Statistical Techniques in Insurance (ACTL90008)

Graduate courseworkPoints: 12.5On Campus (Parkville)

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Overview

Availability
Semester 2
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Topics include multiple linear regression; Spearman´s and Kendall´s measures of correlation; principal component analysis; generalised linear models; bootstrap method; Bayesian statistics; credibility theory.

Intended learning outcomes

On successful completion of this subject a student should be able to:

  • Be able to use exploratory data analysis techniques to reduce dimensionality of complex data sets and to determine the correlation for multivariate data.
  • Describe and explain multiple linear regression models.
  • Explain the fundamental concepts of a generalised linear model (GLM), and describe how a GLM may apply.
  • Use statistical software such as R to fit regression and generalised linear models to a data set and interpret the results  and to write simple functions to complete routine tasks.
  • Be able to apply the bootstrap method to estimate properties of an estimator.
  • Explain the fundamental concepts of Bayesian statistics and apply these concepts to derive Bayesian estimators.
  • Describe and apply the fundamental concepts of credibility theory.
  • Apply pre-requisite mathematical and statistical concepts to the solution of problems on the above topics.

Generic skills

High level of development:

  • written communication;
  • problem solving;
  • statistical reasoning;
  • application of theory to practice;
  • synthesis of data and other information;
  • evaluation of data and other information;
  • use of computer software.

Last updated: 8 November 2024

Eligibility and requirements

Prerequisites

All of

Code Name Teaching period Credit Points
MAST20004 Probability
Semester 2 (On Campus - Parkville)
Semester 1 (On Campus - Parkville)
 12.5
MAST20005 Statistics
Summer Term (On Campus - Parkville)
Semester 2 (On Campus - Parkville)
 12.5

OR

Equivalent

OR

Admission into the MC-ACTSCEN Master of Actuarial Science (Enhanced)

Corequisites

None

Non-allowed subjects

None

Inherent requirements (core participation requirements)

The University of Melbourne is committed to providing students with reasonable adjustments to assessment and participation under the Disability Standards for Education (2005), and the Assessment and Results Policy (MPF1326). Students are expected to meet the core participation requirements for their course. These can be viewed under Entry and Participation Requirements for the course outlines in the Handbook.

Further details on how to seek academic adjustments can be found on the Student Equity and Disability Support website: http://services.unimelb.edu.au/student-equity/home

Last updated: 8 November 2024

Assessment

DescriptionTimingPercentage

Assignment 1

  • 1000 words
Week 510%

Mid-semester test (Week 7 or 8)

  • 50 minutes
Mid semester10%

Assignment 2

  • 1000 words
Week 1110%

End-of-semester exam

  • 2 hours
Hurdle requirement: Students must pass the final exam to pass the subject. 		During the examination period70%

Last updated: 8 November 2024

Dates & times

  • Semester 2
    Principal coordinatorEnrique Calderin
    Mode of deliveryOn Campus (Parkville)
    Contact hours
    Total time commitment170 hours
    Teaching period22 July 2024 to 20 October 2024
    Last self-enrol date 2 August 2024
    Census date 2 September 2024
    Last date to withdraw without fail20 September 2024
    Assessment period ends15 November 2024

Time commitment details

Estimated total time commitment of 170 hours per semester

What do these dates mean

Visit this webpage to find out about these key dates, including how they impact on:

  • Your tuition fees, academic transcript and statements.
  • And for Commonwealth Supported students, your:
       -  Student Learning Entitlement. This applies to all students enrolled in a Commonwealth Supported Place (CSP).
     

    Subjects withdrawn after the census date (including up to the ‘last day to withdraw without fail’) count toward the Student Learning Entitlement.

Last updated: 8 November 2024

Further information

  • Texts

    Prescribed texts

    You will be advised of prescribed texts by your lecturer.

  • Related Handbook entries

    This subject contributes to the following:

    TypeName
    CourseGraduate Diploma in Actuarial Science
  • Available through the Community Access Program

    About the Community Access Program (CAP)

    This subject is available through the Community Access Program (also called Single Subject Studies) which allows you to enrol in single subjects offered by the University of Melbourne, without the commitment required to complete a whole degree.

    Please note Single Subject Studies via Community Access Program is not available to student visa holders or applicants

    Entry requirements including prerequisites may apply. Please refer to the CAP applications page for further information.

  • Available to Study Abroad and/or Study Exchange Students

    This subject is available to students studying at the University from eligible overseas institutions on exchange and study abroad. Students are required to satisfy any listed requirements, such as pre- and co-requisites, for enrolment in the subject.

Last updated: 8 November 2024