BSc. Actuarial Science (Regular)
The BSc. degree programme in Actuarial Science seeks to develop individuals with a balance between mathematical, statistical, financial, and economic theories, and their applications to practical problems. The programme is designed to provide theoretical as well as applicable education in quantitative aspects of Risk Modelling and Management, Finance and Statistics. Graduates will be capable of abstracting mathematical models for real-world problems and applying appropriate computer-based solutions to them. The graduates will also have the mathematical, statistical, and business skills needed to determine the expected costs and risks in any situation where there is financial uncertainty and data for creating a model for those unpredictable and unexpected contingencies (risks).
Content of Courses for each Semester
Year 1: Semester 1
MATH 173: Logic and Set Theory (3, 0, 3)
Overview of the natural numbers, integers, real numbers, rational and irrational numbers, algebraic and transcendental numbers. Brief discussion of complex numbers; statement of the Fundamental Theorem of Algebra. Ideas of axiomatic systems and proof within mathematics; the need for proof; the role of counter- examples in mathematics. Elementary logic; implication and negation; examples of negation of compound statements. Proof by contradiction. Union, intersection and equality of sets. Indicator (characteristic) functions; their use in establishing set identities. Functions; injections, surjections and bijections. Relations, and equivalence relations. Counting the combinations or permutations of a set. The Inclusion-Exclusion Principle. The natural numbers: mathematical induction and the well-ordering principle. Examples, including the Binomial Theorem. Prime numbers: existence and uniqueness of prime factorisation into primes; highest common factors and least common multiples. Euclid’s proof of the infinity of primes. Euclid’s algorithm. Solution in integers of ax+by = c. Modular arithmetic (congruences). Units modulo n. Chinese Remainder Theorem. Wilson’s Theorem; the Fermat-Euler Theorem. Public key cryptography and the RSA algorithm.
Least upper bounds; simple examples. Least upper bound axiom. Sequences and series; convergence of bounded monotonic sequences. Irrationality of 2 a
nd e. Decimal expansions. Construction of a transcendental number.
Definitions of finite, infinite, countable and uncountable sets. A countable union of countable sets is countable. Uncountability of R. Non-existence of a bijection from a set to its power set. Indirect proof of existence of transcendental numbers.
MATH 175: Vectors and Mechanics (3, 0, 3)
Vectors in Euclidean Spaces, especially in dimensions 1,2 and 3. Position Vector. Dot (Scalar) Product, Cross (Vector) Product of Vectors. Composition and Resolution of Vectors. Application of Vectors to Geometry: Vector equations of lines and planes. Vector-valued functions Differentiation of vector-valued functions. Application of vectors to Mechanics: Kinematics, Statics and Dynamics in euclidean space.
MATH 177: Computing for Mathematics I (2, 1, 3)
General overview of the principles of Computing; Data & Programs or Algorithms. The role of Algorithms, the origins of computing machines and its social repercussions. Data storage (bits and their storage). Main memory and mass storage. Representation of information as bit patterns. The binary system- (storing of integers and fractions). Data manipulation, Computer architecture, machine language and program execution. Operating Systems: The history of Operating Systems, its architecture, coordinating the Machine’s Activities and Handling competition among processes. Algorithms -The concept of an algorithm (representation, discovery, iterative and recursive structures). The efficiency and correctness of algorithms. Introduction to Data Abstractions: Basic data structures, related concepts and implementation of some Data structures. Computer Graphics Overview and modeling, spreadsheets.
ECON 151: Elements of Economics (2, 0, 2)
Concept of Utility. Demand and Supply, Elasticity of Demand and Supply, Equilibrium Market Prices. Pricing Strategies Used by Firms. Short-term and Long-term Investment and Production. Operation of Competitive Markets. Profitability in Markets with Imperfect Competition.
ACTS 161: Fundamentals of Accounting (2, 0, 2)
This course covers basic Financial Accounting Principles for a Business Enterprise. Topics will include the Accounting Cycle. Merchandising Accounts, Asset Valuation, Income Measurement, Partnership Accounting and Corporation Accounting. Development of managerial decision- making skills is stressed through the coverage of the following topics: Cost behaviour, job-order and activity-based production costing, Cost-Volume-Profit analysis, profit planning and budgeting, standard costs and variance analysis, segment reporting and transfer pricing, relevant costs, capital budgeting.
