Statistics
 

Statistical Distributions for Actuarial Modeling and Data Analytics

Statistical Distributions for Actuarial Modeling and Data Analytics
Analyze data from a risk-based application; select a suitable model and estimate parameters using MLE, method of moments, and Bayes methods; determine goodness of fit and measures of confidence for decision making.
STAT
477
 Hours3.0 Credit, 3.0 Lecture, 1.0 Lab
 PrerequisitesSTAT 340
 RecommendedPass SOA Exam P.
 TaughtWinter
 ProgramsContaining STAT 477
Course Outcomes: 

Survival, severity, frequency, and aggregate models

Recognize, understand, and complete problems related survival, severity, frequency and aggregate models and learn how to model data for each of these

Basic risk measures

Recognize, understand, and complete problems related to basic risk measures

Fitting empirical models

Recognize, understand, and complete problems related to fitting empirical models to data and apply statistical estimation procedures

Constructing parametric models

Recognize, understand, and complete problems related to constructing parametric models. Estimate parameters, apply unbiasedness consistency, UMVUE, and MSE to survival, severity, frequency, and aggregate models.

Simulation and resampling methods

Recognize, understand, and complete problems related to simulation and resampling methods for model validation