Starting Fall 2013, MSOE will be offering two new bachelor’s degrees: a Bachelor of Science in Actuarial Science and a Bachelor of Science in Operations Research. Dr Yvonne Yaz is the program director and excited to spread the word of how important operations research and actuarial science are. “We have been fine tuning these degrees for a year. It is exciting that we can unveil them to the students – both current and future,” said Dr Yaz.

If you are like me, you might need a clue or two about what operations research is. Operations research (OR) is looking closely at probability and statistics to figure out problems in the work environment. Operations Research majors work on real-life issues like how to schedule airline crews when there are flight delays or how a mobile phone company can ensure the most coverage across the country. Sound important? It is. OR is also one of the fastest growing industries, according to the U.S. Bureau of Labor Statistics, with an anticipated growth about 22%. Companies want OR professionals to maximize profits and reduce costs – even I can understand how that would add up.

Actuarial science is focused on managing risk. I like to think of it as the crystal ball the rest of us don’t have. Actuaries use math to evaluate the likelihood of future events – both good and bad. The most common industry for these brilliant people is insurance but private corporations also have a stake in the future too. Actuaries play a part in assessing the strategic management decisions made at those large corporations and beyond. Good news here is that no matter what the source, actuarial science is continuously rated one of the top jobs in the United States.

We would love to have you help us spread the word about these new degrees in MSOE’s Mathematics Department. Tell us what you think by commenting on this blog or posting a message on Bridge. And if you are interested yourself, just let your admission counselor know. We can help you take the steps to add more value to your future.