Masters degrees in Operational Research cover the development and application of mathematical simulation models. These models can then be used to understand and solve problems within operational systems, deciding the correct human intervention.
Related subjects include Data Science and Business Analytics. Entry requirements typically include an appropriate undergraduate Mathematics degree.
Operational Research is a key component of the day-to-day running of most government organisations, regulatory authorities, businesses and large corporations. As a result, the techniques that you’ll acquire through your learning will be applicable to a large scope of careers after you graduate.
For example, you may be employed by any number of organisations to analyse their operational activities on a local, national or even global scale, in order to increase profits and reduce risk.
This includes creating mathematical models and algorithms to help calculate budgets, pay scales and stocks, optimise profits, assess line performance and calculate future transaction costs.
As an Operational Research consultant, you could also help companies to implement new products and services. This may be achieved by collecting data about what’s currently available, and assessing the viability of a new product or service within a particular market.