Mathematics, Operational Research, Statistics and Economics (MORSE) (Industry) BSc Hons - 2019 Entry

Course Overview

The MORSE scheme at Lancaster is specifically designed for numerate students wishing to pursue careers in industry, commerce, finance and the public sector. It provides knowledge and key skills in areas that are in great demand and emphasises the application of those ideas in the real world.

The programme equips you with competencies in a variety of quantitative and analytical subjects. Creating strong foundations in mathematics, operations research, statistics and economics in the first year of study, the programme then allows you to tailor your personal programme, whether this is by developing your knowledge in all areas or specialising in those topics that you see as most relevant to your future career. Your third year is spent on an industrial placement, giving you practical experience of a work environment and allowing you to apply and refine the skills and knowledge acquired in the first two years of study.

These might be in pure mathematics, statistics, business analytics, economics or management topics. Taught by our world-class Departments of Mathematics and Statistics, Economics, and Management Science the programme offers a wide range of choice for students, all of which focus on applying mathematical knowledge and theory in a practical context.

Entry Requirements

Grade Requirements

A Level AAA including A level Mathematics or Further Mathematics OR AAB including A level Mathematics and Further Mathematics

Subject Requirement A level Mathematics grade A

GCSE Mathematics grade B or 6, English Language grade C or 4

IELTS 6.5 overall with at least 5.5 in each component. For other English language qualifications we accept, please see our English language requirements webpages.

Other Qualifications

International Baccalaureate 35 points overall with 16 points from the best 3 Higher Level subjects including 6 in Mathematics HL

BTEC Considered alongside A level Mathematics grade A

We welcome applications from students with a range of alternative UK and international qualifications, including combinations of qualification. Further guidance on admission to the University, including other qualifications that we accept, frequently asked questions and information on applying, can be found on our general admissions webpages.

Contact Admissions Team + 44 (0) 1524 592028 or via ugadmissions@lancaster.ac.uk

Course Structure

Many of Lancaster's degree programmes are flexible, offering students the opportunity to cover a wide selection of subject areas to complement their main specialism. You will be able to study a range of modules, some examples of which are listed below.

Year 1

Core

• Calculus

  Students are provided with an understanding of functions, limits, and series, and knowledge of the basic techniques of differentiation and integration. Examples of functions and their graphs are presented, as are techniques for building new functions from old. Then the notion of a limit is considered along with the main tools of calculus and Taylor Series. Students will also learn how to add, multiply and divide polynomials, and will learn about rational functions and their partial fractions.

  The exponential function is defined by means of a power series which is subsequently extended to the complex exponential function of an imaginary variable, so that students understand the connection between analysis, trigonometry and geometry. The trigonometric and hyperbolic functions are introduced in parallel with analogous power series so that students understand the role of functional identities. Such functional identities are later used to simplify integrals and to parametrise geometrical curves.

• Further Calculus

  This module extends the theory of calculus from functions of a single real variable to functions of two real variables. Students will learn more about the notions of differentiation and integration and how they extend from functions defined on a line to functions defined on the plane. They will see how partial derivatives can help to understand surfaces, while repeated integrals enable them to calculate volumes. The module will also investigate complex polynomials and use De Moivre’s theorem to calculate complex roots.

  In mathematical models, it is common to use functions of several variables. For example, the speed of an airliner can depend upon the air pressure, temperature and wind direction. To study functions of several variables, rates of change are introduced with respect to several quantities. How to find maxima and minima will be explained. Applications include the method of least squares. Finally, various methods for solving differential equations of one variable will be investigated.

• Future Global Leaders

  Future Global Leaders is a professional development module taken by all first year LUMS students. The module takes place mainly online and aims to introduce you to key ideas about leadership to help you become future leaders, to enhance your online working skills and to help you develop professional and careers skills which will enhance your employability.

• Introduction to Management Science / Operational Research

  Management science is used in all major organisations in industry, commerce, finance and government. Its application might involve well-defined problems, such as reducing the cost of a complex goods distribution network, or more nebulous problems, such as improving patient care in hospital. Techniques based on mathematics and statistics can be extremely powerful in helping to solve these organisational problems.

  Five such techniques will be introduced:

  • forecasting
  • linear programming
  • decision analysis
  • simulation
  • stock control

  The module emphasises not only how to apply techniques, but also when (and when not) to apply them. There is a stress on practical examples of using the techniques.

  You will work on two challenging case studies based on real problems. These provide the opportunity to apply concepts and techniques of problem solving, making recommendations and reporting results. To take this module you must also be taking one of MSCI 101, 100 or MNGT130.

• Linear Algebra

  Introducing the theory of matrices together with some basic applications, students will learn essential techniques such as arithmetic rules, row operations and computation of determinants by expansion about a row or a column.

  The second part of the module covers a notable range of applications of matrices, such as solving systems of simultaneous linear equations, linear transformations, characteristic eigenvectors and eigenvalues.

  The student will learn how to express a linear transformation of the real euclidean space using a matrix, from which they will be able to determine whether it is singular or not and obtain its characteristic equation and eigenspaces.

• Mathematics (Part I subject)

  Information for this module is currently unavailable.

• Preparation for Placement

  Your preparation your placement year starts with this module which is delivered by the LUMS Careers Team and invited employers. This module will support you in creating suitable CVs, covering letters, application forms and completing psychometric tests. At the end of the module you will have the opportunity to attend a formal assessment centre and an interview with some of the top graduate recruitment teams in the UK.

• Principles of Economics A

  Providing a thorough introduction to the discipline of Economics, this module is divided into two parts. The first part covers microeconomic analysis, including the theory of demand, costs and pricing under various forms of industrial organisation, and welfare economics. Many applications of theoretical models are examined. The second part focuses on macroeconomic analysis, including national income analysis, monetary theory, business cycles, inflation, unemployment, and the great macroeconomic debates.

• Probability

  Probability theory is the study of chance phenomena, the concepts of which are fundamental to the study of statistics. This module will introduce students to some simple combinatorics, set theory and the axioms of probability.

  Students will become aware of the different probability models used to characterise the outcomes of experiments that involve a chance or random component. The module covers ideas associated with the axioms of probability, conditional probability, independence, discrete random variables and their distributions, expectation and probability models.

• Statistics

  To enable students to achieve a solid understanding of the broad role that statistical thinking plays in addressing scientific problems, the module begins with a brief overview of statistics in science and society. It then moves on to the selection of appropriate probability models to describe systematic and random variations of discrete and continuous real data sets. Students will learn to implement statistical techniques and to draw clear and informative conclusions.

  The module will be supported by the statistical software package ‘R’, which forms the basis of weekly lab sessions. Students will develop a strategic understanding of statistics and the use of associated software, which will underpin the skills needed for all subsequent statistical modules of the degree.

• Statistics and Computing for Management

  This module is designed to give you an introduction to probability and statistics and to make you familiar with some useful computer tools.

  The statistical topics covered are sampling, introductory data analysis and presentation, probability, the use of some important probability distributions, regression analysis and random variables. The computing side of the module uses Excel for presentation and analysis of data.

  Available to students taking degrees in the departments of Accounting and Finance, Economics, Management Science and Mathematics, and to incoming exchange students with college-level Mathematics.

Year 2

Core

• Business Modelling and Simulation

  This module covers the skills needed to improve business process by modelling and simulation.

  Computer simulation methods are among the most commonly used approaches within operational research and management science. This module teaches you the skills required to apply simulation successfully to help improve the running of a business, and it shows how companies can find good solutions by predicting the effects of changes before implementing them.

  Modern simulation packages are a valuable aid in building a simulation model, and this module uses the Witness simulation package, which is widely used commercially. However, without the proper approach, the results of a simulation project can be incorrect or misleading. This module looks at each task required in a simulation project. It emphasises the practical application of simulation, with a good understanding of how a simulation model works being an essential part of this.

• Intermediate Macroeconomics I

  This module is designed to extend the knowledge of macroeconomics principles you acquired in Year 1.

