The Faculty of Science and Technology

The Department of Mathematics and Statistics, FST, UWI is pleased to announce that the elective course Applied Multivariate Analysis (STAT 3012) and Loss Models II (ACTS 3013) will be offered for the first time in this Semester II, 2020/2021.

Applied Multivariate Analysis (STAT 3012)

Pre-requisites: Linear Algebra I (MATH 2273) or Matrix Algebra for Economics (ECON 2015) AND Statistics I (MATH 2275) or Economic Statistics (ECON2006).

Description: This course gives students an overview of the main multivariate statistical methods that currently exist to properly analyze data. Most data today are multivariate in nature. The course empowers students to enter, analyze and present the results of analyses. The free software R would be used in this course.

STAT 3012 is also particular interest to students in the B.Sc. (Stat/Econ) and B.Sc. (Act. Sci.) degrees, especially to those students who wish to sit the Statistics for Risk Modeling (SRM) and the Predictive Analytics (PA) Examinations of the Society of Actuaries.

It will also be of interest to students who are doing the BSc General double major (Computer Science and Mathematics).

Loss Models II (ACTS 3013)

Pre-requisites: MATH 2270, MATH 2274, MATH 2275

Description: This course consists of three major topics: parametric models, credibility theory and simulation. Students will learn how to apply the course content to solve business problems in the insurance and pensions industries. Loss models, credibility theory and simulation techniques are used by actuaries to estimate premiums and solve complex insurance problems and are indispensable tools for the modern actuary. Loss models will be used together with credibility theory to provide estimates of premiums on an annual basis.

Students enrolled in the B.Sc. (Actuarial Science) degree are encouraged to take this course as an elective.

This course is highly recommended for students who wish to sit the Short-Term Actuarial Mathematics (STAM) Examination of the Society of Actuaries.