Course Description
Concepts and basic properties of general probability and probability distributions, including independence, moment generating functions, and transformations.
Athena Title
Actuarial Probability Concepts
Prerequisite
(MATH 2250 or MATH 2250E) and (MATH 2260 or MATH 2260E or MATH 2260H)
Semester Course Offered
Offered fall and spring
Grading System
A - F (Traditional)
Course Objectives
This course is designed to provide a solid foundation in probability theory and its application in a risk management context. Students will learn general probability rules and how to use specific discrete, continuous, and mixed probability distributions in applied business scenarios. By the end of the course, students will be able to apply a wide variety of probability distributions, both univariate and multivariate, and will be prepared to take the actuarial exam P which focuses on probability. In addition, they will be able to provide written explanations of the ideas behind probability and probability distributions and will have improved their skills at solving complex and multi-step problems.
Topical Outline
Set functions Laws of probability Conditional probability and Bayes' theorem Univariate distributions Bivariate and multivariate distributions Distribution of functions of random variables Moment generating functions Central limit theorems Transformations
Syllabus