pdc121207-5.1.1 revised university of windsor program...

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PDC121207-5.1.1 REVISED

University of Windsor Program Development Committee

5.1.1 Master of Actuarial Science - New Course Proposals Item for: Approval MOTION: That the following course addition be made*:

69-501. Probability for Risk and Actuarial Science 69-502. Financial Mathematics, Theory of Interest 69-503. Derivatives Markets I 69-504. Derivatives Markets II 69-505. Life Contingencies I 69-506. Life Contingencies II 69-507. Special Topics in Actuarial Science 69-510. Microeconomics 69-511. Macroeconomics

69-520. Regression and Time Series

*Subject to approval of the expenditures required. Rationale/Approvals: § These new course proposals are being developed for the proposed Master in Actuarial Science (cost-

recovery) program. § The course have been been approved by the Mathematics and Statistics Departmental Council, the

Faculty of Science Coordinating Council, the Faculty of Graduate Studies Council and, the Provost. § See attached.

PROGRAM DEVELOPMENT COMMITTEE NEW COURSE PROPOSALS

FORM “D”

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TITLE OF THE PROGRAM/CERTIFICATE: Master of Actuarial Science DEPARTMENT/SCHOOL: Mathematics and Statistics FACULTY: Science Proposed change(s) effective as of: Fall 2013 1. NEW COURSE PROFILE Course # and Title: 69-501. Probability for Risk and Actuarial Science Calendar Description Calendar descriptions should be written in the third person and should provide a general outline of the course material. Where appropriate, examples of topics or themes, which might be covered in the course, should also be provided. Topics include discrete and continuous probability univariate and multivariate distributions, conditional and marginal distributions, moments, generating functions, transformation of random variables, order statistics, and the central limit theorem. Course is restricted to students in Master of Actuarial Science. (Prerequisite: Integral Calculus.) Other Course Information Please complete the following tables. Credit weight

Total contact hours

Delivery format Breakdown of contact hours/week

In-class e-learning

Distance

Other flexible learning delivery [please specify]

Lecture Tutorial Lab. Co-op/ practicum

3 48 Yes 3 1 Pre-requisites

Co-requisites

Anti-requisites

Cross-listed with:

Required course

Optional course

Replacing old course*** [provide old course number]

Integral Calculus

Yes

***Replacing Old Course (this does not mean that the former course will be deleted from the calendar. If it is to be deleted, a Form E must be completed.) Will students be able to obtain credit for the new course and the course(s) that it is replacing? 2. RATIONALE Course Goal(s) Please provide a statement about the purpose of the course within the program of study or as an option.

This course prepares students for the Society of Actuaries Exam P in probability and is a compulsory course in the proposed Master of Actuarial Science. Insurance and pensions and health costs are based on risk and uncertainty. Probability is the basic language of risk. LEARNING OUTCOMES Please complete the following table. State the specific learning outcomes that make up the goal of the course (what will students know and be able to do at the end of this course?) and link the learning outcomes to the Characteristics of a University of Windsor Graduate outlined in “To Greater Heights” by listing them in the


FORM “D”

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appropriate rows. Please note that a learning outcome may link to more than one of the specified Characteristics of a University of Windsor Graduate, and that a single course may not touch on each of the Characteristics. Each University of Windsor program should produce graduates that are able to demonstrate each of the nine characteristics approved in To Greater Heights. Information on learning outcomes is appended to this form (Appendix A). The information is also on the PDC Website or through the University Secretariat. Proposers are also strongly encouraged to contact the Office of the Vice-Provost, Teaching and Learning for assistance with the articulation of learning outcomes.

Learning Outcomes (see Appendix A for more on learning outcomes) At the end of this course, the successful student will know and be able to:

Characteristics of a University of Windsor Graduate

A U of Windsor graduate will have the ability to demonstrate:

- Define probability terminology and know methods and major properties of probability - identify independent, dependent and conditional structures in real life situations.

A. the acquisition, application and integration of knowledge

- Assemble probability models and collect appropriate material from the internet for the purpose of formulating solutions. - modify existing models and compare results.

B. research skills, including the ability to define problems and access, retrieve and evaluate information (information literacy)

- Translate a verbally described situation into a mathematical probability problem and propose potential solutions.

C. critical thinking and problem-solving skills

- Interpret complex numerical and verbally descriptive probability problems and present descriptions and solutions in an orderly, logical and coherent manner.

D. literacy and numeracy skills

- Describe the ethical implications of inaccurate probability evaluations - assemble and interpret data to recognize changing trends.

E. responsible behaviour to self, others and society

- Verbally express solutions of probability problems in both mathematical and non-mathematical terms.

F. interpersonal and communications skills

- Formulate and organize with others as a team in presentation of solutions.

G. teamwork, and personal and group leadership skills

- Describe the subtleties and power and beauty of the mathematical techniques needed for probability theory - describe elegant solutions to complex problems.

H. creativity and aesthetic appreciation

- Recognize the need to remain current in the discipline. I. the ability and desire for continuous learning


FORM “D”

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Demand for Course Please provide as much information on projected enrolment as possible. In providing this information, proposers are encouraged to complete the table below.

Projected enrolment levels for the first 5 years of the new course.

Year 1 Year 2 Year 3 Year 4 Year 5

15 20 20 20 20

What will be the impact, of offering the new course, on enrolments in existing courses in the program or department?

