Master's and PhD Programs in Decision Science at a Glance
Decision science, which may also be called operations research or quantitative business analysis, is the application of mathematical models to solve operational problems. It is an interdisciplinary field of applied mathematics, where statistical and analytical models are combined with principles of scientific research to optimize and rationalize decision making.
According to the U.S. Bureau of Labor Statistics (BLS), positions for operations research analysts are expected to grow at a rate of about 15% in the years 2010-2020. This growth will be driven by the goals of reducing costs and increasing efficiency. Certain applications, such as data mining, have been driven by technological shifts and the relationship between companies and information.
| Master's | Doctorate | |
|---|---|---|
| Who is this degree for? | Individuals interested in applying mathematical modeling to decision processes | Individuals who want to work in academia as professors or researchers |
| Common Career Paths (with approximate median annual salary) | - Operations research analyst ($72,000)* - Operations manager ($95,000 - with additional experience)* | Same as master's, plus: - University business professor ($75,000)* - University engineering professor ($91,000)* - University mathematics professor ($67,000)* |
| Time to Completion | 1-2 years full-time | 3-5 years |
| Common Graduation Requirements | - Roughly 10-15 courses - Master's thesis or capstone project - Master's exams | - Roughly 15-25 graduate-level courses - PhD qualifier exams - Dissertation proposal - Dissertation - Teaching requirement |
| Prerequisites | Bachelor's degree in mathematics or related technical field | Bachelor's or master's degree in mathematics or related technical field |
| Online Availability | Yes | None found at this time |
Source: *U.S. Bureau of Labor Statistics (May 2011 figures).
