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Master of Science in Operational Research and Risk Analysis

Sept 2022 Entry
Programme code: 63024

Faculty of Applied Science and Textiles
Department of Applied Mathematics

Stream Code

OFM (Full-time)
OPM (Part-time)

Mode of Study Mixed Mode

Normal Duration

1.5 years (Full-time)
3 years (Part-time)

Credits Required for Graduation


Initial Registration Credits

3 for local students
9 for non-local students

Fund Type Self-Financed

Tuition Fee

HK$6,900 per credit for local and non-local students

Programme Leader(s)

Programme Leader

Prof. Li Xun
BSc, MSc, PhD

Deputy Programme Leader

Dr Yu Xiang
BSc, PhD

Assistant Programme Leader

Dr Zhou Zhi
BSc, PhD


Non-local applicants must be registered as full-time students.

Aims & Characteristics

Programme Aims

Operational research, risk analysis, mathematics and statistics are fundamental yet constantly developing subjects. As well as being disciplines in their own right, they form the basis of modern commercial, financial, industrial and technological activities. Mathematical/operational research/statistical models underpin many aspects of operational research and risk analysis today.


The primary aim of this programme is to produce graduates with strong operational research, risk analysis and statistical skills and a thorough understanding of their applications in the world of modern operational research and risk analysis. The programme develops students’ analytical, critical and communication skills, which enables them to pursue a variety of jobs related to operational research and risk analysis, in areas such as logistics service providers, retail, banking, insurance, procurement/sourcing and supply chain functions, and modern financial product development and pricing.


The secondary aim of the programme is to provide a solid theoretical foundation of operational research, risk analysis and statistics to our students, who will then be able to develop an outlook and powerful methodology that remains valuable in whatever careers they pursue in the fast moving world of business, commerce, finance industry and insurance.



Hong Kong is a gateway between East and West. As a global service centre, it plays a major role in interfacing between suppliers and customers around the world. To retain their leading competitive position in serving international markets, it is crucial for Hong Kong businesses to embrace best practices in operational research. As a result, companies are increasingly looking for innovative leaders with the vision and skill to manage their logistics. Moreover, this programme provides training in risk analysis so that graduates can serve policy makers and institutional investors, with foci on various types of financial products such as mutual funds and hedge funds.


Programme Structure

Students must complete 7 Compulsory Subjects (21 credits), and 3 Elective Subjects (9 credits) or a Dissertation (9 credits).


For details of the programme structure, please refer to www.polyu.edu.hk/ama/pg/63024/programme-mission-structure.


Core Areas of Study

Seven Compulsory Subjects (21 credits)

  • Advanced Operations Research Methods
  • Business Forecasting
  • Financial Modeling
  • Operations Research Methods
  • Principles of Risk Analysis
  • Probability and Stochastic Models
  • Simulation and Risk Analysis


Three Elective Subjects from the following list or a Dissertation (9 credits)

  • Corporate Risk Management
  • Economics for Financial Analysis
  • Investment Science
  • Loss Models
  • Mathematics of Derivative Pricing
  • Mathematics of Finance
  • Optimization Methods
  • Principles of Corporate Finance
  • Scientific Computing
  • Statistical Data Mining
  • Statistical Inference
  • Supply Chain Management


Information on the subjects offered can be obtained at www.polyu.edu.hk/ama/pg/63024/curriculum.

Entrance Requirements

  • ​A Bachelor's degree with Honours in engineering, computer science, basic science, finance, economics or the equivalent (industrial or business experience will be an asset).


If you are not a native speaker of English, and your Bachelor's degree or equivalent qualification is awarded by institutions where the medium of instruction is not English, you are expected to fulfil the University’s minimum English language requirement for admission purpose. Please refer to the "Admission Requirements" section for details.

Other Information

Some of the subjects in this programme have been included in the Continuing Education Fund (CEF) list of reimbursable subjects (for course commencement before March 2023).


The CEF list includes:

  • Advanced Operations Research Methods
  • Financial Modeling
  • ​Operations Research Methods
  • Probability and Stochastic Models


For further information, please contact:

Prof. Li Xun, Programme Leader
(tel: (852) 2766 6939; email: li.xun@polyu.edu.hk);
or Dr Yu Xiang, Deputy Programme Leader
(tel: (852) 2766 6930; email: xiang.yu@polyu.edu.hk);
or Dr Zhou Zhi, Assistant Programme Leader
(tel: (852) 2766 7865; email: zhi.zhou@polyu.edu.hk);
or Miss Moon Wai Yan (tel: (852) 3400 3138; email: wai-yan.moon@polyu.edu.hk).