None. Student Workload Provide information on the expected workload per week of a student enrolled in this course. NOTE: Student workload should be consistent with the credit weight assigned to the course.

Average number of hours per week that the student will be expected to devote to: 3 Lectures 1 Tutorials Labs Practical experience Independent Study 2 Reading for the course 2 Work for assessment (essays, papers, projects, laboratory work) 1 Meeting with others for group work/project assignments 4 Studying for tests/examinations Other: [specify] How does the student workload for this course compare with other similar courses in the department/program area? Slightly above average. In addition, students will be devoting approximately 4 hours to prepare/study for an external examination.

RESOURCES AVAILABLE Faculty and Staff What are the faculty and staff resources (including all faculty and staff from affected areas/departments) currently available and committed to actively support the new course?

There are many available regular and sessional faculty in the Department of Mathematics and Statistics who have knowledge of this material and who have taught similar courses. Other Resources What are the resources currently available and committed to actively support the new course (including library, teaching and learning support, space, equipment, facilities, GA/TAs, etc.)?

Library and computing facilities are available for students. Quality classroom space and computer support should be provided. Tutorial and exam proctor assistance are needed.


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Reliance on Resources from Another Area/Unit Will the new course rely on existing resources of another campus unit (e.g., faculty teaching, equipment or facilities outside proposer’s control or use of existing equipment within the proposer’s control with maintenance and upgrading requirements specified)? Please elaborate and provide relevant details.

This course does not need resources from other areas. REALLOCATION OF RESOURCES AND COST-SAVINGS In reviewing the resources required to offer the new course, what opportunities for internal reallocation of resources and cost-savings have been identified and pursued by the area/department (e.g., streamlining existing courses, deleting courses)?

As a new and separately administered course, there are no cost savings. ADDITIONAL RESOURCES REQUIRED Faculty and Staff What additional faculty and staff resources (including faculty/staff resources required by all affected areas/departments) are required to offer the new course?

This course would be taught by regular faculty or by qualified sessional faculty. GA/TAs What additional GA/TA resources (including GA/TA resources required by all affected areas/departments) are required to offer the new course?

N/A Library What additional library resources (including library resources required by all affected areas/departments) are required to offer the new course?

Some manuals for preparation for the Society of Actuaries professional examinations should be added to the library and placed on reserve. Teaching and Learning Support What additional teaching and learning support resources (including teaching and learning support resources required by all affected areas/departments) are required to offer the new course?

Some access to computer facilities is necessary. Space and Facilities What additional space and facility resources (including space and facility resources required by all affected areas/departments) are required to offer the new course?

A classroom with chalk boards and computer projection equipment and study space is needed. Equipment What additional equipment (including equipment resources required by all affected areas/departments) is required to offer the new course?

Computer and projector equipment in classrooms. .


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2. NEW COURSE PROFILE Course # and Title: 69-502. Financial Mathematics, Theory of Interest Calendar descriptions should be written in the third person and should provide a general outline of the course material. Where appropriate, examples of topics or themes, which might be covered in the course, should also be provided. Topics include interest rates, force of interest, equations of value, annuities, amortization, bonds, cash flows, yield, rate of return, term structure, forward interest rates, spot rates, duration, convexity, immunization,. Course is restricted to students in the Master of Actuarial Science program. Other Course Information Please complete the following tables. Credit weight

Total contact hours


In-class e-learning

Distance



3 48 Yes 3 1 Pre-requisites

Co-requisites

Anti-requisites

Cross-listed with:

Required course

Optional course


Integral Calculus

Yes


This course and 69-503 prepare students for Society of Actuaries Exam FM in financial mathematics. Investments and interest rates are essential to the understanding of any pension fund. Such knowledge is essential to actuaries. LEARNING OUTCOMES Please complete the following table. State the specific learning outcomes that make up the goal of the course (what will students know and be able to do at the end of this course?) and link the learning outcomes to the Characteristics of a University of Windsor Graduate outlined in “To Greater Heights” by listing them in the appropriate rows. Please note that a learning outcome may link to more than one of the specified Characteristics of a University of Windsor Graduate, and that a single course may not touch on each of the Characteristics.Each University of Windsor program should produce graduates that are able to demonstrate each of the nine characteristics approved in To Greater Heights. Information on learning outcomes is appended to this form (Appendix A). The information is also on the PDC


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Website or through the University Secretariat. Proposers are also strongly encouraged to contact the Office of the Vice-Provost, Teaching and Learning for assistance with the articulation of learning outcomes.




- Define terms in financial mathematics and interest and know methods and major properties of interest, bonds, loans, investment portfolios. - identify and apply appropriate legal requirements as they relate to financial mathematics.


- Recognize different types of investment strategies, and be able to analyze new types of investment.


- Employ mathematical finance tools to predict outcomes that have effects on insurance rates, health insurance, and pension funds. - create and use mathematical finance models.


- Interpret numerical and textual representations of problems, including problems related to interest rates and their effect, and investment problems


- Describe the ethical implications of predicting investment outcomes based on interest rate and stock evaluations.


- Communicate orally and in writing the implications of changes in interest rates and investment strategies.




- Create novel or new mathematical solutions to problems in interest and investments.


- Recognise that the world’s economy is continually changing and describe the need for continuous learning.

