The Department of Statistics conducts the Degree Program Industrial Statistics & Mathematical Finance jointly with the Department of Mathematics for a direct intake of 60 students since 2006.

Level I Course Units

SemesterCourse ModuleCreditsHours
Sem I
IS1001Basic Statistics in Business1
IS1002Introduction to Probability & Distributions2
IS1003Elementary Data Analysis2
FM1001 Financial Mathematics2
FM1002Mathematical Methods for Finance I2
FM1003Calculus I2
MS1001Principles of Management1
MS1002 Linear Programming2
Sem II
IS1004Introduction to Statistical Modelling1
IS1005Statistical Computing2
IS1006Introduction to Economics2
FM1004Mathematical Economics2
FM1005Linear Algebra2
MS1003Operational Research I2
MS1004Computing For Finance1

Level II Course Units

SemesterCourse ModuleCreditsHours
Sem I
IS2001 Introduction to Survey Designs115L
IS2002Statistical Case studies-I130P
IS2005Statistical Inference230L
FM2001Computational Financial Mathematics I215L,30P
FM2002Actuarial Mathematics I230L
FM2003Calculus II230L
MS2001Statistical Quality Control230L
MS2002Quantitative Methods230L
Sem II
IS2003Design and Analysis of Industrial Experiments230L
ST2003Non-Parametric Methods230L
IS2004Statistical Case studies-II260P
FM2004Mathematical Methods for Finance II230L
FM2005Computational Financial Mathematical II230L
MS2003Qualitative Methods115L
MS2004Introduction to Marketing Research115L

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Level III Course Units

SemesterCourse ModuleCreditsHours
Sem I
IS3001Sampling Techniques230L
IS3002Regression Analysis230L
IS3003Computer Intensive Statistical Methods230L
FM3001Mathematical Programming in Finance330L,30P
FM3002Actuarial Mathematics II345L
MS3001Introduction to Game Theory345L
MS3002Advanced Marketing Research115L
MS3003Operational Research II230L
Sem II
IS3004Applied Multivariate Methods230L
IS3005Generalised Linear Models230L
IS3006Time Series Modelling230L
FM3003Calculus III230L
FM3004Numerical Methods for Finance230L
MS3004Econometrics230L
MS3005Introduction to Management Accounting230L

Note : Students must select core courses (x) from at least 3 subjects out of the 4 subjects avilable within each steam. AM core courses are compulsory for all students.


IS 1001 – Basic Statistics in Business (15L, 1C)
Dependencies: None
Syllabus:
Descriptive Statistics with more emphasis on business applications: Types of data; scales of measurement; data summarization: frequency table, cum. frequency table, histogram, bar chart, pie chart, percentiles, quartiles, 5 –number summary, Box plot, outliers; measures of location; measures of dispersion, skewness, kurtosis, Z-score.
Evaluation Criteria:End-of-semester examination

Suggested Readings:
Brief course in Business Statistics by William Mendenhall, Robert BeaverStatistics for Business and Economics (9e) by Anderson, Sweeney & William


IS 1002 – Introduction to Probability & Distributions (30L, 2C)
Dependencies:
None
Syllabus:
Basic concepts of probability, probability definitions; counting rules, probability rules, conditional probability, independence, probability theorems, One dimensional random variables; discrete and continuous distributions, expected value, variance, associated theorems, moment generating function. Some common probability distributions, central limit theorem with applications.
Distributions of functions of random variables, relationships between distributions; two –dimensional random variables: joint distribution (discrete, continuous), marginal and conditional distributions, independence, Bivariate normal distribution, covariance, correlation, conditional expectation, expectation of functions of random variables; bivariate transformations.
Evaluation Criteria:End-of-semester examination
Suggested Readings:
Statistical Inference (2e) by Cassella & Berger


IS1003 – Elementary Data Analysis
Dependencies:None
Syllabus:
Train students in elementary data analysis using descriptive statistics, Data Management and analysis using a basic software package.
Assessment: Continuous assessments
Suggested Readings: Data Analysis with Excel – An Introduction for Physical Scientists by Les Kirkup


IS 1004 – Introduction to Statistical Modelling (15L, 1C)
Dependencies:None
Syllabus:
Introduction to statistical modelling, Linear and Non-linear relationships, Time related Models.
Evaluation Criteria:End-of-semester examination
Suggested Readings:
An Introduction to Generalised Linear Models (2e) by A.J. Dobson


IS 1005 – Statistical Computing (15L, 30P, 2C)
Dependencies:None
Syllabus:
Introduction to SPSS for Windows, Reading Data, Cross Tabulations and Recoding, Creating new variables, Conditional Computes, Sampling cases, Numerical and Graphical summaries. Basic statistical analysis using SPSS.
Introduction to R package: manipulation and management of data in the R environment, summarising data numerically and graphically, Basic statistical analysis using R, functions, iterations, and conditions in R
Evaluation Criteria:
Continuous assessments
Suggested Readings:
Data Analysis and graphics using R: an example-based approach – By John Maindonald and John Braun Statistical Modelling and Computing by DR. Nick Fieller


