Actuarial Science

This course covers managerial statistical tools in descriptive and predictive analytics, including regression. Other topics covered include forecasting, risk analysis, simulation, data mining, and decision analysis. Prerequisites: BUAD 220 or CS 120; ECON 216 or MATH 213.

An introduction to the methods, models, and approaches used by economists to analyze and interpret events and policies related to the overall operation of the economy. The course endeavors to make sense of unemployment, inflation, recessions, debt and deficits, economic growth, the expanding role of the Federal Reserve, and policies to provide stability to the economy. Additional attention is given to the making of economic policy in an era of globalization. Finally, students are exposed to multiple schools of thought regarding macroeconomic reasoning. Prerequisite: ACT math score of 19 or above; SAT math score of 500 or above; pass MATH 099; or Accuplacer Advanced Algebra and Functions test score of 235 or higher, or university-level math requirement with a minimum grade of “C-.” Prerequisite or corequisite: ENG 102. GT-SS1

The theory of microeconomics makes use of the tools of marginal cost-benefit analysis to provide a framework for the economic analysis of decision-making. The focus is on the choices of individual firms and consumers, and the resultant outcomes in individual markets. The social implications of the functioning of competitive markets are examined, as well as the causes of market failure and the potential roles of government in correcting them. Prerequisite: ACT math score of 19 or above; SAT math score of 500 or above; pass MATH 099; or Accuplacer Advanced Algebra and Functions test score of 235 or higher, or university-level math requirement with a minimum grade of “C-.”

The application of advanced statistical methods and modeling to an empirical understanding of economic issues. Combines elements of statistical reasoning with economic theory and provides an excellent opportunity to combine concepts learned in previous economics courses. Topics covered include multiple regression analysis, model specification, dummy variables, multicollinearity, heteroscedasticity, autocorrelation, limited dependent variables, simultaneity, time series, forecasting, and methodological issues. Prerequisites: ECON 201or ECON 202; and ECON 216 or MATH 213.

A survey of the core topics relating to the monetary sector of the economy. This includes an examination of the role and nature of money, financial institutions and markets, banking structure and regulation, determinants of interest rates, central bank policy, exchange rates, and the international monetary system. Attention is also given to particular monetary episodes such as the Great Depression, the Latin American debt crisis, the collapse of the Mexican Peso, and the Asian monetary collapse. Prerequisites: MATH 140, MATH 141, or MATH 151 with a minimum grade of “C-”; ECON 201.

A course in the use of statistical techniques to draw knowledge from data. Topics include exploratory data analysis, descriptive statistics, t-procedures, ANOVA, chi squared procedures, regression, and non-parametric tests. Statistical software is used extensively to analyze real data sets. Prerequisite: ACT math score of 27 or above; or SAT math score of 630 or above; or MATH 141 with a minimum grade of C-; or instructor permission.

Topics include calculus of functions of several variables, differentiation and elementary integration, vectors in the plane and space. Prerequisite: MATH 251 with a minimum grade of C-.

A study of statistical techniques used to model, simulate and understand complex data. The core topics include linear and nonlinear multivariate models, generalized additive models, tree-based models, and mixed effects models, as well as techniques for selection and regularization of models. Emphasis is placed on computational techniques appropriate to large data sets and data visualization. Prerequisites: MATH 213 or ECON 216; and MATH 260; and CS190.

A study of the basic principles of probability theory and their applications. Topics include combinational analysis, conditional probabilities, discrete and continuous random variables, and measures of centrality and variance. Emphasis is placed on applications using probability distributions (including binomial, geometric, Poisson, uniform, exponential, and normal distributions) to assess and manage risk in the fields of finance, insurance, medicine, and quality control. Prerequisite: MATH 251 with a grade C- or better.

A study of mathematical concepts useful in risk management, including multivariate probability and interest theory. Topics include the Central Limit Theorem, joint distributions, combinations of distributions, conditional and marginal probabilities, time value of money, annuities, and loans. Emphasis is placed on solving problems from the actuarial field, including applications to insurance and business. Prerequisites: MATH 252 with a minimum grade of “C-“; MATH 314 with a minimum grade of “C-”.