ENGL 157: Communication Skills I (2, 0, 2)
Oral and written Communication skills ability to express ideas in good English. Correction of common deficiencies in English grammar. Comprehension and critical reading skills.
Year 1: Semester 2
MATH 172: Calculus II (3, 0, 3)
Integration: Indefinite Integral and Definite Integral. Application of Integration to Areas and Volumes. Integration by Substitution, Integration by Parts, Integration by Resolution to Partial Fractions. Approximate Integration. Co-ordinate Geometry: Equations of Lines and Circles, Conic Sections, Parabola, Ellipse and Hyperbola. Parametric Representation of Curves.
MATH 174: Discrete Mathematics I (3, 0, 3)
Multinomial coefficients. Complex Numbers. Demoivre’s Theorem. Finite Difference Equations. The Z-transform approach to solution. Duality, Consistency. Difference Equations with Characteristics Polynomials, which have complex roots. Boolean Algebra. Basic Boolean Functions. Digital Logic Gates Minterm and Maxterm Expansions. Elements of proof Theory. Relations in a Set. Partial Ordering. Zorn’s Lemma.
MATH 176: Linear Algebra I (3, 0, 3)
Matrices and Determinants. Systems of Linear Equations. Vector Spaces and Subspaces, Basis Dimension and Co-ordinates. Algebra of Linear Transformations and Representation by Matrices. Eigenvalues and Eigen-vectors; Similar Matrices, Change of Basis. Cayley-Hamilton Theorem
MATH 178: Computing for Mathematics II (2, 1, 3)
Conditional and Logical functions, Counting and Totalling cells conditionally, And, Or, Not, and Lookup functions. Excel lists, Listing terminologies, Sorting data, Subtotals, Filtering a list, Advanced filtering, Criteria tips, Multiple criteria, Calculated criteria, Data consolidation, Pivottables, Modifying a pivottables, Managing pivottables, Formating a pivottable, Banding, and Slicers. Introduction to charting, Creating charts, Formating charts, Changing the chart layout, and Sparklines. Introduction to templates, and Create custom templates. Inserting, Formating, and Deleting Objects. Reviewing, Auditing, and Proofing tools.
STAT 166: Probability and Statistics I (3, 0, 3)
General Introduction, including the Uses and Applications of Statistics, Types of Data and their Collection Methods, Stages of Statistical Investigation; Descriptive Analysis of Data including Exploratory Data Analysis; Introductory Study of Probability Theory: Sets and sample space, Random Experiments and Outcomes, Measure of Probability of Events, Mutually exclusive and Independent Events, Conditional Probability and Bayes‘ theorem, Some Basic Rules/Theorems of Probability; Counting Techniques and Application to Problems; Random Variables and Probability Distributions; Moments
ECON 152: Elements of Economics II (2, 0, 2)
A survey of national income-its measurement and determinants, fluctuations in economic activity and trends in Ghana’s national income, index number, international trade and national economy, the role of Government. Structure of Public Finances. Fiscal and Monetary Policies. Effects of Macroeconomic Policies.
ENGL 158: Communication Skills II (2, 0, 2)
Communication Skills Oral presentation, formal speech making, conducting Interviews and meetings. Communication process, skill in communication, channels in communication in an organisation, preparation of official documents such as letters memos, reports minutes and proposals.
Year 2: Semester 1
MATH 265: Mathematical Methods I (3, 0, 3)
Partial Differentiation of Function of Several Variables. Differentiation of Implicit Functions, Theorem and Applications. Jacobians. Differentiation of a Vector Function of Several Variables. Total Differential, Tangent Plane to Surface. The Tangent Vector. Curvilinear Co-ordinates. Plane Polar, Cylindrical and Spherical Co-ordinates. Multiple Integrals. Line Integrals, Multiple Surface and Volume Integral. Gradient, Divergence and Curl. The Theorems of Green, Gauss, and Stokes.
MATH 275: Linear Algebra II (3, 0, 3)
Characteristics Polynomials. Linear Functionals, Dual Spaces, Multilinear Forms. Determinant by Multilinear Form, Uniqueness Properties. Inner Product Spaces. Orthogonalization Process. Best Approximation. Adjoints, and Hermitian Unitary and Normal Transformations. Hermitian, Bilinear and Quadratic Forms, Reduction to a Canonical Form.