I. the ability and desire for continuous learning




15 20 20 20 20



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Average number of hours per week that the student will be expected to devote to: 3 Lectures 1 Tutorials Labs Practical experience Independent Study 2 Reading for the course 2 Work for assessment (essays, papers, projects, laboratory work) 1 Meeting with others for group work/project assignments 4 Studying for tests/examinations Other: [specify] How does the student workload for this course compare with other similar courses in the department/program area? Slightly above average. In addition, students will be devoting approximately 4 hours to prepare/study for an external examination.


Regular faculty or sessional faculty are capable of presenting the material. Other Resources What are the resources currently available and committed to actively support the new course (including library, teaching and learning support, space, equipment, facilities, GA/TAs, etc.)?

Library and computing facilities are available for students. Some study space may be needed. Reliance on Resources from Another Area/Unit Will the new course rely on existing resources of another campus unit (e.g., faculty teaching, equipment or facilities outside proposer’s control or use of existing equipment within the proposer’s control with maintenance and upgrading requirements specified)? Please elaborate and provide relevant details.

This course does not require resources from other areas. REALLOCATION OF RESOURCES AND COST-SAVINGS In reviewing the resources required to offer the new course, what opportunities for internal reallocation of resources and cost-savings have been identified and pursued by the area/department (e.g., streamlining existing courses, deleting courses)?

As a new and separately administered course, there is no cost saving.


FORM “D”

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ADDITIONAL RESOURCES REQUIRED Faculty and Staff What additional faculty and staff resources (including faculty/staff resources required by all affected areas/departments) are required to offer the new course?

This course would be taught by regular faculty or by highly qualified sessionals on contract. GA/TAs What additional GA/TA resources (including GA/TA resources required by all affected areas/departments) are required to offer the new course?



None. Space and Facilities What additional space and facility resources (including space and facility resources required by all affected areas/departments) are required to offer the new course?

Classrooms and study space are needed. Access to computer facilities is necessary. Equipment What additional equipment (including equipment resources required by all affected areas/departments) is required to offer the new course?

None.


FORM “D”

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3. NEW COURSE PROFILE Course # and Title: 69-503 Derivatives Markets I Calendar descriptions should be written in the third person and should provide a general outline of the course material. Where appropriate, examples of topics or themes, which might be covered in the course, should also be provided. Topics include financial derivatives, short selling, European and American options, hedging, arbitrage, forwards, futures, swaps, bond price models, binomial model. Course is restricted to students in the Master of Actuarial Science program. Prerequisite: 69-501, 69-502. Other Course Information Please complete the following tables. Credit weight

Total contact hours


In-class e-learning

Distance



3 36 Yes 3 Pre-requisites

Co-requisites

Anti-requisites

Cross-listed with:

Required course

Optional course


69-502 Yes ***Replacing Old Course (this does not mean that the former course will be deleted from the calendar. If it is to be deleted, a Form E must be completed.) Will students be able to obtain credit for the new course and the course(s) that it is replacing? 4. RATIONALE Course Goal(s) Please provide a statement about the purpose of the course within the program of study or as an option.

This course and 69-502 prepare students for Society of Actuaries Exam FM in financial mathematics, and together with 69-504 prepares students for Society of Actuaries Exam MFE in financial economics. Knowledge of financial derivatives is important for modern investments. Such knowledge is valuable to actuaries. LEARNING OUTCOMES Please complete the following table. State the specific learning outcomes that make up the goal of the course (what will students know and be able to do at the end of this course?) and link the learning outcomes to the Characteristics of a University of Windsor Graduate outlined in “To Greater Heights” by listing them in the appropriate rows. Please note that a learning outcome may link to more than one of the specified Characteristics of a University of Windsor Graduate, and that a single course may not touch on each of the Characteristics.Each University of Windsor program should produce graduates that are able to demonstrate each of the nine characteristics approved in To Greater Heights. Information on learning outcomes is appended to this form (Appendix A). The information is also on the PDC Website or through the University Secretariat. Proposers are also strongly encouraged to contact the Office of the Vice-Provost, Teaching and Learning for assistance with the articulation of learning outcomes.


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- Define terms in financial economics and derivative markets. and know methods and major properties of financial derivatives - describe and apply financial derivative models


- Recognize insurance and risk models - create new models to control risk


- Employ mathematical finance tools to study risk and the effects of investment strategies.


- Interpret numerical and textual representations of problems, including problems related to risk and investment strategies - solve mathematical problems related to risk.


- Describe the ethical implications and risks in different investment strategies.


- Communicate risk considerations from specialized investment strategies in written and oral formats




- Develop creative or novel mathematical solutions of problems in risk and investments including options, forwards and futures.


- Recognise that the world’s economy is continually changing and describe the need for continuous learning.





15 20 20 20 20


None.


FORM “D”

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Student Workload Provide information on the expected workload per week of a student enrolled in this course. NOTE: Student workload should be consistent with the credit weight assigned to the course.

Average number of hours per week that the student will be expected to devote to: 3 Lectures Tutorials Labs Practical experience Independent Study 2 Reading for the course 2 Work for assessment (essays, papers, projects, laboratory work) 1 Meeting with others for group work/project assignments 4 Studying for tests/examinations Other: [specify] How does the student workload for this course compare with other similar courses in the department/program area? Slightly above average. In addition, students will be devoting approximately 4 hours to prepare/study for an external examination.





As a new and separately administered course, there is no cost saving. ADDITIONAL RESOURCES REQUIRED Faculty and Staff


FORM “D”

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What additional faculty and staff resources (including faculty/staff resources required by all affected areas/departments) are required to offer the new course?

