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Actuarial Statistics (ACTL30004)

Undergraduate level 3Points: 12.5On Campus (Parkville)

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Overview

Year of offer2018
Subject levelUndergraduate Level 3
Subject codeACTL30004
Campus
Parkville
Availability
Semester 2
FeesSubject EFTSL, Level, Discipline & Census Date

Topics include experience rating; claim run-off triangles; generalised linear models; time series and their applications; simulation; decision theory.

Intended learning outcomes

  • Describe the fundamental concepts of rating and apply them to simple experience rating systems
  • Describe and apply techniques for analysing a delay (or run-off) triangle and projecting the ultimate position
  • Use statistical software such as R to estimate parameters for statistical models and to write simple functions to complete routine tasks
  • Explain and apply the method of maximum likelihood estimation
  • Explain the fundamental concepts of a generalised linear model (GLM), and describe how a GLM may apply
  • Define and apply the main concepts underlying the analysis of time series models
  • Explain the concepts of ""Monte Carlo"" simulation using a series of pseudo-random numbers
  • 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; interpretation and analysis; synthesis of data and other information; evaluation of data and other information; use of computer software.

Last updated: 23 October 2017