MATH 277: Real Analysis I (3, 0, 3)
Sequences and series in R and C. Sums, products and quotients. Absolute convergence; absolute convergence implies convergence. The Bolzano-Weierstrass theorem and applications (the General Principle of Convergence). Comparison and ratio tests, alternating series test. Continuity of real- and complex-valued functions defined on subsets of R and C. The intermediate value theorem. A continuous function on a closed bounded interval is bounded and attains its bounds.
Differentiability of functions from R to R. Derivative of sums and products. The chain rule. Derivative of the inverse function. Rolle’s theorem; the mean value theorem. One-dimensional version of the inverse function theorem. Taylor’s theorem from R to R; Lagrange’s form of the remainder. Complex differentiation. Complex power series and radius of convergence. Exponential, trigonometric and hyperbolic functions, and relations between them. *Direct proof of the differentiability of a power series within its circle of convergence*. Definition and basic properties of the Riemann integral. A non-integrable function. Integrability of monotonic functions. Integrability of piecewise-continuous functions. The fundamental theorem of calculus. Differentiation of indefinite integrals. Integration by parts. The integral form of the remainder in Taylor’s theorem. Improper integrals.
MATH 279: Mathematical Programming (2, 1, 3)
Quick review of Computer Organization; Arithmetic of the Computer: Floating - Point Format, Representation and Operations in the Computer; Algorithmic Design and Development; Introduction to Computer Programming Techniques: Coding in a High Level Language using MATLAB and if possible one symbolic mathematical application like MATHEMATICA, MAPLE, DERIVE or any other package designed for scientific computing.
ACTS 261: Mathematics of Finance I (3, 0, 3)
This course will provide students with the mathematical ability to calculate the present and future values of investment projects, annuities and be able to compute outstanding principal as well as interest using loan schedules. Students will also be equipped with the tools used in the valuation of financial instruments, determination of the viability of alternative investments projects as well and intuitive structure of interest rate modelling. Topics to be covered include Rates of interest and discount, Present values, equations of values and yields, Annuities, Loan schedules, Project appraisal, The yield on a fund, Fixed interest securities, Index-linked securities, Forward contracts.
STAT 265: Probability and Statistics II (3, 0, 3)
Review of Probability Spaces and Measure, Properties and Concept of Random Variables and Probability Distributions; Some useful Discrete and Continuous Probability Distribution Functions, Moment-generating Functions, Probability generating function , Characteristics Functions and Limit Theorems; Joint Probability Distributions; Random Walks and Poisson Processes; Basic Concepts of Statistical Inference, Introduction to Sampling Techniques and Sampling Distributions of Sample Means, Proportions and Variances.
ENGL 263: Literature in English I (1, 0, 1)
Literature as Poetry: What is a poem, and its characteristics? Difference between a poem and song. The figure of speech and the literary device. Practical Appreciation. Texts to be studied: selected African and English poems. Literature as Drama: What is a play, and its characteristics: Drama and theatre. Shakespeare. The Modern Play. Texts to be studied: One Shakespeare play and one modern African Play
Year 2: Semester 2
MATH 266: Mathematical Methods II (3, 0, 3)
Improper integrals. Integrals depending on a parameter. Differentiation and Integration under the integral sign. Gamma and Beta Functions; Stirling’s Formula. Basic Properties and use of the Laplace Transform. Fourier Series. Fourier Transforms.