This course would be taught by regular faculty or by sessionals on contract. GA/TAs What additional GA/TA resources (including GA/TA resources required by all affected areas/departments) are required to offer the new course?





None.


FORM “D”

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4. NEW COURSE PROFILE Course # and Title: 69-504 Derivatives Markets II Calendar descriptions should be written in the third person and should provide a general outline of the course material. Where appropriate, examples of topics or themes, which might be covered in the course, should also be provided. Topics include Black Scholes option pricing, exotic options, Brownian motion, Ito integrals. Stochastic models. Course is restricted to students in the Master of Actuarial Science program. Prerequisite: 69-503. Other Course Information Please complete the following tables. Credit weight

Total contact hours


In-class e-learning

Distance




Co-requisites

Anti-requisites

Cross-listed with:

Required course

Optional course



This course and 69-503 prepare students for Society of Actuaries Exam MFE in financial economics. Knowledge of advanced pricing theory, Brownian motion models, and Ito’s lemma are important for advanced stock market analyses. Such knowledge is valuable to actuaries. LEARNING OUTCOMES Please complete the following table. State the specific learning outcomes that make up the goal of the course (what will students know and be able to do at the end of this course?) and link the learning outcomes to the Characteristics of a University of Windsor Graduate outlined in “To Greater Heights” by listing them in the appropriate rows. Please note that a learning outcome may link to more than one of the specified Characteristics of a University of Windsor Graduate, and that a single course may not touch on each of the Characteristics. Each University of Windsor program should produce graduates that are able to demonstrate each of the nine characteristics approved in To Greater Heights. Information on learning outcomes is appended to this form (Appendix A). The information is also on the PDC


FORM “D”

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Website or through the University Secretariat. Proposers are also strongly encouraged to contact the Office of the Vice-Provost, Teaching and Learning for assistance with the articulation of learning outcomes.




- Define terms in financial economics, derivative markets - describe Brownian motion models - apply concepts such as the Black-Scholes equations


- Analyze option pricing models and stock pricing models - find and utilise government regulations to prepare informed analyses


- Employ stochastic mathematical tools to study the effects of options and stock models - solve related mathematical problems


- Interpret investment strategies that are described numerically and in text.


- Describe the ethical implications and risks in different investment strategies


- Communicate specialized investment strategies in written and oral formats.


- Organize with others as a team to formulate and present solutions.


- Show creativity in proposing mathematical solutions of problems in stochastic calculus.


Describe the need for continuous learning with the recognition that the world’s economy is continually changing. -describe personal goals for learning development





15 20 20 20 20


None.


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As a new and separately administered course, there is no cost saving. ADDITIONAL RESOURCES REQUIRED


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Faculty and Staff What additional faculty and staff resources (including faculty/staff resources required by all affected areas/departments) are required to offer the new course?

This course would be taught by regular faculty or by sessionals on contract. GA/TAs What additional GA/TA resources (including GA/TA resources required by all affected areas/departments) are required to offer the new course?





None.


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5. NEW COURSE PROFILE Course # and Title: 69-505 Life Contingencies I Calendar descriptions should be written in the third person and should provide a general outline of the course material. Where appropriate, examples of topics or themes, which might be covered in the course, should also be provided. Topics include life contingencies, survival distributions and life tables, life annuities, net premiums, premium reserves. Course is restricted to students in the Master of Actuarial Science program. Prerequisite: 69-502. Other Course Information Please complete the following tables. Credit weight

Total contact hours


In-class e-learning

Distance




Co-requisites

Anti-requisites

Cross-listed with:

Required course

Optional course



This course together with 69-506 prepares students for Society of Actuaries Exam MLC (Models of Life contingencies). Knowledge of this area is a basic subject for actuaries. LEARNING OUTCOMES Please complete the following table. State the specific learning outcomes that make up the goal of the course (what will students know and be able to do at the end of this course?) and link the learning outcomes to the Characteristics of a University of Windsor Graduate outlined in “To Greater Heights” by listing them in the appropriate rows. Please note that a learning outcome may link to more than one of the specified Characteristics of a University of Windsor Graduate, and that a single course may not touch on each of the Characteristics.Each University of Windsor program should produce graduates that are able to demonstrate each of the nine characteristics approved in To Greater Heights. Information on learning outcomes is appended to this form (Appendix A). The information is also on the PDC Website or through the University Secretariat. Proposers are also strongly encouraged to contact the Office


FORM “D”

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of the Vice-Provost, Teaching and Learning for assistance with the articulation of learning outcomes. Learning Outcomes (see Appendix A for more on learning outcomes) At the end of this course, the successful student will know and be able to:



- Define terms related to life contingencies - use and apply survival distributions and life tables, life annuities, net premiums and premium reserves.


- Analyze life contingencies models - update and interpret life tables.


- Employ mathematical tools to study life contingencies - propose and implement models to describe survival distributions - propose courses of action to address relative risks based on analysis of life contingencies


- Interpret numerical and textual representations of problems, including problems related to life contingencies and survival distributions.


- Recognize and describe the importance to society of life contingencies in insurance and pensions. - recognise the importance of accuracy/validity of models developed for the decision-making process


- Communicate complex concepts related to life contingencies to a range of audiences, both verbally and in writing.


- Work with others as a team in presentation of solutions. G. teamwork, and personal and group

leadership skills

- Develop creative solutions to mathematical problems related to life contingencies.