  Topics include:

  • classical and Keynesian views

  • the role of money

  • real balance and wealth effects

  • government budgetary constraints

  • monetary policy in the UK

  • models of exchange rate determination

  Although the main focus of the module is on macroeconomic theory, this is taught within the context of current events in the international macroeconomic environment. You are encouraged to use your knowledge of macroeconomic theory to gain a better understanding of current macroeconomic events and issues.

• Intermediate Macroeconomics I

  This module is designed to extend the knowledge of macroeconomics principles you acquired in Year 1.

  Topics include:

  • classical and Keynesian views

  • the role of money

  • real balance and wealth effects

  • government budgetary constraints

  • monetary policy in the UK

  • models of exchange rate determination

  Although the main focus of the module is on macroeconomic theory, this is taught within the context of current events in the international macroeconomic environment. You are encouraged to use your knowledge of macroeconomic theory to gain a better understanding of current macroeconomic events and issues.

• Intermediate Microeconomics I

  This module explores the decision-making of economic agents (consumers and firms), and also examines how different market mechanisms operate to allocate resources. The topics it covers include utility maximisation, profit maximisation, cost minimisation, and introduction to market structures.

  The module requires algebra, elementary calculus, logical thinking and problem solving ability, and is normally taken in conjunction with Intermediate Microeconomics II (ECON221).

• Linear Algebra II

  Students will be provided with the foundational results and language of linear algebra, which they will be able to build upon in the second half of Year Two, and the more specialised Year Three modules. This module will give students the opportunity to study vector spaces, together with their structure-preserving maps and their relationship to matrices.

  They will consider the effect of changing bases on the matrix representing one of these maps, and will examine how to choose bases so that this matrix is as simple as possible. Part of their study will also involve looking at the concepts of length and angle with regard to vector spaces.

• Optimisation

  This module describes a variety of optimisation algorithms and how business problems can be modelled using these techniques.

  Optimisation is one of the primary techniques associated with management science/operational research. Linear programming models are used routinely in many industries, including petroleum refining and the food industry. Integer linear programming models are increasingly being used in practice for complex scheduling problems such as those that arise in the airline industry where such models have saved large amounts of money. Skills in formulating and solving applied optimisation problems are valuable for anybody interested in a career in operational research or business modelling and consultancy.

  This module is designed to enable you to apply optimisation techniques to business problems.

  Four main topics are covered:

  • Linear programming

  • Specially-structured linear programs

  • Integer and mixed-integer programming

  • Heuristics for large-scale problems

• Probability II

  Probability provides the theoretical basis for statistics and is of interest in its own right.

  Basic concepts from the first year probability module will be revisited and extended to these to encompass continuous random variables, with students investigating several important continuous probability distributions. Commonly used distributions are introduced and key properties proved, and examples from a variety of applications will be used to illustrate theoretical ideas.

  Students will then focus on transformations of random variables and groups of two or more random variables, leading to two theoretical results about the behaviour of averages of large numbers of random variables which have important practical consequences in statistics.

• Statistics II

  Statistics is the science of understanding patterns of population behaviour from data. In the module, this topic will be approached by specifying a statistical model for the data. Statistical models usually include a number of unknown parameters, which need to be estimated.

  The focus will be on likelihood-based parameter estimation to demonstrate how statistical models can be used to draw conclusions from observations and experimental data, and linear regression techniques within the statistical modelling framework will also be considered.

  Students will come to recognise the role, and limitations, of the linear model for understanding, exploring and making inferences concerning the relationships between variables and making predictions.

• Work Based Learning

  This module , is scheduled for one week in the Lent Term of Year 2 and is the first in a series of compulsory modules designed for Business Studies students undertaking a placement in Year 3.

  This first module takes the form of a number of lectures, workshops and seminars and combines academic work with work-based learning and careers knowledge of placement opportunities in preparation for the placement year.

Year 3

Core

• Work Based Learning

  This module aims to bridge the gap between the workplace and study and to provide a closer link between activities undertaken on the placement and the academic programme. While on placement students submit a negotiated learning agreement followed by monthly reflective learning logs.

