<p>I am currently a undecided engineer student. And I am going to choose a major really soon. The idea of an industrial engineering mentioned, the idea sounds tempting but I still do not know enough information about it. So what exactly is an industrial engineering? Like where can I work in the future if I do become one?
Thanks!</p>
<p>Industrial Engineering deals with many things. A traditional one will try to analyze a work line in an assembly or production setting and try to maximize production while minimizing cost and dealing with constraints, etc. It has evolved over time, using more statistically oriented tools and using data to back decisions. Using technology, you can simulate conditions and try to configure a scenario that will be efficient. Many use tools like this to get into finance or consulting. Your job opportunities will be plentiful, you can work in factories and design an assembly line that is efficient, or go into finance and deal with investments, and set up enterprise systems as a consultant.</p>
<p>Unlike other engineering disciplines, IEs do not have that much dependency on physics or chemistry. It's much more math based (not necessarily calculus) and also economics. I would describe my IE training as a hybrid of math, economics and business.</p>
<p>Hey gtg,</p>
<p>My question would be.. How would you use your statistics-based knowledge to help out in finance or consulting? You could use simulation techniques for a workline in an assembly but how would it come in use for investments/financial consulting?</p>
<p>Thanks</p>
<p>There's many application to statistics and it goes way beyond the basic concepts of using variances and standard deviation, etc Especially with things like advanced regression and varying degrees of forecasting. Using statistical data, you can create models to observe trends, possible behavior to help investment decisions. I'm not currently in a financial position, but I've worked with students who ended up going to financial sectors and they told me that the tools we picked up were very similar to what they learnt in their advanced economics classes (they were dual majors) and sometimes even went further than their economic classes taught.</p>
<p>Financial firms are looking for those equipped with analytical abilities that knows how to pick up knowledge and apply. You pretty much pick up that mentality as you use advanced statistics in IE.</p>
<p>However, I don't believe all IE programs offer such classes. The IE program I attended was more math based, whereas my peers from other institutions did more engineering based projects.</p>