Master's of Science in Stochastic Systems & Optimization

Mathematical Complexity in Emerging Fields

Stochastics is the study of complex systems that tend to resist prediction. A broad spectrum of industries require skilled professionals that can bring clarity to the accumulating information overload, enabling everyone from doctors to financiers make better predictions about an unknown future. Stochastic Systems and Optimization Master's students are given the theoretical foundation and computational laboratory resources to tackle pure and applied problems in mathematics, in preparation for professional career opportunities as well as for further education towards the Ph.D. in Mathematics.

Research in Focus

The Mathematics of Finance

With Wall Street right outside our door, Stevens is the ideal location for studying the complex mathematics that help analyze financial systems. Dr. Ionut Florescu studies the area of Stochastic Processes and its applications to Finance. His recent work analyses the applications of stochastic processes to other areas such as computer vision tracking and earthquake modeling. The further implications of his work include advancement in Computer Vision Tracking, Clustering, Acousting Sensing and Detection, Optimal sensor placement and tracking, and Robotics advancement.

Risk and Decision Making

Program Director Dr. Darinka Dentcheva conducts research associated with stochastic optimization models with stochastic dominance constraints and risk functions. Along with Andrzej Ruszczyski, Rutgers University, she has introduced a new type of optimization models constraining risk, which involve stochastic orders and risk functions. These problems are not only practically relevant but represent a mathematical challenge because they are nonlinear and non-smooth with respect to the decisions and nonlinear in probability. Dr. Dentcheva has received honors and awards such as the Davis Memorial Research Award 2007 for excellence in research, several NSF awards, as well as the Deutsche Akademische Austausch Dienst and Deutsche Forschungsgemeinschaft award.