Year 4

Core

• Likelihood Inference

  Statistical inference is the theory of the extraction of information about the unknown parameters of an underlying probability distribution from observed data. Consequently, statistical inference underpins all practical statistical applications.

  This module reinforces the likelihood approach taken in second year Statistics for single parameter statistical models, and extends this to problems where the probability for the data depends on more than one unknown parameter.

  Students will also consider the issue of model choice: in situations where there are multiple models under consideration for the same data, how do we make a justified choice of which model is the 'best'?

  The approach taken in this course is just one approach to statistical inference: a contrasting approach is covered in the Bayesian Inference module.

• Work Based Learning

  On return from placement for the final year of the degree, students engage in group presentations. They present their work-based learning experience in small groups and critically reflect on, and draw out, relationships between theory and practice. Students also complete a portfolio of professional practice, to show the links between theory and practice, and an extended essay which takes the form of a critical reflection on work-based learning experiences.

Optional

• Bayesian Inference

  Bayesian statistics provides a mechanism for making decisions in the presence of uncertainty. Using Bayes’ theorem, knowledge or rational beliefs are updated as fresh observations are collected. The purpose of the data collection exercise is expressed through a utility function, which is specific to the client or user. It defines what is to be gained or lost through taking particular actions in the current environment. Actions are continually made or not made depending on the expectation of this utility function at any point in time.

  Bayesians admit probability as the sole measure of uncertainty. Thus Bayesian reasoning is based on a firm axiomatic system. In addition, since most people have an intuitive notion about probability, Bayesian analysis is readily communicated.

• Financial Mathematics

  This module formally introduces students to the discipline of financial mathematics, providing them with an understanding of some of the maths that is used in the financial and business sectors.

  Students will begin to encounter financial terminology and will study both European and American option pricing. The module will cover these in relation to discrete and continuous financial models, which include binomial, finite market and Black-Scholes models.

  Students will also explore mathematical topics, some of which may be familiar, specifically in relation to finance. These include:

  • Conditional expectation
  • Filtrations
  • Martingales
  • Stopping times
  • Brownian motion
  • Black-Scholes formula

  Throughout the module, students will learn key financial maths skills, such as constructing binomial tree models; determining associated risk-neutral probability; performing calculations with the Black-Scholes formula; and proving various steps in the derivation of the Black-Scholes formula. They will also be able to describe basic concepts of investment strategy analysis, and perform price calculations for stocks with and without dividend payments.

  In addition, to these subject specific skills and knowledge, students will gain an appreciation for how mathematics can be used to model the real-world; improve their written and oral communication skills; and develop their critical thinking.

• Medical Statistics: study design and data analysis

  The aim is to introduce students to the study designs and statistical methods commonly used in health investigations, such as measuring disease, causality and confounding.

  Students will develop a firm understanding of the key analytical methods and procedures used in studies of disease aetiology, appreciate the effect of censoring in the statistical analyses, and use appropriate statistical techniques for time to event data.

  They will look at both observational and experimental designs and consider various health outcomes, studying a number of published articles to gain an understanding of the problems they are investigating as well as the mathematical and statistical concepts underpinning inference.

• Multivariate Statistics in Machine Learning

  Using the classical problem of data classification as a running example, this module covers mathematical representation and visualisation of multivariate data; dimensionality reduction; linear discriminant analysis; and Support Vector Machines. While studying these theoretical aspects, students will also gain experience of applying them using R.

  An appreciation for multivariate statistical analysis will be developed during the module, as will an ability to represent and visualise high-dimensional data. Students will also gain the ability to evaluate larger statistical models, apply statistical computer packages to analyse large data sets, and extract and evaluate meaning from data.

• Statistical Models

  The concept of generalised linear models (GLMs), which have a range of applications in the biomedical, natural and social sciences, and can be used to relate a response variable to one or more explanatory variables, will be explored. The response variable may be classified as quantitative (continuous or discrete, i.e. countable) or categorical (two categories, i.e. binary, or more than categories, i.e. ordinal or nominal).