MATH 276: Numerical Analysis I (2, 1, 3)
Round-off Errors and Computer Arithmetic, Algorithms and Convergence. The Bisection Method, Fixed-Point Iteration, Newton’s Method and Its Extensions, Error Analysis for Iterative Methods, Accelerating Convergence, Zeros of Polynomials and Müller’s Method. Linear Systems equations by Direct Methods, Pivoting Strategies, Matrix Inversion and Determinant of a Matrix, Matrix Factorization, Special Types of Matrices (symmetric, positive definite, diagonal matrices, diagonally dominant), Iterative methods (Jacobi, Gauss-Seidal), Relaxation Techniques for Solving Linear Systems
Interpolation and the Lagrange Polynomial, Data Approximation and Neville’s Method, Divided Differences, Hermite Interpolation, Cubic Spline Interpolation, Parametric Curves
Numerical Differentiation, Richardson’s Extrapolation, Elements of Numerical Integration, Composite Numerical Integration, Romberg Integration, Adaptive Quadrature Methods, Gaussian Quadrature, Multiple Integrals, Improper Integrals
MATH 278: Real Analysis II (3, 0, 3)
The general principle of uniform convergence. A uniform limit of continuous functions is continuous. Uniform convergence and term-wise integration and differentiation of series of real-valued functions. Local uniform convergence of power series. Continuous functions on closed bounded intervals are uniformly continuous. Review of basic facts on
Riemann integration (from Analysis I). Informal discussion of integration of complex-valued and Rn-valued functions of one variable; Definition of a normed space. Examples, including the Euclidean norm on R n and the uniform norm on C[a, b]. Lipschitz mappings and Lipschitz equivalence of norms. The Bolzano-Weierstrass theorem in Rn. Definition of derivative as a linear map; elementary properties, the chain rule. Partial derivatives; continuous partial derivatives imply differentiability. Higher-order derivatives; symmetry of mixed partial derivatives (assumed continuous). Taylor’s theorem. The mean value inequality. Path-connectedness for subsets of Rn; a function having zero derivatives on a path-connected open subset is constant. Definition and examples. *Metrics used in Geometry*. Limits, continuity, balls, neighbourhoods, open and closed sets. The contraction mapping theorem. Applications including the inverse function theorem (proof of continuity of inverse function, statement of differentiability). Picard’s solution of differential equations.
MATH 286: Differential Equations I (3, 0, 3)
Introduction: Methods of deriving Differential Equations. Ordinary Differential Equations of first order. Separable, Homogeneous, Linear, Exact, Integrating factors and methods of isoclines. Linear differential equations of the second order with constant coefficients. Systems of first order equations. Solution of ordinary equations of first order using methods of variation of parameters. Reduction of nth order equation to a system of first order equations
ACTS 262: Mathematics of Finance II (3, 0, 3)
Stochastic interest rate models, Pricing of bonds, shares and property. Duration analysis and immunization. Interest rate derivative securities and their application in asset-liability management. Term Structure: Yield to maturity, Spot rate, Forward rate, Par yield, Factors affecting Term structure. Stochastic approaches to risk management
ENGL 264: Literature in English II (1, 0, 1)
Literature as Poetry: What is a poem, and its characteristics? Difference between a poem and song. The figure of speech and the literary device. Practical Appreciation. Texts to be studied: selected African and English poems. Literature as Drama: What is a play, and its characteristics: Drama and theatre. Shakespeare. The Modern Play. Texts to be studied: One Shakespeare play and one modern African Play
Year 3: Semester 1
MATH 365: Differential Equations II (3, 0, 3)
Existence and Uniqueness of Solution of Differential Equations. Solution of Linear Differential Equations in Series: Legendre’s Equation and Bessel’s Equation. Special Functions: Legendre Polynomials, Bessel Functions, Hermite and Chebychev Polynomials, Laguerre and Hypergeometric functions. Orthogonality. Asymptotic Expansions. The method of Steepest Descent. The method of Stationary Phase. Recurrence Relations. Watson’s Lemma. The Error Function. The Exponential Integral.
MATH 379: Numerical Analysis II (2, 1, 3)
Fixed Points for Functions of Several Variables, Newton’s Method, Quasi-Newton Methods, Steepest Descent Techniques, Homotopy and Continuation Methods, The Conjugate Gradient Method
Euler’s Method, Higher-Order Taylor Methods, Runge-Kutta Methods, Error Control and the Runge-Kutta-Fehlberg Method, Multistep Methods, Variable Step-Size Multistep Methods, Extrapolation Methods, Higher-Order Equations and Systems of Differential Equations, Stability, Stiff Differential Equations
ACTS 361: Stochastic Processes I (3, 0, 3)
Element of Probability theory: Random Experiment, Sample Space and Events. Definition of Stochastic Process, The Classification of States. The simplest example of Stochastic Process: Random walks with and without reflecting/absorbing barriers. Markov Chains: Definition, The Transition Matrix and the Chapman-Kolmogorov Equations;; The Existence and Uniqueness of a Stationary Distribution; Applications, in particular to Bonus Malus Systems, Simulation of Markov Chains.
ACTS 363: Life Contingencies I (3, 0, 3)
Survival models: Lifetime and future lifetime random variables (discrete and continuous), force of mortality, Life Tables: Select, Ultimate and Select Ultimate. Insurance models (discrete and continuous cases).