Describe the need for continuous learning with the recognition that the world’s economy is continually changing -describe personal goals for learning development.





15 20 20 20 20


None.


FORM “D”

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FORM “D”

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This course would be taught by regular faculty or by sessional faculty on contract. GA/TAs What additional GA/TA resources (including GA/TA resources required by all affected areas/departments) are required to offer the new course?





None.


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6. NEW COURSE PROFILE Course # and Title: 69-506 Life Contingencies II Calendar descriptions should be written in the third person and should provide a general outline of the course material. Where appropriate, examples of topics or themes, which might be covered in the course, should also be provided. This course builds on the foundational life contingencies knowledge developed in 69-505 and extends into advanced topics in the field. Topics include advanced life contingencies, risk theory, survival models, construction of mortality tables. Course is restricted to students in the Master of Actuarial Science program. Prerequisite: 69-505. Other Course Information Please complete the following tables. Credit weight

Total contact hours


In-class e-learning

Distance




Co-requisites

Anti-requisites

Cross-listed with:

Required course

Optional course



This course and 69-505 prepare students for Society of Actuaries Exam MLC (Models in Life contingencies). Knowledge of this area is a basic subject for actuaries. LEARNING OUTCOMES Please complete the following table. State the specific learning outcomes that make up the goal of the course (what will students know and be able to do at the end of this course?) and link the learning outcomes to the Characteristics of a University of Windsor Graduate outlined in “To Greater Heights” by listing them in the appropriate rows. Please note that a learning outcome may link to more than one of the specified Characteristics of a University of Windsor Graduate, and that a single course may not touch on each of the Characteristics.Each University of Windsor program should produce graduates that are able to demonstrate each of the nine characteristics approved in To Greater Heights. Information on learning outcomes is appended to this form (Appendix A). The information is also on the PDC Website or through the University Secretariat. Proposers are also strongly encouraged to contact the Office


FORM “D”

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of the Vice-Provost, Teaching and Learning for assistance with the articulation of learning outcomes. Learning Outcomes (see Appendix A for more on learning outcomes) At the end of this course, the successful student will know and be able to:



- Define terms related to advanced life contingencies - use and apply survival distributions and life tables, life annuities, net premiums and premium reserves.


- Analyze advanced life contingencies models


- Employ mathematical tools to study advanced life contingencies - propose and implement models to describe survival distributions - propose courses of action to address relative risks based on analysis of life contingencies


- Interpret numerical and textual representations of problems, including problems related to life contingencies and survival distributions.


- Recognize and describe the importance to society of life contingencies in insurance and pensions. - recognise the importance of accuracy/validity of models developed for the decision-making process.


- Communicate complex concepts related to advanced life contingencies to a range of audiences, both verbally and in writing.



leadership skills

- Develop creative solutions to mathematical problems related to advanced life contingencies.







15 20 20 20 20


None.


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None.


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7. NEW COURSE PROFILE Course # and Title: 69-507 Special Topics in Actuarial Science Calendar descriptions should be written in the third person and should provide a general outline of the course material. Where appropriate, examples of topics or themes, which might be covered in the course, should also be provided. This course allows students to select and explore in depth relevant topics of interest. Topics selected may include areas such as: loss models (severity models, frequency models, aggregate models, losses, risk measures, empirical models, parametric models, failure time, loss distributions), Bayesian analysis, simulation, etc. Course is restricted to students in the Master of Actuarial Science program. Prerequisite: 69-501. Other Course Information Please complete the following tables. Credit weight

Total contact hours


In-class e-learning

Distance




Co-requisites

Anti-requisites

Cross-listed with:

Required course

Optional course



This course prepares students for part of the Society of Actuaries Exam C in Construction of Actuarial Models. Advanced mathematical statistical methods are studied. LEARNING OUTCOMES Please complete the following table. State the specific learning outcomes that make up the goal of the course (what will students know and be able to do at the end of this course?) and link the learning outcomes to the Characteristics of a University of Windsor Graduate outlined in “To Greater Heights” by listing them in the appropriate rows. Please note that a learning outcome may link to more than one of the specified Characteristics of a University of Windsor Graduate, and that a single course may not touch on each of the Characteristics.Each University of Windsor program should produce graduates that are able to demonstrate each of the nine characteristics


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approved in To Greater Heights. Information on learning outcomes is appended to this form (Appendix A). The information is also on the PDC Website or through the University Secretariat. Proposers are also strongly encouraged to contact the Office of the Vice-Provost, Teaching and Learning for assistance with the articulation of learning outcomes.

Learning Outcomes (loss models: could differ for other topics) (see Appendix A for more on learning outcomes) At the end of this course, the successful student will know and be able to:



-Recognize classes of distributions and their relationships. -describe how changes in parameters affect the distribution.


- Compute relevant parameters and statistics for collective risk models.


-Employ mathematical tools to study loss models. -critically evaluate the output of loss models


-Interpret mathematical loss models -Use large datasets to inform and create models -Interpret text-based descriptions of loss models and other data-driven models.


- Evaluate the impacts of coverage modifications on deductibles, limits and coinsurance.


- Communicate complex concepts related to advanced statistical modeling and loss models, both verbally and in writing.



leadership skills

- Develop creative mathematical solutions to problems in loss models.


-Describe the need for continuous learning in statistical methodology with the recognition that new techniques are being developed at a rapid pace -describe personal goals for learning development.





