Course Code:                ACTS 3000

Course Title:                  Actuarial Science Project

Course Type:                 Core

Level:                               3

Semester:                         2                      

No. of credits:                   3

Prerequisite:                   MATH 2211, MATH 2212, MATH 2115, ACTS 3001

 

Course Description/Rationale

This course requires the student to develop an actuarial solution to a problem of an appropriate scope. The project may be application oriented where the student builds a business solution similar to what is required to solve actuarial problems. The project should require the student to draw on the skills developed across several Actuarial Science courses.

 

Learning Outcomes

On the successful completion of this course, the student will be able to:

  • prepare a project plan for an Actuarial Science project that demonstrates an ability to follow standard project management methodology.
  • gain practical experience in managing a project from start to finish.
  • gain experience in writing a project report.

Content

Assessing project feasibility

Methods of investigation

Project planning

Project management methodology

Select and implement an appropriate project on some topic in Actuarial Science. This may include design and implementation of a business solution.

 

Teaching Methodology

During the course the students will be involved with a real actuarial problem solving project. Students will be required to gather functional requirements, define the problem, design the solution, and present this solution. The student will liaise with an academic supervisor. Several lectures will be given on project management and research methodologies. The project may be individual or group projects.

 

Calendar

Week

Contents

1-3

Lectures: Assessing project feasibility; Methods of investigation; Project planning

 

Students select their project, develop a project proposal and get sign off on the project

Project Proposal (10%)

4-6

Lectures: Project management methodology

 

Students submit first milestone report (project detailed design/prototype)

7-10

Students design and program business model using relevant software

Software Design of Actuarial Solution (20%)

11

Student run different scenarios in the business model developed.

Sensitivity Analysis (10%)

12

Students submit final project report

Complete Project Report (40%)

13

Student presentations

Presentation of Project (20%)

 

Assessment

Project report including executive summary, introduction, methodology and assumptions, data and analysis, results, conclusion and recommendation - 80%

  • Project Proposal including project plan with milestones- 10%
  • Software Design of Actuarial solution- 20%
  • Sensitivity analysis-10%
  • Complete Project report- 40%

Presentation                                                                                                                      - 20%

 

Required Reading

Understanding Actuarial Management: The Actuarial Control Cycle by Clare Bellis, John Shepherd and Richard Lyon, Institute of Actuaries Australia, 2nd Edition.