ACTS 367: Mathematical Corporate Finance I (3, 0, 3)
Utility Theory, Stochastic Dominance, Measures of Investment Risk, Portfolio Theory, Models of Asset Returns, Asset Liability Modelling, Capital Asset Pricing Model, Equilibrium Models, Efficient Market Hypothesis, Introduction to Valuation Options. Modigliani-Miller Theorems and Practical Deviations
STAT 371: Regression Analysis (3, 0, 3)
Basic Concepts of Regression and Correlation Analysis; Correlation Coefficient and Scatter Diagram; Estimation of Parameters of Regression Models by the Least Squares Method, Inferential Analyses on Regression Parameters; Concept of Multi-colinearity and the Use of Qualitative Variables in Regression Models; Residual Analysis for Testing Model Assumptions; Correlation Analysis of Response and Predictor Variables; Use of Statistical Computer Packages (eg. R) for Regression and Correlation Analyses, Interpretation of Results from Statistical Packages.
ACTS 371: Application Development for Actuarial Science (2, 1, 3)
Introduction to the general concept of Graphical User Interface (GUI). Introduction to the concept of Objects, Object Oriented Design (OOD) and Object Oriented Programming (OOP). Unified Modeling Language (UML) Diagrams. Coding of Windows – Based Applications using a language of choice of the instructor. Mini Project. The instructor may use Visual Basic 2005, Visual C#, Visual C++, Java, Python or Delph.
CSM 351: Programming Using C++ (2, 1, 3)
Types and declarations. Pointers, Arrays and Structures. Expressions and Statements. Functions. Namespaces and Exceptions. Source Files and Programs. Classes. Operator Overloading. Derived Class.
Year 3: Semester 2
MATH 366: Partial Differential Equations (3, 0, 3)
The concept of a Partial Differential Equation (PDE). Equation of the First Order, Cauchy Problem, Methods of Characteristics and Lagrange. Classification of Second Order Equations. Laplace and Poisson Equations. Boundary Value Problems, the Sturm-Liouville Problem, Separation of Variables, Properties of Harmonic Functions, Fundamental Solution of Potentials and their Properties, Gauss’ mean value theorem, Green’s Function, Uniqueness Theorems. The Wave and Heat Equations, Method of Eigen functions, Expansions.
ACTS 362: Stochastic Processes II (3, 0, 3)
Review of Poisson and Exponential Distributions. Counting Process, Poisson Process, Markov Jump Processes: Time Homogeneous Markov Jump Process, Time In – Homogeneous Markov Jump Process. Conditional Expectation: Filtration and Adaptedness, Martingales and Martingales Convergence Theorem. Brownian Motion, Diffusion Processes. Ito’s Lemma Stochastic Differential Equations and the Radon-Nikodym Theorem. Levy Process.
ACTS 364: Life Contingencies II (3, 0 , 3)
With Profits insurance Policies, Net Premiums and Net Premium Reserves of insurance policies, Insurance policies with expenses and bonuses introduced, Gross Premiums and Gross Premium Reserves of insurance policies. Multiple-life random variables and their actuarial functions, Policy values and reserves.
ACTS 368: Mathematical Corporate Finance II (3, 0, 3)
Capital Markets, Efficient Capital Markets and Capital Market Structure. Corporate Debt Instruments and Dividend Policy. Mergers and Acquisitions. Introduction to International Corporate Finance.
ACTS 372: Data Analysis (2, 0, 2)
Introduction to R. Summarizing data. Discrete and Continuous Distributions. One-Sample Confidence Intervals and Hypothesis Tests. Two-Sample Inferences. Checking Assumptions. One-Way Analysis of Variance with Multiple Comparisons. Nonparametric Methods. Analysing Categorical Data. Two- Way Contingency Tables. Simple Linear Regression- Transformations, Diagnostics, Influence. Introduction to Multiple Regression.
ACTS 374: Demographic Statistics (3, 0, 3)
Basic fundamental properties of actuarial techniques; International statistical classification of diseases, Injuries and cause of death and birth statistics; Prediction of birth and death rates; Standardization of vital statistics; Measures of fertility and mortality; Define differential mortality; Identify measures of morbidity; Gross and net reproduction rates. Life tables, their importance and interpretation using case study approach. Demographic and health surveys and interrelation of inherent trends; Compare and contrast Age, period and cohort models; Population projection, and discuss their effects upon education and manpower planning; Use of microcomputer to interpret demographic data. Relationship of social security and welfare statistics to those for education, health, employment and housing.