15 20 20 20 20


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Library and computing facilities are available for students. Some study space may be needed. GA/TA assistance should not be necessary. Reliance on Resources from Another Area/Unit Will the new course rely on existing resources of another campus unit (e.g., faculty teaching, equipment or facilities outside proposer’s control or use of existing equipment within the proposer’s control with maintenance and upgrading requirements specified)? Please elaborate and provide relevant details.

This course does not require resources from other areas.


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REALLOCATION OF RESOURCES AND COST-SAVINGS In reviewing the resources required to offer the new course, what opportunities for internal reallocation of resources and cost-savings have been identified and pursued by the area/department (e.g., streamlining existing courses, deleting courses)?

As a new and separately administered course, there is no cost saving. ADDITIONAL RESOURCES REQUIRED Faculty and Staff What additional faculty and staff resources (including faculty/staff resources required by all affected areas/departments) are required to offer the new course?


GA/TA assistance is needed for labs and for grading. Library What additional library resources (including library resources required by all affected areas/departments) are required to offer the new course?




None.


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8.NEW COURSE PROFILE Course # and Title: 69-510 Microeconomics Calendar Description Calendar descriptions should be written in the third person and should provide a general outline of the course material. Where appropriate, examples of topics or themes, which might be covered in the course, should also be provided. This course provides an introduction to microeconomics, including the tools necessary to begin to understand and evaluate how resources are allocated in a market economy. Specific topics include how markets function, theories of the business firm, of consumer behaviour and of income distribution, supply and demand, the economic roles of labour unions and government. This course is restricted to students in the Master of Actuarial Science program. Other Course Information Please complete the following tables. Credit weight

Total contact hours


In-class e-learning

Distance




Co-requisites

Anti-requisites

Cross-listed with:

Required course

Optional course


Integral Calculus

Yes


This course satisfies half of the Society of Actuaries VEE (verification by educational equivalent) requirement for economics. Students learn about the market behaviour of individuals and business and the interaction between buyers and sellers. LEARNING OUTCOMES Please complete the following table. State the specific learning outcomes that make up the goal of the course (what will students know and be able to do at the end of this course?) and link the learning outcomes to the Characteristics of a University of Windsor Graduate outlined in “To Greater Heights” by listing them in the appropriate rows. Please note that a learning outcome may link to more than one of the specified Characteristics of a University


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of Windsor Graduate, and that a single course may not touch on each of the Characteristics. Each University of Windsor program should produce graduates that are able to demonstrate each of the nine characteristics approved in To Greater Heights. Information on learning outcomes is appended to this form (Appendix A). The information is also on the PDC Website or through the University Secretariat. Proposers are also strongly encouraged to contact the Office of the Vice-Provost, Teaching and Learning for assistance with the articulation of learning outcomes.




-Describe how financial markets function -describe how equilibrium market prices are determined -describe how consumer behaviour and income distribution impact on markets -describe and apply the concept of supply and demand, -describe the economic roles of labour unions and government


Apply microeconomics theory to situations including insurance and pensions - use graphical methods to analyse and solve economics problems


-Analyse the economic implications of world events and propose business strategies to cope with these. -Critically evaluate and discuss national and international events from an economic point of view -Analyse consumer behaviour from an economic viewpoint


-Interpret textual, verbal and mathematical scenarios to set up and solve mathematical models related to economic problems .


-Describe the ethical impacts of economic decision making -act ethically in decision making about consumer and business economic behaviour.


-Communicate concepts of economics in written and oral formats -discuss national and international events from an economic point of view.


G. teamwork, and personal and group

leadership skills

-Creatively consider counterintuitive economic strategies -apply methods from seemingly unrelated areas to economics in a global context.




Demand for Course Please provide as much information on projected enrolment as possible. In providing this information,


FORM “D”

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proposers are encouraged to complete the table below.



15 20 20 20 20



Average number of hours per week that the student will be expected to devote to: 3 Lectures Tutorials Labs Practical experience 2 Independent Study 2 Reading for the course 2 Work for assessment (essays, papers, projects, laboratory work) Meeting with others for group work/project assignments 3 Studying for tests/examinations Other: [specify] How does the student workload for this course compare with other similar courses in the department/program area? Average or slightly below average. In addition, students will be devoting approximately 4 hours to prepare/study for an external examination.


This course will require faculty or sessionals from the Department of Economics. There are many such individuals who have knowledge of this material and who have taught similar courses. Other Resources What are the resources currently available and committed to actively support the new course (including library, teaching and learning support, space, equipment, facilities, GA/TAs, etc.)?

Library and computing facilities are available for students. Space should be provided. Reliance on Resources from Another Area/Unit Will the new course rely on existing resources of another campus unit (e.g., faculty teaching, equipment or facilities outside proposer’s control or use of existing equipment within the proposer’s control with maintenance and upgrading requirements specified)? Please elaborate and provide relevant details.

Regular or sessional faculty from Economics would be needed.


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REALLOCATION OF RESOURCES AND COST-SAVINGS In reviewing the resources required to offer the new course, what opportunities for internal reallocation of resources and cost-savings have been identified and pursued by the area/department (e.g., streamlining existing courses, deleting courses)?

As a new and separately administered course, there are no cost saving. ADDITIONAL RESOURCES REQUIRED Faculty and Staff What additional faculty and staff resources (including faculty/staff resources required by all affected areas/departments) are required to offer the new course?

