Fri Sep 23 15:02:19 2011
| Approvals Received: |
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| Approvals Pending: | College/Dean > Catalog > PeopleSoft Manual Entry | |
| Effective Status: | Active | |
| Effective Term: | 1123 - Spring 2012 | |
| Course: | MATH 4067 | |
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Institution: Campus: |
UMNTC - Twin Cities UMNTC - Twin Cities |
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| Career: | UGRD | |
| College: | TIOT - College of Science and Engineering | |
| Department: | 11133 - Mathematics, Sch of | |
| General | ||
| Course Title Short: | Actuarial Math in Practice | |
| Course Title Long: | Actuarial Mathematics in Practice | |
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Max-Min Credits for Course: |
3.0 to 3.0 credit(s) | |
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Catalog Description: |
In this course students are exposed to real world actuarial problems that require integration of mathematical skills with knowledge from other disciplines such as economics, statistics and finance. Communication and interpersonal skills are enhanced by teamwork and presentations to the practitioner actuaries who co-instruct the course. | |
| Print in Catalog?: | Yes | |
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CCE Catalog Description: |
<no text provided> | |
| Grading Basis: | A-F only | |
| Topics Course: | No | |
| Honors Course: | No | |
| Delivery Mode(s): | Classroom | |
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Instructor Contact Hours: |
3.0 hours per week | |
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Years most frequently offered: |
Every academic year | |
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Term(s) most frequently offered: |
Spring | |
| Component 1: |
LEC (no final exam) |
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Auto-Enroll Course: |
No | |
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Graded Component: |
LEC | |
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Academic Progress Units: |
Not allowed to bypass limits. 3.0 credit(s) |
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Financial Aid Progress Units: |
Not allowed to bypass limits. 3.0 credit(s) |
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Repetition of Course: |
Repetition not allowed. | |
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Course Prerequisites for Catalog: |
4065, ECON 1101, ECON 1102, ACCT 2050 | |
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Course Equivalency: |
No course equivalencies | |
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Consent Requirement: |
Department | |
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Enforced Prerequisites: (course-based or non-course-based) |
MATH 4065 | |
| Editor Comments: | <no text provided> | |
| Proposal Changes: | <no text provided> | |
| History Information: | <no text provided> | |
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Faculty Sponsor Name: |
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Faculty Sponsor E-mail Address: |
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| Student Learning Outcomes | ||
| Student Learning Outcomes: |
* Student in the course:
- Can identify, define, and solve problems
Please explain briefly how this outcome will be addressed in the course. Give brief examples of class work related to the outcome. Throughout the course, students will be introduced to various actuarial projects, such as: 1) How does a possible coverage by a health insurance policy of newly FDA approved drugs (or new treatments / diagnostic tools) affect existing premiums and costs to the insurance company? Is coverage recommended and at what effect on policy's price? 2) What are the factors that most greatly influence the estimate of the reserve that is needed to be held for unpaid claims for car/home insurance line? The students need to define the quantities of interest that should be estimated, to identify the critical parameters that play a crucial role in the estimation process and to come up with a recommendation based on their research and analysis. Most problems are specifically posed in a not well defined manner to encourage students to deal with real-world problems that arise in the actuarial industry. How will you assess the students' learning related to this outcome? Give brief examples of how class work related to the outcome will be evaluated. Students will be assessed on a variety of factors: 1) Clear statement of the problem 2) Identification of the key parameters to be examined 3) Explanation of the rationale behind model assumptions - 4) Quality of research / analysis 5) Clarity of presentation (oral or written) - Can locate and critically evaluate information Please explain briefly how this outcome will be addressed in the course. Give brief examples of class work related to the outcome. When introduced to a project, students will not be given all the information they need to solve the problem (as in real life) so they will need to look for the relevant information. Students will be directed to a variety of resources and familiarize themselves to the various types of available data types. All of the actuarial problems the students will be assigned will require usage of external sources of data, not all of it relevant to the specific problem of interest. Available data should be critically examined in order to make reasonable assumptions and develop an acceptable solution to the problems. How will you assess the students' learning related to this outcome? Give brief examples of how class work related to the outcome will be evaluated. Students will need to perform an extensive search for information/data and use it carefully in the context of the specific problem. They will be asked to give a convincing rationale for why/how they believe the data