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25 September 2009 School of Economics 1 Information Session on Second Major in Applied Statistics (APS) Prepared by Kwong Koon Shing.

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25 September 2009 School of Economics 1 Information Session on Second Major in Applied Statistics (APS) Prepared by Kwong Koon Shing

25 September 2009School of Economics2 What does a statistician do? collect data collect data analyze data analyze data draw practical conclusion from data draw practical conclusion from data Examples of a career in statistics actuary actuary biostatistician biostatistician quality control statistician quality control statistician government statistician government statistician market research statistician market research statistician risk analyst risk analyst university professor university professor

25 September 2009School of Economics3 Examples of statistics applied on real-life problems Establish the model to predict the impact of H1N1 outbreaks in Singapore (stochastic modeling) Establish the model to predict the impact of H1N1 outbreaks in Singapore (stochastic modeling) Determine the Singapore Consumer Price Index (sampling) Determine the Singapore Consumer Price Index (sampling) Estimate the Singapore aging population (estimation) Estimate the Singapore aging population (estimation) Statistics used in courtroom (hypothesis testing) Statistics used in courtroom (hypothesis testing) Reduce junk mail using data mining techniques (decision analysis & hypothesis testing) Reduce junk mail using data mining techniques (decision analysis & hypothesis testing) Determine the randomness in the Singapore stock market (time series & regression) Determine the randomness in the Singapore stock market (time series & regression) Set up an experiment for testing the safety of a new toy (experimental design) Set up an experiment for testing the safety of a new toy (experimental design) Apply in business process improvement by using six sigma technique (statistical quality control) Apply in business process improvement by using six sigma technique (statistical quality control) Assess the credit risk of debtor (risk analysis) Assess the credit risk of debtor (risk analysis) Discourage gambling (probability theory) Discourage gambling (probability theory)

25 September 2009School of Economics4 What skills are need Quantitative: statistics and mathematics Quantitative: statistics and mathematics Problem solving technique: analysis, organizing and managing projects Problem solving technique: analysis, organizing and managing projects Communication: verbal, written, and teamwork Communication: verbal, written, and teamwork Computing: use of statistical software and programming Computing: use of statistical software and programming Knowledge of other discipline: for practical applications Knowledge of other discipline: for practical applications

25 September 2009School of Economics5 Important changes in the statistics major Practice Associate Professor Kwong Koon Shing was appointed as the chairman of Statistics Committee in the School of Economics on 22 July 2009 Practice Associate Professor Kwong Koon Shing was appointed as the chairman of Statistics Committee in the School of Economics on 22 July 2009 Second major in Business Statistics is changed to second major in Applied Statistics (APS) Second major in Business Statistics is changed to second major in Applied Statistics (APS) The curriculum of the major has been revamped The curriculum of the major has been revamped

25 September 2009School of Economics6 Second major in Applied Statistics (APS) Objectives of APS to equip students with quantitative skills with a firm foundation in statistical theory to equip students with quantitative skills with a firm foundation in statistical theory to enhance the understanding of how statistics is applied in real life issues to enhance the understanding of how statistics is applied in real life issues

25 September 2009School of Economics7 Number of compulsory courses reduced to 2 Introductory Statistics (STAT101) or Introduction to Statistical Theory (STAT151) Introductory Statistics (STAT101) or Introduction to Statistical Theory (STAT151) Probability Theory and Applications (STAT201) Probability Theory and Applications (STAT201) (no minimum grade requirement of STAT101 for taking STAT201) (no minimum grade requirement of STAT101 for taking STAT201)

25 September 2009School of Economics8 Classify the elective courses into two categories Take any three courses in the Methodology Category: Take any three courses in the Methodology Category: Survey Methods (STAT204) Survey Methods (STAT204) Computational Statistics (STAT205) Computational Statistics (STAT205) Applied Stochastic Models (STAT306) Applied Stochastic Models (STAT306) Applied Regression Methods (STAT312) Applied Regression Methods (STAT312) Intermediate Mathematics for Economics (ECON205) Intermediate Mathematics for Economics (ECON205) Economic Forecasting (ECON233) Economic Forecasting (ECON233) Other approved courses Other approved courses Take any three courses in the Application Category: Take any three courses in the Application Category: Applied Econometrics (ECON107) Applied Econometrics (ECON107) Intermediate Econometrics (ECON207) Intermediate Econometrics (ECON207) Financial Econometrics (ECON221) Financial Econometrics (ECON221) Life Contingent Risks (STAT310) Life Contingent Risks (STAT310) Risk Theory and Loss Models (STAT311) Risk Theory and Loss Models (STAT311) Quantitative Risk Analysis (STAT313) Quantitative Risk Analysis (STAT313) Investment and Financial Data Analysis (QF302) Investment and Financial Data Analysis (QF302) Marketing Research (MKTG103) Marketing Research (MKTG103) Other approved courses Other approved courses Courses removed from the old curriculum: Courses removed from the old curriculum: Advanced Mathematical Methods (ECON305) Advanced Mathematical Methods (ECON305) Management Science (OPIM101) Management Science (OPIM101) Financial Mathematics (STAT203) Financial Mathematics (STAT203) Financial Data Analysis (Replaced by ECON233) Financial Data Analysis (Replaced by ECON233)

25 September 2009School of Economics9 How the new curriculum affects you Students who have declared APS major before the changes of curriculum should follow the old curriculum. However, the proposed new list of electives will still applicable to them Students who have declared APS major before the changes of curriculum should follow the old curriculum. However, the proposed new list of electives will still applicable to them Students who declare APS major after the launch of new curriculum should follow the new curriculum Students who declare APS major after the launch of new curriculum should follow the new curriculum

25 September 2009School of Economics10 Time frame to phase in the new courses Term 1, 2009/2010 Applied Regression Methods (STAT312) Applied Regression Methods (STAT312) Economic Forecasting (ECON233) Economic Forecasting (ECON233) Term 2, 2009/2010 (subject to change and depend on demand) Applied Stochastic Models (STAT306) Applied Stochastic Models (STAT306) 2010/2011 (subject to change and depend on the demand) 2010/2011 (subject to change and depend on the demand) Economic Forecasting (ECON233) Economic Forecasting (ECON233) Quantitative Risk Analysis (STAT313) Quantitative Risk Analysis (STAT313) Applied Regression Methods (STAT312) or/and Computational Statistics (STAT205) or/and Survey Methods (STAT204) Applied Regression Methods (STAT312) or/and Computational Statistics (STAT205) or/and Survey Methods (STAT204)

25 September 2009School of Economics11 New APS website and flyers Updated information of curriculum is now available in the new APS major website Updated information of curriculum is now available in the new APS major website New statistics major flyers are distributed on campus to promote and introduce the new curriculum New statistics major flyers are distributed on campus to promote and introduce the new curriculum

25 September 2009 School of Economics 12 The End Thanks

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