This course would be taught by regular faculty or by highly qualified sessional instructors on contract. GA/TAs What additional GA/TA resources (including GA/TA resources required by all affected areas/departments) are required to offer the new course?


None. Teaching and Learning Support What additional teaching and learning support resources (including teaching and learning support resources required by all affected areas/departments) are required to offer the new course?

Access to computer facilities is necessary. Space and Facilities What additional space and facility resources (including space and facility resources required by all affected areas/departments) are required to offer the new course?

Classroom and study space is needed. Equipment What additional equipment (including equipment resources required by all affected areas/departments) is required to offer the new course?

None.


FORM “D”

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9. NEW COURSE PROFILE Course # and Title: 69-511 Macroeconomics Calendar Description Calendar descriptions should be written in the third person and should provide a general outline of the course material. Where appropriate, examples of topics or themes, which might be covered in the course, should also be provided. This course provides an introduction to macroeconomics with an emphasis on measuring and explaining economic aggregates such as the GDP and the level of prices and employment. Topics include the role of money and financial institutions, the impact of international trade, the policy options available to governments for coping with inflation and unemployment. This course is restricted to students in the Master of Actuarial Science program. Prerequisite: 69-510. Other Course Information Please complete the following tables. Credit weight

Total contact hours


In-class e-learning

Distance




Co-requisites

Anti-requisites

Cross-listed with:

Required course

Optional course



This course, together with 69-510, satisfies the Society of Actuaries VEE (verification by educational equivalent) requirement for economics. Students learn about the structure of public sector finances in an industrial economy. LEARNING OUTCOMES Please complete the following table. State the specific learning outcomes that make up the goal of the course (what will students know and be able to do at the end of this course?) and link the learning outcomes to the Characteristics of a University of Windsor Graduate outlined in “To Greater Heights” by listing them in the appropriate rows. Please note that a learning outcome may link to more than one of the specified Characteristics of a University of Windsor Graduate, and that a single course may not touch on each of the Characteristics.Each University


FORM “D”

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of Windsor program should produce graduates that are able to demonstrate each of the nine characteristics approved in To Greater Heights. Information on learning outcomes is appended to this form (Appendix A). The information is also on the PDC Website or through the University Secretariat. Proposers are also strongly encouraged to contact the Office of the Vice-Provost, Teaching and Learning for assistance with the articulation of learning outcomes.




-Analyse and describe the structure of public sector finances in an industrialized economy -define macroeconomic terms, -analyse and describe monetary policy, including the effects of interest rates, inflation, exchange rates, international trade, and government monetary policy. -describe the role of money and financial institutions in macroeconomics


-Apply macroeconomic theories to monetary policy -evaluate the impact of international trade.


-Critically appraise the economic implications of world events and evaluate government strategies to cope with these. -Critically discuss national and international events from an economic point of view -evaluating economic methods.


-Interpret textual, verbal and mathematical scenarios to set up and solve mathematical models related to economic problems.


-Describe the ethical implications of economic policy and applications of it to the business world -act ethically in decision making about consumer and business economic behaviour.


-Communicate effectively in oral and written formats about complex issues in economics


G. teamwork, and personal and group

leadership skills

-Describe the difficulty and sensitivity of government economic policies that can be applied to stabilize economic growth and inflation.


-Describe the need for continuous learning with the recognition that the world’s economy is continually changing -describe personal goals for learning development.



FORM “D”

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15 20 20 20 20



Average number of hours per week that the student will be expected to devote to: 3 Lectures Tutorials Labs Practical experience Independent Study 2 Reading for the course 2 Work for assessment (essays, papers, projects, laboratory work) 2 Meeting with others for group work/project assignments 3 Studying for tests/examinations Other: [specify] How does the student workload for this course compare with other similar courses in the department/program area? Average or slightly below average. In addition, students will be devoting approximately 4 hours to prepare/study for an external examination.


This course will require regular or sessional faculty from the Department of Economics. There are many such individuals who have knowledge of this material and who have taught similar courses. Other Resources What are the resources currently available and committed to actively support the new course (including library, teaching and learning support, space, equipment, facilities, GA/TAs, etc.)?

Library access and computer access are needed for students. Space should be provided.


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Reliance on Resources from Another Area/Unit Will the new course rely on existing resources of another campus unit (e.g., faculty teaching, equipment or facilities outside proposer’s control or use of existing equipment within the proposer’s control with maintenance and upgrading requirements specified)? Please elaborate and provide relevant details.

Regular or sessional faculty from Economics would be needed. REALLOCATION OF RESOURCES AND COST-SAVINGS In reviewing the resources required to offer the new course, what opportunities for internal reallocation of resources and cost-savings have been identified and pursued by the area/department (e.g., streamlining existing courses, deleting courses)?

As a new and separately administered course, there are no cost saving. ADDITIONAL RESOURCES REQUIRED Faculty and Staff What additional faculty and staff resources (including faculty/staff resources required by all affected areas/departments) are required to offer the new course?

This course would be taught by regular faculty or by highly qualified sessional instructors on overload. GA/TAs What additional GA/TA resources (including GA/TA resources required by all affected areas/departments) are required to offer the new course?

None. Library What additional library resources (including library resources required by all affected areas/departments) are required to offer the new course?

None. Teaching and Learning Support What additional teaching and learning support resources (including teaching and learning support resources required by all affected areas/departments) are required to offer the new course?

