F71SM - Statistical Methods
Course leader(s):
Aims
This course aims to provide postgraduate students with broad knowledge of the principal areas of mathematical statistics and statistical methods widely used in actuarial science and finance.
Syllabus
1. Data summaries (1.1 Descriptive statistics, graphs)
2. Probability (2.1 Random variables, special distributions, multivariate distributions and linear combinations)
3. Sampling distributions (3.1 Central limit theorem, t and F distributions)
4. Estimation (4.1 Properties of estimators, methods of constructing estimators, interval estimation)
5. Hypothesis testing (5.1 Statistical tests)
6. Linear relationships (6.1 Regression and correlation)
Learning outcomes
By the end of the course, students should be able to do the following:
- perform basic probability calculations, including those related to conditional probability and Bayes theorem.
- determine moments and expected values of random variables and functions of random variables, including with the use of generating functions.
- determine properties of estimators, including efficiency, Cramer-Rao lower bound, large sample distributions of maximum likelihood estimators.
- perform inference on parameter estimates, including constructing confidence intervals and testing hypotheses on the values of model parameters.
- apply linear regression methodology, including testing of hypotheses concerning relevant regression and correlation coefficients.
- apply appropriate software tools in the computational aspects of the learning outcomes given above, including parameter estimation, hypothesis testing and regression analysis.
- employ communication and report writing skills for presenting results on matters relating to the use of statistical methods data to a variety of audiences.
Further details
Curriculum explorer: Click here
SCQF Level: 11
Credits: 15
