Credit Units:	3
Duration:	45hours
Prerequisites:	Grade B or above in STA1001 Mathematics and Statistics or with the Instructor’s permission and upon endorsement of the relevant Chairperson and Programme Director

This module aims to develop knowledge of the fundamental probability tools for quantitatively assessing risk. It has been designed for students who are mostly interested in the applications of probability to risk management in vital modern areas such as insurance, finance, economics, and health sciences. The application of these tools to problems encountered in actuarial science is emphasised.

Upon completion of this module, students should be able to:

1. apply counting rules to solve simple probability problems;
   
   


2. apply probability rules to solve complex probability problems;
   
   


3. identify and apply the probability distributions of discrete random variables;
   
   


4. identify and apply the probability distributions of continuous random variables; and
   
   


5. identify and apply the multivariate distributions of discrete and continuous random variables.