Masters degrees in Statistical Modelling equip postgraduates with the skills to apply methods of statistics to the modelling and simulation of real-world systems and processes. These models then inform the decision-making process in many economic and political practices.
Related postgraduate specialisms include Data Visualisation and Modelling, and Statistics with Data Science. Entry requirements normally involve an undergraduate degree related to Mathematics.
Statistical Modelling is applicable to a wide range of sectors, industries and associated professional practices. Training will typically involve methods such as numerical analysis, probability distributions, surveying and random sampling (as well as other forms of data collection). These techniques can then be used to decipher statistic inferences and approximate variables of a given event or activity.
For example, statistical models are crucial in helping professionals understand the economy of a given country. By sampling data about populations, landscapes and economic activities, it is possible to calculate the probabilities of events such as recessions, and determine needs for products and services. This includes financial sectors like banking, insurance and investments.
Other applications include environmental science, where you may be employed to model the probable outcomes of the effects of processes such as climate change. You might also work within the military to analyse the viability of different defence systems.