Course Descriptions
Core Courses
ECON 570 - Microeconomic Theory
MSC 538 - Simulation
MSC 549 - Advanced Spreadsheet Modeling
MSC 560 - Optimization Techniques I
MSC 570 - Probability and Statistics
MSC 571 - Advanced Data Analysis
Electives
MSC 534 - Queuing
MSC 550 - Topics in Quality Management
MSC 554 - Scheduling Theory
MSC 562 - Optimization Techniques II
MSC 564 - Optimization Techniques III
MSC 573 - Time Series Analysis
MSC 576 - Practicum in Teaching and Curriculum Skills
MSC 595 - Research Seminar
MSC 596 - Special Topics Seminar
MSF 511 - Financial Economics I
MSF 512 - Financial Economics II
MSF 513 - Financial Theory
MSF 521 - Financial Modeling I
MSF 522 - Financial Modeling II
MSF 523 - Financial Modeling III
MSF 532 - Corporate Finance
MSF 533 - Marketing of Finance Products
MSF 541 - Valuation and Portfolio Management
MSF 542 - Structured Fixed Income Portfolios
MSF 543 - Quantitative Investment Strategies
MSF 551 - Futures, Options, and OTC Derivatives
MSF 552 - Market Risk Management
MSF 553 - Enterprise Risk Management
MSF 561 - Financial Time Series Analysis
MSF 562 - Econometric Analysis
MSF 563 - Bayesian Inference in Econometrics
MSF 571 - Computational Finance I
MSF 572 - Computational Finance II
MSF 573 - Computational Finance III
MSF 596 - Research Seminar in Finance
Open Elective
Three advisor-approved electives should be selected from the remaining elective courses or from other options at IIT Stuart or IIT.
Practicum (optional)
MSC 576 - Practicum in Teaching and Curriculum Skills
Core Courses
ECON 570 Microeconomic Theory
A systematic exposition of basic mathematical methods as they are related to microeconomic analysis. Topics include economic models, comparative statics, optimization, supply and demand, the economics of production market structure, and resource allocation.
MSC 538 Simulation
Generating random variables for discrete, continuous, and joint distributions for simulation applications. Data analysis, validation of techniques, optimizing response functions, and design of experiments. Prerequisite: MSC 570 (3.6 credits)
MSC 549 Advanced Spreadsheet Modeling
This course uses the Excel/VBA environment for developing models. Students will develop spreadsheets and write programs for forecasting, financial price simulation, option pricing, and financial statements. Add-ins are used for optimization, simulation, and decision analysis. (3.6 credits)
MSC 560 Optimization Techniques I
Optimization techniques, with the primary emphasis on linear programming, and applications interspersed to illustrate the applicability of the optimization techniques. At least two-thirds of the course will be linear programming techniques, including the simplex-method and its variants, interior point algorithms, and duality and sensitivity analysis. Other types of optimization problems will be introduced, including integer linear programming, nonlinear programming, and dynamic programming.
MSC 570 Probability and Statistics
A survey of the fundamentals of statistics and their applications for problem solving. Topics include probability, univariate and multivariate random variables, estimation, order statistics, reliability. (3.6 credits)
MSC 571 Advanced Data Analysis
Point estimates, confidence intervals, and tests of hypothesis. Design and analysis of experiments. Linear and multiple regression. Nonparametric statistics, Markov chains, and statistical decision theory. (3.6 credits)
Electives
MSC 534 Queuing
Basic queuing techniques used in inventory and manufacturing decisions, single, multiple and tandem service facilities. Poisson and Erlang input, exponential, uniform and arbitrary output, priority discipline. (3.6 credits)
MSC 550 Topics in Quality Management
Understanding, development, and implementation of total quality management systems with a focus on customer satisfaction and economics of quality. Theoretical and empirical research will be the basis of this course. (3.6 credits)
MSC 554 Scheduling Theory
This course introduces students to current research in scheduling: scheduling of new systems, including those based on advanced manufacturing technology; and the use of new methods for analyzing scheduling problems, such as generalized networks, artificial intelligence, neural networks, and complexity theory.
MSC 562 Optimization Techniques II
The theory and computational methods of nonlinear programming. Convex analysis and unconstrained methods. Kuhn-Tucker theory, saddle points, and duality. Quadratic, linearly constrained, nonlinearly constrained, penalty, and barrier methods. Prerequisite: MSC 560 (3.6 credits)
MSC 564 Optimization Techniques III
Development of the theory of computational methods of integer programming: cutting plane, branch-and-bound, and Lagrangian relaxation methods. Model formulation with integer variables. Development of the theory and computational methods of dynamic programming. Application of dynamic programming to deterministic and stochastic decision problems. Prerequisite: MSC 560 (3.6 credits)
MSC 573 Time Series Analysis
This course covers methods of analysis and forecasting of time series, including smoothing and Box-Jenkins techniques, vector autoregression and innovation analysis, and introduces flexible models, including Markov switching models and nonparametric methods. The course will use the Quantitative Research Lab for short projects devoted to applications of these methods.
MSC 576 Practicum in Teaching and Curriculum Skills
This course enables Ph.D. students to address overall issues of pedagogy as well as the development of personal classroom skills. The course covers curriculum development, sources of classroom materials, and use of various teaching methods. (1 credit)
MSC 595 Research Seminar
MSC 596 Special Topics Seminar
This course treats a specific topic, varying from quarter to quarter, in which there is particular student and faculty interest. Topics may include quality management, operations management, technology management, or global business and world trade. (Prerequisite: Consent of instructor.)
