Thursday, April 19, 2012

Mathematical modelling of business systems

Specialties continued

As I mentioned before (Specialties) I'm studying math and I will need to choose a specialty. I will get all the regulated math units regardless of my choice, the difference is only in the additional units.

Mathematical modelling of business systems

Today I'll talk about a specialty that would help me get into the business field later in life. It has such additional units:
  1. Investment mathematics: After completing this course, the student should be able to solve problems using the methods of calculating interest,create stock evaluation models and portfolio optimization algorithms, choose the appropriate mathematical models and apply them to real problems, interpret the mathematical model study results.
  2. Game theory: Teaches the student to solve optimization problems in conflict situations, operate in game theory concepts and symbols. Also to master the challenges of a two-person game with pure and mixed strategies, to deal with m x n gambling by using the iterative method, create and solve linear programming problems graphically or by the simplex method.Student should be able to create dual tasks and apply it in gambling, solve problems with the raised gain function. Introduces to heads-up challenges.
  3. Risk theory in business systems:  The main objective is to learn the basic concepts of risk theory and methods, get the basics of business risk modeling.
  4. Applications of Graph Theory: Learn to apply Graph Theory in solving practical problems.
  5. Life insurance mathematics:  Learn to calculate the current and future value of financial flows using the mathematical models of compound interest. Calculate the probabilities of future life expectancy based on analytical principles, life tables and commutation functions. Learn to create the basic equivalency equations for insurance schemes, calculate premiums and reserves by assessing the costs.
  6. The mathematical theory of property insurance: Teaches the student how to use basic statistical methods in calculating property insurance premiums by assessing the risk and using the Bonus-Malus system, as well as reinsurance premiums and reserve funds.
  7. Service system models: Learn to apply the theory of service systems in solving practical problems and their qualitative research.
  8. Financial performance analysis:  Acquire the knowledge of applying financial analysis methods and learn to do a company's financial analysis. Specific objectives: learn to use the basic analysis techniques and methods, know and absorb the management solutions and financial results of peer relationships, evaluate a company's financial status.
  9. Risk management: Teaches the student how to calculate the stochastic current and future probabilistic values of financial flows using stochastic interest models, basic risk- sharing and reinsurance schemes as well as methods of calculating their probabilistic characteristics.
  10. Business process and system modeling: Acquire knowledge of business processes and formal system modeling techniques. Learn to create business processes and systems stimulation models using the aggregate methods andsimulation modeling system ARENA. Learn to create business process and system models when the systems are described in Markov processes.

That pretty much sums it up. If you can relate to this field of work, I'd appreciate your feedback on what I could expect in the future after taking on such a specialty.

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