Operations Research Analysts
Additional Information
Duties
The following are typical tasks performed by operations research analysts:
- Solve challenges related to business, logistics and healthcare.
- A range of sources, like computer databases, sales records, and consumer feedback, can be used to gather and organize data for use.
- Consult with those who are familiar with the problem and are involved in all elements of the solution process, as well as those with specialized knowledge.
- Identify the essential facts and possible methodologies for a problem's analysis by carefully examining the data.
- Analyze data and produce business solutions using statistical simulations, predictive modeling, and other techniques.
- Provide guidance to managers and other decision-makers on the pros and cons of possible solutions to an issue.
- Explain their findings and suggestions in memoranda, reports, and other materials for executives and managers.
A company's operations research analysts are involved in every part of the business. They aid in the allocation of resources, the development of production schedules, and the management of the supply chain. For example, they may assist determine the best way to organize things in supermarkets or help corporations work out the most efficient method to ship and distribute products.
In order for an analyst to be successful, they must first identify and grasp the issue at hand. Data from the field and interviews with clients or management are common methods used by analysts in their investigations. Analysts can help people understand the ramifications of various options and come to an agreement on the best course of action.
Analysts in the field of operations research study and solve issues with the use of sophisticated computer tools, such as databases and statistical programs. Statistical software is used by analysts to model present and future occurrences and choose the best course of action. In order to better understand an issue, analysts break it down into its numerous components and examine how different modifications and conditions affect each of these components. According to one example, analysts may look at factors such as the quantity of fuel needed to fly certain routes, estimated passenger traffic, pilot availability, maintenance expenses, and fuel prices when assisting an airline with flight scheduling and ticket pricing.
Analysts must assess the costs and advantages of several solutions or approaches when making recommendations to management since there is no single method to address a problem.
Analysts typically work in teams to solve complicated issues that involve knowledge from a variety of fields. Depending on the final choice made by a management, these teams may collaborate with other members of the business to ensure that the plan succeeds.
Education
A bachelor's degree is often required to begin a career as an operations research analyst. Employers who are more interested in hiring people with advanced degrees aren't always looking for college grads.
Operations research is a specialty that is rarely taught at the undergraduate or graduate level. In order to become an analyst, one must obtain a degree in a different subject such as business or social science or engineering.
A strong foundation in mathematics is required to pursue a career in operations research. Analyzers rely on complex statistical and database technologies to do their research. Because operations research is a diverse discipline with a wide range of applications, taking classes in other fields might be beneficial.
Other People's Opinions
Some of the people who work in operations research have served in the military. Candidates for certain occupations may need to undertake a background check in order to gain security clearance.
Qualities that are critical to success
Analytical abilities. An operations research analyst uses several different approaches to analyze and understand data. These include forecasting techniques, data mining techniques, and statistical analysis. When developing new procedures and models, they must know how to use relevant software packages and programming languages.
The ability to communicate. Managers and other executives frequently hear the findings of operations research experts. In addition, they must be able to convey technical knowledge to others who are not experts in the field.
Analytical abilities. They must be able to discern what information is useful for their work as operations researchers. In addition, they must be able to weigh the pros and cons of many alternatives before offering a suggestion.
The ability to interact with others. Most of the time, operations research analysts operate in groups. The ability to persuade upper-level managers and executives to follow their suggestions is also essential.
Skills in math. Operational research analysts employ mathematical models and methodologies that are based on statistics, mathematics and linear algebra.
Ability to work with issues. Operational research analysts must be able to identify and solve problems based on information provided by other people. They then use this information to come up with a solution to the problem.
Skills in writing. There are a variety of ways that operations research analysts communicate their results.
Pay
For operations research analysts, the May 2020 median salary was $86,200. There are two extremes of earnings in each given occupation: those earning more than the median and those earning less. The lowest tenth made less than $48,050 dollars, while the top tenth earned more than $144,330 dollars.
Job Projections
It is predicted that the need for analysts in operations research will increase by 25% between 2020 and 2030, which is substantially faster than the average for all jobs in the country.