Gold Coast, Australia
Area of Study
Taught In English
Course Level Recommendations
ISA offers course level recommendations in an effort to facilitate the determination of course levels by credential evaluators.We advice each institution to have their own credentials evaluator make the final decision regrading course levels.
Recommended U.S. Semester Credits3 - 4
Recommended U.S. Quarter Units4.5 - 6
Hours & Credits
This subject develops mathematical and statistical skills necessary for subsequent quantitative subjects in Actuarial Sciences. The development of the mathematical and statistical foundations includes applications of calculus, probability, discrete and continuous random variables, moment generating functions, sampling distributions, hypothesis testing, application of the central limit theorem to large sample inference and data analytics. The R statistical computing package is used as an integral part of the program.Learning Objectives1. Understand different types of data and produce appropriate graphical and numerical descriptive statistics2. Understand and apply probability rules and concepts relating to discrete and continuous random variables3. Understand the concept of expectation, variance and moment generating functions for the discrete distributions such as Binomial and Poisson and the continuous distributions such as uniform, exponential and Normal4. Understand the importance of the Central Limit Theorem (CLT) and its uses and applications; judging appropriate conditions for its application; use the CLT to find probabilities associated with a range of values for a sample average and sample size determination5. Perform and interpret a variety of hypothesis tests for decision making6. Develop the basic data analytics skills7. Use statistical package R most frequently used by practitioners to analyse the data
Courses and course hours of instruction are subject to change.
Eligibility for courses may be subject to a placement exam and/or pre-requisites.
Credits earned vary according to the policies of the students' home institutions. According to ISA policy and possible visa requirements, students must maintain full-time enrollment status, as determined by their home institutions, for the duration of the program.