they found is valid, what are its limitations and what effect this data have on the overall solution of the problem. - Can communicate effectively Please explain briefly how this outcome will be addressed in the course. Give brief examples of class work related to the outcome. In this course students work in small teams on four three-week projects that originate from various actuarial fields of practice. Throughout the course students are required to compose various types of written documents to record their working process as well as to consolidate and communicate their conclusions and recommendations. As a part of each project, students are required to submit one report prepared by the entire team and one individual report. In addition, throughout the course of each project, each team prepares a PowerPoint presentation in which their analysis and recommendations are summarized. An important component of communication is inter-personal communication that is addressed by having the students work in teams (that are set by the instructors). Students will work together with their teammates on each project and summarize their analysis and recommendation in the form of an oral presentation to be presented to the entire class and the "management" (i.e., the visiting actuaries who are leading the module) How will you assess the students' learning related to this outcome? Give brief examples of how class work related to the outcome will be evaluated. Both group and individual reports are assessed through feedback and through grade. A specific attention is paid to clarity. Presentations are assessed by the instructors through grade and feedback. Students in the audience are required to provide with feedback as well. Presentations are assessed by over all organization, clarity and timing. The quality of short Q&A session will be assessed as well. Communication within teams will be assessed by other teammates. |
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| Liberal Education | ||
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Requirement this course fulfills: |
None | |
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Other requirement this course fulfills: |
None | |
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Criteria for Core Courses: |
Describe how the course meets the specific bullet points for the proposed core
requirement. Give concrete and detailed examples for the course syllabus, detailed
outline, laboratory material, student projects, or other instructional materials or method.
Core courses must meet the following requirements:
<no text provided> |
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Criteria for Theme Courses: |
Describe how the course meets the specific bullet points for the proposed theme
requirement. Give concrete and detailed examples for the course syllabus, detailed outline,
laboratory material, student projects, or other instructional materials or methods. Theme courses have the common goal of cultivating in students a number of habits of mind:
<no text provided> |
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| Writing Intensive | ||
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Propose this course as Writing Intensive curriculum: |
No | |
| Question 1 (see CWB Requirement 1): |
How do writing assignments and writing instruction further the learning objectives
of this course and how is writing integrated into the course? Note that the syllabus must
reflect the critical role that writing plays in the course. <no text provided> |
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| Question 2 (see CWB Requirement 2): |
What types of writing (e.g., research papers, problem sets, presentations,
technical documents, lab reports, essays, journaling etc.) will be assigned? Explain how these
assignments meet the requirement that writing be a significant part of the course work, including
details about multi-authored assignments, if any. Include the required length for each writing
assignment and demonstrate how the minimum word count (or its equivalent) for finished writing will
be met. <no text provided> |
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| Question 3 (see CWB Requirement 3): |
How will students' final course grade depend on their writing performance?
What percentage of the course grade will depend on the quality and level of the student's writing
compared to the percentage of the grade that depends on the course content? Note that this information
must also be on the syllabus. <no text provided> |
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| Question 4 (see CWB Requirement 4): |
Indicate which assignment(s) students will be required to revise and resubmit after
feedback from the instructor. Indicate who will be providing the feedback. Include an example of the
assignment instructions you are likely to use for this assignment or assignments. <no text provided> |
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| Question 5 (see CWB Requirement 5): |
What types of writing instruction will be experienced by students? How much class
time will be devoted to explicit writing instruction and at what points in the semester? What types of
writing support and resources will be provided to students? <no text provided> |
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| Question 6 (see CWB Requirement 6): |
If teaching assistants will participate in writing assessment and writing instruction,
explain how will they be trained (e.g. in how to review, grade and respond to student writing) and how will
they be supervised. If the course is taught in multiple sections with multiple faculty (e.g. a capstone
directed studies course), explain how every faculty mentor will ensure that their students will receive
a writing intensive experience. <no text provided> |
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Readme link.
