Introduction
The Department of Economics and Quantitative Methods at Dr. Hasan Murad School of Management is a growing and energetic department that brings together quality faculty and student body. The department supports the UMT’s mission and focuses on community connections, teaching and research. The department provides excellent, innovative and rigorous teaching of different disciplines of economics and statistics. It provides vibrant environment for learning. The faculty of the department is well aware of the dire need of understanding regarding issues in global business, economics and statistics. Its focus is to spark discussion, debate, ideas among students in the class and then this discussion can be carried out for testing any research problem by using statistical tools. The department connects international / national economists, business leaders and statisticians through conferences and seminars/ webinars. The teaching is based on theoretical and empirical case studies.
Mission
We aspire to become one of the world’s prestigious institutions involved in identifying catalyzing and fostering high-impact cross-disciplinary research involving the Economics and Statistics.
To develop professionals with strong base in the field of Economics and Statistics who can understand and analyze issues faced by a developing country like Pakistan and by the world.
To provide supportive learning environment for relevant education and training in Economics and Statistics disciplines through interaction with industry leaders, seasoned policy makers, experienced faculty and students from wide academic setting.
Vision
The vision of the Department of Economics and Statistics is to produce MS/ M.Phil and PhD scholars in the fields of Economics and Statistics who may become internationally recognized researchers/academicians and business leaders through their contributions.
Knowledge Scope
The Department of Economics and Statistics offers degree programs in the fields of Economics and Statistics ranging from BS to PhD.
Economics is known as mother of social sciences. Students well equipped with the theoretical background of economics can apply the knowledge on ongoing business practices, can understand the functioning of the economy, and can comprehend the economic policy rationale at international forum. BS (economics) and BS (economics and Finance) degrees offer rewarding careers in the public and private sector corporations, banks, investment companies, insurance companies, leasing companies, education and research organizations, etc.
The Statistics area covers the body of knowledge for Business Mathematics, Business Statistics, and Empirical Business Modeling. These are the three functional areas, where the department provides resources related to teaching and research facilities. Business Mathematics attempts not only to refresh the participant’s knowledge about arithmetical and mathematical techniques but also sharpen their skills to apply these techniques to solve intricate problems in the field of Business. Business Statistics introduces the subject of Statistics with respect to its applications in the domain of Business. It enables participants not only to vocabularize the business data but also assists in making business forecasting and decisions in a totally uncertain environment. Empirical Business Modeling techniques introduce mathematical and statistical modeling for business optimization and better understanding of the inherent structure of the business. It enables participants to use existing numerical data to optimize the use of scarce resources, both human and physical. It also assists in recognizing the change which helps in better controlling the whole business process.