STAT 368: Time Series Analysis (3, 0, 3)
Concepts and components of stochastic time series processes including stationarity and autocorrelation. Time series models including random walk, exponential smoothing, autoregressive, and autoregressive conditionally heteroskedastic. Uses of time series models.
Year 4: Semester 1
ACTS 461: Analysis of Survival Data (3, 0, 3)
The mathematics of survival models. Some examples of parametric survival models. Tabular survival models, estimates from complete and incomplete data samples. Parametric survival models, determining optimal parameters. Maximum likelihood estimators, derivation and properties. Product limit estimators, KaplanMeier and Nelson Aalen. Practical aspects. Statistical models for transfers between multiple states (e.g., alive, ill, dead), the multi-state Markov model, relationship between probabilities of transfer and transition intensities, estimation for the parameters in these models. The binomial and Poisson models of mortality.
ACTS 471: Insurance Law (2, 0, 2)
Definition of insurance; Parties to the contract; Classification of contract of insurance; Nature of the contract of insurance; Insurable interest; Marking of the contract; Offer; Cover note; Acceptance; Principle of good faith; Now-disclosure; Misrepresentation and premium.
ACTS 475: Loss Models (3, 0, 3)
Models for loss severity, Insurance claim number models: the Poisson distribution, the Negative Binomial distribution; parametric models, the effect of policy modifications and tail behaviour. Aggregate claims model, Panjer recursion model, (a, b,0), (a,b,1) and mixed Poisson models; compound Poisson models: the compound Poisson distribution, the individual risk model. Classical ruin theory, Lundberg’s inequality, the adjustment coefficient, reinsurance and ruin.
ACTS 477: Financial Time Series (3, 0, 3)
Introduction to basic statistical methods, visual descriptors, numerical descriptors, simple and multiple regression, and diagnostic checks. Introduction to data analysis using R. Financial returns and their empirical properties. Linear time series models (AR, MA, ARMA, ARIMA). Conditional heteroscedastic models for volatility and modelling (ARCH, GARCH, EGARCH). High frequency data analysis and market microstructure. Value at Risk (VaR), expected shortfall and extreme value theory. Multivariate time series models (Vector AR, Vector ARMA, Multivariate GARCH). Multivariate analysis of financial returns, including pair trading
ACTS 479: Financial Derivatives (3, 0, 3)
Background on financial derivatives; forwards, futures and simple options, swaps; Valuation of derivatives under the binary tree model; Review of Brownian motion; the geometric Brownian motion asset model; Itô's Lemma; change of measure; the martingale representation theorem; The Black-Scholes model; formulae for simple European options; the Black-Scholes PDE; allowing for dividends/currencies; Simple models of the term structure; the Vasicek model, the Cox-Ingersoll-Ross model; Introduction to multi-period asset models and market data: the log-normal model; the Wilkie model.
MATH 473: Mathematical Economics I (3, 0, 3)
Treatment of Microeconomic Theory with a mathematical approach: Theory of Consumer Behaviour, Constrained Optimising Behaviour, The Slutsky Equation, Construction of Utility Number. Theory of the Firm. Constrained Optimising Behaviour. Constant Elasticity of Substitution (CES) production function. Market Equilibrium with Lagged Adjustment and Continuous Adjustment. Multi Market Equilibrium. Pareto Optimality. General Economic Optimization Over Time. Linear Models. Input-Output (I-O) models. Concepts of Linear Programming and Applications.
STAT 451: Sample Survey Theory (3, 0, 3)
Basic Concepts of Sampling; Sampling Techniques: Types of Sampling, Description of Techniques, Mathematical Properties of Estimates and some other Concepts; Ratio and Regression Estimations; Collection of Data: Design of Questionnaire and Data Collection Methods; Errors in Surveys; Students would be required to conduct Surveys on some Socio-economic issues using Sampling Techniques and submit report for assessment.
MAS 261: Principles of Management I (2, 0, 2)
It covers nature and scope of management, managerial functions, organizational theories, goals of business organizations – economic and social responsibilities of management, decision making techniques and influence, the nature and types of organization and their implications for organizational administration.
Year 4: Semester 2
ACTS 470: Project (0, 4, 4)
Students will choose research topics from various areas in Actuarial Science to write on and submit reports as their project works.