Course Syllabus requirement section begins below
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| Course Syllabus | ||
| Course Syllabus: |
For new courses and courses in which changes in content and/or description and/or credits
are proposed, please provide a syllabus that includes the following information: course goals
and description; format;structure of the course (proposed number of instructor contact
hours per week, student workload effort per week, etc.); topics to be covered; scope and
nature of assigned readings (text, authors, frequency, amount per week); required course
assignments; nature of any student projects; and how students will be
evaluated. The University "Syllabi Policy" can be
found here
The University policy on credits is found under Section 4A of "Standards for Semester Conversion" found here. Course syllabus information will be retained in this system until new syllabus information is entered with the next major course modification. This course syllabus information may not correspond to the course as offered in a particular semester. (Please limit text to about 12 pages. Text copied and pasted from other sources will not retain formatting and special characters might not copy properly.) MATH 4001: Actuarial Mathematics in Practice Spring 2012 Class time & location: Mon (1 academic hour), Wed (2 academic hours). Instruction: Rina Ashkenazi (ashke004@umn.edu) / Laurie Derechin (lderechi@umn.edu) in collaboration with actuaries from local companies. Website: Moodle website Course Description and Goals: This course is designed to expose students to real world actuarial problems in a variety of actuarial segments, where they are required to integrate their mathematical skills with relevant knowledge from other disciplines such as economics, statistics and finance. The course's setting mimics business environment, where students learn a variety of problem solving techniques for uncertain scenarios, are presented with problems and are asked to make decisions or recommendations based on a series of assumptions. Students enhance their communication and interpersonal skills and develop teamwork and leadership by working in teams preset by the instructors. In addition, students will focus on presentation techniques and clear communication of ideas by giving a special attention to the quality of written reports and oral presentation of project solutions, rationale and methodology. Course⿿s format: Week 1 General overview / writing and presentation tools 2-4 Module 1 (Sponsor Company 1) 5-6 Module 2 (Sponsor Company 2) 7 mid-course discussion, feedback, writing and presentation 8-11 Module 3 (Sponsor Company 3) 12-14 Module 4 (Sponsor Company 4) 15 Course summary, feedback, evaluations Week 1 will be devoted to a general overview of the course, goals expectation from students, as well as a first tutorial to presentation. The teams will be set. The general format of a three-week module: Week 1: Overview of a specific actuarial segment (such as Life Insurance, Health insurance, Property Casualty, etc.) and a set up of the project by the visiting actuaries. Teams start working on projects - instructors and visiting actuaries are present in class for assistance/guidance, if needed. Week 2: Team-work sessions with instructors and visiting actuaries. Week 3: Teams work on presentations or reports / Four of the teams present to the instructors, instructing actuaries and students. Week 7 will be devoted to enhancement of writing / presentation skills and sharpening analytical and computational modeling tools. Week 15 will be devoted to a review of tools that have been used in class across the various projects, further discussions, feedback and evaluations. Teams: 8 teams have been selected by the instructors. You will be on the same team for the entire semester. Attendance: Attendance in all class meetings is mandatory and necessary to passing the class. Grading: Grading is determined by the following weights: Written reports - 4x10% = 40% Presentation (team) - 2x10% = 20% Presentation (individual) - 2x5%=10% Report (team) - 2x5%=10% In class participation - 10% Peer evaluation - 10% Written reports: During each module students will write different documents that describe and report the working process of their team. Each student will be responsible for one document each module and will be graded individually (10% per document). Presentation: You will be given the chance to present the results of one of your projects before the "project board" consisting of the primary instructors and the instructing actuaries from the module's sponsoring company. The non-presenting students from all other teams are expected to be a critical audience. Your team is expected to develop a PowerPoint presentation to be given on the last class of a specific module. Each team will present twice during the course. The presentation should be 15 minutes long, with additional 5-7 minutes Q & A session. The presentation is evaluated as a team project (15% per presentation), and in addition each presenting student will be evaluated individually (10% per presentation). Report: Each team that does not present during a module needs to submit a short report that summarizes the main course of final decision making / recommendation for the project, including the sources and reliability of data, working assumptions, model, analysis and results (5% per module that is not presented). In-class participation: Each class will have opportunities for students to participate, either by active interaction within teams, or by participation in the plenary class sessions. Peer evaluation: Students will get feedback from their teammates through peer evaluation. This important feedback will give students an insight on how they operate as part of a team and how their actions are viewed by their peers. |
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Readme link.
Strategic Objectives & Consultation section begins below
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| Strategic Objectives & Consultation | ||
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Name of Department Chair Approver: |
<no text provided> | |
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Strategic Objectives - Curricular Objectives: |
How does adding this course improve the overall curricular objectives ofthe unit? <no text provided> |
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Strategic Objectives - Core Curriculum: |
Does the unit consider this course to be part of its core curriculum? <no text provided> |
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Strategic Objectives - Consultation with Other Units: |
In order to prevent course overlap and to inform other departments of new
curriculum, circulate proposal to chairs in relevant units and follow-up with direct
consultation. Please summarize response from units consulted and include correspondence. By
consultation with other units, the information about a new course is more widely disseminated
and can have a positive impact on enrollments. The consultation can be as simple as an
email to the department chair informing them of the course and asking for any feedback
from the faculty. <no text provided> |
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