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This actuarial science course covers introductory probability theory that can be applied to risk management. Topics covered include an introductory examination of descriptive statistics of data sets, the interpretation of histograms, and the development and application of discrete probability models commonly used to model business risk. This course is intended to familiarize learners with the material covered on Exam P from the Society of Actuaries, also known as exam 1 for the Casualty Actuarial Society.
Actuarial work involves modeling future contingent events that are uncertain in terms of timing, frequency and severity. Understanding the central tendency of a contingency and its possible distribution is critical for an actuary to help individuals and institutions manage risk. This course starts with a brief discussion of data analysis, focusing on the central tendency and distribution of data. Introductory probability concepts are introduced next. The course concludes with a study of discrete probability models with an eye toward actuarial application.
Those enrolled in Probability for Actuaries: Introduction to Discrete Distributions will learn to: