and Careers Centre to help you find out about further work experience, internships, placements, and voluntary opportunities.

Example structure

-Nonlinear Programming
-Combinatorial Optimisation
-Modelling Experimental Data (optional)
-Statistical Methods (optional)
-Stochastic Processes (optional)
-Applied Statistics (optional)
-Bayesian Computational Statistics
-Research Methods
-Dissertation
-Ordinary Differential Equations (optional)
-Graph Theory (optional)
-Partial Differential Equations (optional)
-Portfolio Management (optional)
-Machine Learning and Data Mining (optional)
-Evolutionary Computation and Genetic Programming (optional)
-Time Series Econometrics (optional)
-Panel Data Methods (optional)
-Applications of Data Analysis (optional)
-Mathematical Research Techniques Using Matlab (optional)

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Learn how to overcome the major challenges facing industry, business and the public sector today, and influence the decision-making processes of the future. Read more
Learn how to overcome the major challenges facing industry, business and the public sector today, and influence the decision-making processes of the future. This course gives you the cutting edge analytical approaches, methodologies and tools you need to confidently tackle problems and improve outcomes.

It allows you to specialize in a diverse range of areas including:
-Consulting skills
-Big data and web analytics
-Information systems concepts and tools
-Decision behaviour and psychology of decision making
-Financial modelling
-Operations management and process change and improvement approaches
-Project management
-Supply chain management, logistics and procurement
-Traditional operational research and applied mathematics and statistics

The aim of the course is to give students a solid quantitative foundation alongside practical problem-solving techniques. Much of your learning involves real-life scenarios using case studies, individual and team consulting-based assignments, presentations and software tools. Much of the coursework takes the form of consulting-style cases, some done in small teams and including presentations.

The core of the course is formed by four analytics units covering fundamental toolkit areas of decision sciences, applied operational research and statistics. The approach is to consider application of these analytical methodologies and toolkits to common problem areas across business and management. You then chose four other units from a broad range of options, according to your interests, background and intended career directions.

Aims

The course is intended to provide management, engineering, science, mathematics, economics or similar graduates who have a solid quantitative foundation with deeper analytical skills and an understanding of how these are applied to business and management problems.

Special features

We run a core module on Data Analytics which will introduce students to SAS Enterprise. A coursework prize for this project will be sponsored by SAS.

Recent highlights included a case study run by British Airways,a presentation from SAS on the Future of Analytics and ongoing dissertation projects with Unilever and LBM.

Coursework and assessment

Assessment varies depending on course units taken. It may include a combination of course work, group project assessment and presentations, report, assignments, in-class tests and examination. The dissertation normally ranges between 12,000 and 25,000 words.

Career opportunities

There are many potential career roles for postgraduates with an understanding of analytical approaches in business and management - including job titles such as operational research analyst, systems analyst, risk analyst, financial analyst, performance analyst, business analyst, marketing analyst, business modeller, and operations, logistics, production, project, risk, quality, performance, or general manager. Employers include general and specialist consultancies, the finance, retail and manufacturing sectors, government analytics units, defence and major `solution providers' in IT systems, outsourcing and telecoms.

In many of these areas an MSc is generally accepted as highly desirable for developing an initial career in the field. In addition to preparing you for specialist professional work, the course is also a valuable preparation for further study and for research degrees.

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This MSc programme gives you the analytical skills essential to support data analysis, decision making and planning. Founded over 40 years ago, it is regarded by many employers as the UK’s premier degree in the field. Read more
This MSc programme gives you the analytical skills essential to support data analysis, decision making and planning. Founded over 40 years ago, it is regarded by many employers as the UK’s premier degree in the field. This programme is ideal if you wish to work in business analytics, decision support, industrial engineering, operational research and management science.

Our strong connections to industry and government ensure that what you learn on this MSc has a highly practical focus, both in teaching and in the three-month MSc summer projects. Graduates from the programme are in high demand, and recruited to organisations in many sectors, including roles in financial institutions, insurance, industry, retail, government, and consultancies.

Modules
• Applying Statistical Models in Business
• Computer Simulation
• Forecasting
• Introduction to Operational Research and Management Science
• Optimisation and Heuristics
• Problem Solving Skills for Consultants
• Problem Structuring
• Stochastic Modelling
• Spreadsheet Modelling

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