| Module code | WST 312 |
| Qualification | Undergraduate |
| Faculty | Faculty of Economic and Management Sciences |
| Module content | Definition of a stochastic process. Stationarity. Covariance stationary. Markov property. Random walk. Brownian motion. Markov chains. Chapman-Kolmogorov equations. Recurrent and transient states. First passage time. Occupation times. Markov jump processes. Poisson process. Birth and death processes. Structures of processes. Structure of the time-homogeneous Markov jump process. Applications in insurance. Practical statistical modelling, analysis and simulation using statistical computer packages and the interpretation of the output. |
| Module credits | 18.00 |
| Programmes | |
| Service modules | Faculty of Economic and Management Sciences Faculty of Natural and Agricultural Sciences |
| Prerequisites | WST 211, WST 221, WTW 211 GS and WTW 218 GS |
| Contact time | 1 practical per week, 2 lectures per week |
| Language of tuition | Module is presented in English |
| Academic organisation | Statistics |
| Period of presentation | Semester 1 |
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