Access to computer facilities is necessary. Space and Facilities What additional space and facility resources (including space and facility resources required by all affected areas/departments) are required to offer the new course?

Classroom and study space is needed. Equipment What additional equipment (including equipment resources required by all affected areas/departments) is required to offer the new course?

None.


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10. NEW COURSE PROFILE

Course # and Title: 69-520 Regression and Time Series Calendar descriptions should be written in the third person and should provide a general outline of the course material. Where appropriate, examples of topics or themes, which might be covered in the course, should also be provided. This course introduces regression and time series analyses. Topics include multiple linear regression, least squares, model fitting, estimation, testing, matrix formulation, indicator variables, logistic regression, residual analysis, prediction intervals, times series, autoregressive models, moving average models, ARIMA models, fitting models, estimation and forecasting. Course is restricted to students in the Master of Actuarial Science program. Prerequisite: 69-501. Other Course Information Please complete the following tables. Credit weight

Total contact hours


In-class e-learning

Distance




Co-requisites

Anti-requisites

Cross-listed with:

Required course

Optional course


69-501 Yes ***Replacing Old Course (this does not mean that the former course will be deleted from the calendar. If it is to be deleted, a Form E must be completed.) Will students be able to obtain credit for the new course and the course(s) that it is replacing? RATIONALE Course Goal(s) Please provide a statement about the purpose of the course within the program of study or as an option.

This course satisfies the VEE (verification by educational equivalent) requirement of the SOA (Society of Actuaries) and gives students two of the most important applied statistics techniques which should be of use to actuaries. LEARNING OUTCOMES Please complete the following table. State the specific learning outcomes that make up the goal of the course (what will students know and be able to do at the end of this course?) and link the learning outcomes to the Characteristics of a University of Windsor Graduate outlined in “To Greater Heights” by listing them in the appropriate rows. Please note that a learning outcome may link to more than one of the specified Characteristics of a University of Windsor Graduate, and that a single course may not touch on each of the Characteristics.Each University of Windsor program should produce graduates that are able to demonstrate each of the nine characteristics


FORM “D”

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approved in To Greater Heights. Information on learning outcomes is appended to this form (Appendix A). The information is also on the PDC Website or through the University Secretariat. Proposers are also strongly encouraged to contact the Office of the Vice-Provost, Teaching and Learning for assistance with the articulation of learning outcomes.




Define terminology in regression and time series models -apply techniques used to formulate and estimate regression and time series models. -discuss and describe assumptions of various modeling approaches including multiple linear regression, least squares, model fitting, estimation, testing, matrix formulation, indicator variables, logistic regression, residual analysis, prediction intervals, times series, autoregressive models, moving average models, ARIMA models, fitting models, estimation and forecasting. -apply statistical software such as R, EXCEL, and SAS


-Apply regression and time series models in standard and nonstandard ways.


-Recognize situations in which regression and time series models are appropriate. -define and apply regression and times series models to a range of data -interpret the output of regression and time series models and apply it to decision-making.


-Interpret textual, verbal and mathematical scenarios to set up and solve mathematical models related to regression and time series -interpret and describe output from statistical software for regression and time series models


-Recognize the limitations of regression and time series models so that they are applied outside their observed domain only with great care.


--Communicate concepts of regression and time series in written and oral formats -discuss regression and time series model parameters and explain their implications.



Show creativity in mathematical application of regression and time series models



FORM “D”

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-Describe the need for continuous learning with the recognition that the new statistical methods are continually improving -describe personal goals for learning development.





15 20 20 20 20



Average number of hours per week that the student will be expected to devote to: 3 Lectures Tutorials Labs Practical experience 3 Independent Study 2 Reading for the course 2 Work for assessment (essays, papers, projects, laboratory work) Meeting with others for group work/project assignments 4 Studying for tests/examinations Other: [specify] How does the student workload for this course compare with other similar courses in the department/program area? Slightly above average (since two topics are covered in one course). In addition, students will be devoting approximately 4 hours to prepare/study for an external examination.


Regular or sessional faculty are capable of presenting the material.


FORM “D”

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Other Resources What are the resources currently available and committed to actively support the new course (including library, teaching and learning support, space, equipment, facilities, GA/TAs, etc.)?

Library and computer facilities are available for students. Some study space may be needed. Reliance on Resources from Another Area/Unit Will the new course rely on existing resources of another campus unit (e.g., faculty teaching, equipment or facilities outside proposer’s control or use of existing equipment within the proposer’s control with maintenance and upgrading requirements specified)? Please elaborate and provide relevant details.


As a new and separately administered course, there is no cost saving. ADDITIONAL RESOURCES REQUIRED Faculty and Staff What additional faculty and staff resources (including faculty/staff resources required by all affected areas/departments) are required to offer the new course?

This course would be taught by regular faculty or by sessionals on contract, from the Department of Mathematics and Statistics. GA/TAs What additional GA/TA resources (including GA/TA resources required by all affected areas/departments) are required to offer the new course?

Library What additional library resources (including library resources required by all affected areas/departments) are required to offer the new course?

None needed. Teaching and Learning Support What additional teaching and learning support resources (including teaching and learning support resources required by all affected areas/departments) are required to offer the new course?

Statistical computer packages should be maintained and updated. Space and Facilities What additional space and facility resources (including space and facility resources required by all affected areas/departments) are required to offer the new course?


None.

pdc121207-5.1.1 revised university of windsor program...

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