STAT3005

STAT3005: Stochastic Processes

Science and Engineering

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About this Unit

This unit will cover the probabilistic framework for developing stochastic models for real world processes with an emphasis on models used in actuarial practice. Students will acquire practical skills in developing mathematical models for stochastic processes, compute various probabilities of interest and estimate parameters of the underlying models. Topics covered include Markov chains and their application to experience rating; Markov process models with application to survival; sickness and marriage models; and simple stimulation models.

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Unit Details

Credits25

Contact Hours4 Weekly

Result TypeGrade/Mark

AreaSchool of Electrical Engineering, Computing and Mathematical Sciences (EECMS) (1153)

Field of Education010103 Statistics

Handbook View Official Handbook Page →

Tuition Pattern

Lecture 12 x 1 hour weekly
Tutorial1 x 1 hour weekly
Workshop1 x 1 hour weekly

Prerequisites

PrerequisitesSelect One

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