ACTS 472: Insurance Law II (2, 0, 2)
Policy: Classification; Form and Contents; Effect of other documents; Parole evidence; Commencement and duration; Cancellation; Alteration; Rectification; Renewal; Lapse and revival; Perils insured against; Exceptions; Conduct of the assured; Assignment of the subject-matter insured; Time loss; Doctrine of Proximate Cause. The Claim: Making a claim; Burden of proof; Settlement of the claim; Payment of the loss. Application of the Proceeds. Assignment of the proceeds reinstatement. Subrogation. Indemnification Allude, Contribution.
ACTS 476: Credibility Theory (3, 0, 3)
Models for future claim amounts for claims that have occurred but are not settled. Estimation of premiums using both claims experience and general information, credibility theory, limited fluctuation, greatest accuracy credibility theory and empirical Bayes method. Bulhman and Bulhman-Straub models. No claims discount (NCD) insurance models. Assessing the effectiveness of NCD schemes. Stable distributions. The use of generalized linear models in life and non-life insurance.
ACTS 478: Accounting and Finance (2, 0, 2)
Personal and corporate taxation, taxation of investments, annual reports and accounts of companies. Structure of company and group accounts, financial and accounting ratios. Forms of equity and debt. Weighted-average cost of capital. Capital budgeting. Investment return on a project.
ACTS 466: Basic Pension Mathematics (3, 0, 3)
The theory and practice of pension plan funding. Assumptions, basic actuarial functions and population theory applied to private pensions. Concepts of normal cost, supplemental liability, unfunded liability arising from individual accrued benefit and projected benefit cost methods
ACTS 474: Operations Research (3, 0, 3)
Mathematical Model building for Management; Linear programming and its application to Transportation and Assignment Problems; Network Analysis; Inventory Control; Queuing Theory Decision Analysis, Game Theory; Non-Linear Optimisation Technique: Methods of Forecasting; Simulation as an Operation Research tool.
ACTS 482: Advanced Models in Inventory (3, 0, 3)
Supply Chain Management including inventory models and management, EOQ models, with constant demand and stochastic demand rates. Quantity discount model and incremental discount model.
MATH 464: Functional Analysis (4, 0, 4)
Topological Vector Spaces. Factor Spaces. Frechet Spaces. Banach Spaces. Hilbert Spaces. Bounded Linear Mappings. Decomposition Theorem. Projections. Dual Space. Baire Category, Banach-Steinhans Theorem. Open Mapping Theorem. Riesz Representation Theorem. Bounded Linear Operators. Adjoint Operators. Closed Graph Theorem.
MATH 474: Mathematical Economics II (3, 0, 3)
Mathematical Treatment of Macro-Economic Theory: Simple model of Income Determination, Consumption and Investment, the Investment Savings(IS) Curve. Monetary Equilibrium, the Liquidity Preference/ Money Profit (LM) Curve. Labour Wages and Price (Inflation) models. Full employment equilibrium models of Income Determination. Aggregate demand and Supply analysis. Balance of Trade (Payments), Model of Income Determination. Dynamic Models of Income Determination. Stabilisation Policy, Comparative Statistics Analysis of Monetary Fiscal Policy, the Harold Domar Growth model, the Neo-classical growth model. Interest Theory.
STAT 452: Design of Experiments (3, 0, 3)
Basic Concepts: Objective, Definitions and Role of Randomisation and Replication; Experiments involving Paired Data. Fixed Effects, Random Effects and Mixed Effects Models. Analysis of Variance (ANOVA). Special Designs: Completely Randomised design (CRD); Assumptions, Randomisation, Multiple comparisons, Estimations of Parameters, Unequal Sample Size; Randomised Complete Block Design (RCBD), Estimation and Effects of Missing Observation, Relative Efficiency; Latin Square and Pair-Wise Orthogonal Latin Square Design. Split-plot Design; Analysis of covariance (ANCOVA); Factorial Experiments, Rules of Calculation of Mean Square and Expected Mean Square and Tests of Significance; Confounding; Fractional Replication; Use of Statistical Computer Packages for Data Analysis.
MAS 262: Principles of Management II (2, 0, 2)
Organizational behaviour/human relations – interpersonal and group processes, the application of concepts, like leadership, motivation, communication, morale, to the management of people and organizations, time management, analysis of causes, of change, managing change, innovation, management control.