Operations Research
Operations research is a discipline that deals with the application of advanced analytical methods to help make better decisions. It consists of a wide range of problem-solving techniques and methods to improve decision making and efficiency. Specialization in operations research will give you the ability to manage organized systems and take objective decisions. Operations research approaches a problem in phases which can be listed as follows: problem formulation, model construction, deriving solutions from models, testing the solution, and implementing solutions. Model construction is the biggest and most crucial phase, and it heavily depends on mathematics and computing.
According to the U.S. Bureau of Labor Statistics, employment of operations research analysts is projected to grow 27 percent from 2016 to 2026 which is much faster than the average for all occupations. As technology advances and companies seek efficiency and cost savings, the demand for operations research analysis should continue to grow.
Industrial Management
Industrial management is a sub discipline of the business administration field, which is mainly concerned with the detailed study of structures and organizations of different companies. The specialization gives the students an insight into production, financial, human resource, and marketing management along with commercial law, sustainability, and corporate social responsibility. Industrial managers have to create detailed reports of recommendations and suggestions to help improve these organizations. They supervise day to day operations of industrial and manufacturing plants which involve coordination, planning, and execution of directives that are responsible for manufacturing a wide range of consumer goods. Quality control is one of the most important tasks which an industrial manager performs to make sure that a minimum quality standard is observed within the organization. Industrial managers are team leaders in their respective organizations and act as a communication channel between managers from multiple departments.
Supply Chain Engineering
Supply chain is a system that moves a product from the supplier to the consumer. Supply chain engineering is a discipline which analyzes and coordinates an organization’s supply chain. Supply chain engineers manage the entire life cycle of a product starting from its acquisition to the final delivery. They use software systems to plan and track the movement of products. The performance of supply chain process is an important factor in a company’s profitability. Supply chain systems have become increasingly complex as they continue in their efforts to gain more efficiency at minimal cost. The course will educate students about the optimization of supply chains, integration of technologies, processes, and people to fulfil supply chain objectives, outsourcing, collaboration, supply chain control, and so on.
Employment is expected to grow as companies need more supply chain engineers to move products more efficiently, solve problems, and identify areas for improvement.
Manufacturing Systems Management
Manufacturing systems management is a collection of technologies and methods used to define how products are to be manufactured. The specialization provides detailed insights into all the stages involved in the commercialization of the product – conceptualization, designing, manufacturing, development, distribution, production, and so on. Students will get to know about finance and manufacturing enterprise, innovation management, different manufacturing systems, manufacturing management, and so on. Specialization in this field prepares technical professionals for effective leadership in the manufacturing sector.
Supply Chain Management (SCM)
Supply Chain Management can be defined as a methodology to design, plan, execute, control, and monitor supply chain activities in order to make full use of global infrastructure and balance supply with demand. This is the methodology of maximizing resource utilization, minimizing wastage, and providing good customer service. Supply chain managers take care of external things such as planning the end product, procuring raw material, transport, and delivery of end products.
Operations management and Supply Chain management are both linked with each other. In fact, Operations management is a part of SCM. Operation managers in fact take care of internal issues such as sales forecast, increasing productivity, maintaining quality standards, and balancing supply with demand.
The demand for Industrial and Systems graduates in the SCM field is very high, and again there are many managerial roles to choose from once you enter the job market. Overall job opportunities should also be good because of the employment growth rates and the need to replace logisticians who are expected to retire or otherwise leave the occupation. U.S. Bureau of Labor Statistics puts growth rate for SCM jobs at 7 percent, which is as fast as the national average itself.