  Students will come to understand the effect of censoring in the statistical analyses and will use appropriate statistical techniques for lifetime data. They will also become familiar with the programme R, which they will have the opportunity to use in weekly workshops.

• Stochastic Processes

  Important examples of stochastic processes, and how these processes can be analysed, will be the focus of this module.

  As an introduction to stochastic processes, students will look at the random walk process. Historically this is an important process, and was initially motivated as a model for how the wealth of a gambler varies over time (initial analyses focused on whether there are betting strategies for a gambler that would ensure they won).

  The focus will then be on the most important class of stochastic processes, Markov processes (of which the random walk is a simple example). Students will discover how to analyse Markov processes, and how they are used to model queues and populations.

• Time series analysis

  Modern statistics is characterised by computer-intensive methods for data analysis and development of new theory for their justification. In this module students will become familiar with topics from classical statistics as well as some from emerging areas.

  Time series data will be explored through a wide variety of sequences of observations arising in environmental, economic, engineering and scientific contexts. Time series and volatility modelling will also be studied, and the techniques for the analysis of such data will be discussed, with emphasis on financial application.

  Another area the module will focus on is some of the techniques developed for the analysis of multivariates, such as principal components analysis and cluster analysis.

  Lastly,students will spend time looking at Change-Point Methods, which include traditional as well as some recently developed techniques for the detection of change in trend and variance.

Lancaster University offers a range of programmes, some of which follow a structured study programme, and others which offer the chance for you to devise a more flexible programme. We divide academic study into two sections - Part 1 (Year 1) and Part 2 (Year 2, 3 and sometimes 4). For most programmes Part 1 requires you to study 120 credits spread over at least three modules which, depending upon your programme, will be drawn from one, two or three different academic subjects. A higher degree of specialisation then develops in subsequent years. For more information about our teaching methods at Lancaster visit our Teaching and Learning section.

Information contained on the website with respect to modules is correct at the time of publication, but changes may be necessary, for example as a result of student feedback, Professional Statutory and Regulatory Bodies' (PSRB) requirements, staff changes, and new research.

Careers

Our graduates enter a wide array of jobs and careers, from mainstream human resource management in both public and private corporations to management consultancy and roles in the media and marketing. Others set up businesses on their own, both at home and abroad.

The degree also opens up opportunities for further study, with recent graduates undertaking studies towards professional recruitment practice and Masters in Human Resource and Knowledge Management. 

Lancaster University is dedicated to ensuring you not only gain a highly reputable degree, you also graduate with the relevant life and work based skills. We are unique in that every student is eligible to participate in The Lancaster Award which offers you the opportunity to complete key activities such as work experience, employability awareness, career development, campus community and social development. Visit our Employability section for full details.

Lancaster Management School has an award winning careers team to provide a dedicated careers and placement service offering a range of innovative services for management school students. Our high reputation means we attract a wide range of leading global employers to campus offering you the opportunity to interact with graduate recruiters from day 1 of your degree.

Fees and Funding

Fees

Our annual tuition fee is set for a 12-month session, starting in the October of your year of study.

Our Undergraduate Tuition Fees for 2019/20 are:

Tuition fees for programmes are set annually for all new and continuing students. If you are studying on a course of more than one year’s duration, the fees for subsequent years of your programme are likely to increase each year. Such increases are normally calculated based on increases in the costs incurred by the institution, or in relation to UK government regulations which set the maximum fee for certain categories of student.

For the majority of undergraduate students, the most recent annual increase was 2.8%. Any change in fee rates will be communicated to students and applicants prior to the start of the academic year in question, and normally at least eight months prior to enrolment. Further details can be found in our Terms and Conditions.

Channel Islands and the Isle of Man

Some science and medicine courses have higher fees for students from the Channel Islands and the Isle of Man. You can find more details here: Island Students.

Funding

For full details of the University's financial support packages including eligibility criteria, please visit our fees and funding page

Students also need to consider further costs which may include books, stationery, printing, photocopying, binding and general subsistence on trips and visits. Following graduation it may be necessary to take out subscriptions to professional bodies and to buy business attire for job interviews.