IS 1006 – Introduction to Economics (30L, 2C)
Dependencies:
None
Syllabus:
Definition of Micro and Macro Economics. Basic Macro Economic Concepts, Gross Domestic Product, Gross National Product, Per Capita Income, Balance of Payment and Inflation. Demand and Supply for a Product and their determinants, Elasticity of Demand and Supply. Production and cost Functions of a Firm, Marginal Analysis, Investment and Risk Analysis, Evaluation of Investment Projects. Macroeconomic issues, alternative macroeconomic theories; and fiscal and monetary policies. Equivalent Theory of individual economic behaviour; price determination; market structures; labour, capital and natural resource markets; international economics.
Evaluation Criteria:
End-of-semester examination (80%), Continuous assessments (20%)
Suggested Readings:
Samuelson and Nordhaus, “Economics”, 16 th Edition, 1998, Irwin McGraw-Hill. Maurice and Thomas, “Managerial Economics”, 2001, Irwin McGraw-Hill.


FM 1001 – Financial Mathematics (20L, 20P, 2C)
Dependencies:
None
Syllabus:
Accumulation function, simple and compound interest, present values, discounting; interest rates in discrete and continuous time. Basic annuities: introduction, annuity – immediate/due, perpetuities. More general annuities: annuities payable less/more frequently than interest is convertible, continuous/basic varying annuities, general/continuous varying annuities. Yield rates: discounted cash flow analysis, yield rate, reinvestment rate, capital budgeting, borrowing/lending models.
Evaluation Criteria:
End of semester examination


FM 1002 – Mathematical Methods for Finance I (30L, 2C)
Dependencies:
None
Syllabus:
Expected learning outcomes: Fundamentals of Mathematical methods in the sense of financial applications
Introduction, Ordinary Differential Equations with examples in financial applications (first order ordinary differential equations: Differentials, Classical solution methods, second order constant coefficient ordinary differential equations). Introduction to first and second order constant coefficient difference equations, classical solution methods, application in finance.
Eigenvalues / Eigenvectors, Diagonalization, Solving systems of linear difference equations.
Evaluation Criteria:
End of semester examination


FM 1003 – Calculus I (30L, 2C)
Dependencies:
None
Syllabus:
Functions of real variable: Real numbers and intervals; Polynomial, Rational and Trigonometric functions; Composite functions; Graphs of functions Limit and continuity: Algebra of limits, One sided limits, Continuity, Intermediate value theorem and Absolute Maxima and Minima (without proof) ; Infinite limits. Differentiation: Tangent line and derivative, Differentiability and continuity, Rates of change, Rules for sums, products, quotients and trigonometric functions, Chain rule, Higher order derivatives and implicit differentiation.
Applications of differentiation: Differentials and linear approximations, Rolle’s theorem, Mean value theorem and L’Hospital rule (without proof). Monotonic functions, Critical points and their nature, Curve sketching, Optimisation, Applications in Business and Economics.
Evaluation Criteria:
End of semester examination


FM 1004 – Mathematical Economics (30L, 2C)
Dependencies:
None
Syllabus:
Introduction to Economics, Role of mathematics in economics, General study of demand, supply and equilibrium.
Static analysis of market models and selected macro economic models. Effect of taxation on static market models. Dynamic analysis in continuous and discrete time of market models and selected macro economic models. Effect of taxation on dynamic market models. Elasticity and other economic concepts: elasticity of demand and supply – point and cross elasticities. Analysis of single product functions and joint products functions { cost, revenue, profit, etc}. Consumer’s and Producer’s surpluses. Optimisation of single product functions and joint products functions { cost, revenue and profit functions}. Utility functions: introduction, derivation, maximizing with and without budget constraints ; derivation of demand functions, marginal rate of substitution, indifference curves and contract curves (Edgeworth box).
Evaluation Criteria:
End of semester examination


FM 1005 – Linear Algebra (30L, 2C)
Dependencies:
None
Syllabus:
Sets and relations ; set operations, equivalence relation, partial order, order. Vectors and Matrices; Rank, Range, Nullspace, Linear equations. Vector spaces – subspaces, basis and dimension.Linear transformation, change of basis. Inner products ; Orthogonality, Orthogonalization process.
Evaluation Criteria:
End of semester examination


MS1001 – Principles of Management (15L, 1C)
Dependencies:
None
Syllabus:
Concept of Management and evolution of Management thoughts; the scientific management movement and other schools of thoughts that followed. Socio-industrial imperatives for evolution of thoughts. Functional areas of management: planning, organizing, staffing, monitoring and evaluation. Selected new developments in modern management practices.
Evaluation Criteria:
End-of-semester examination (80%), Continuous assessments (20%)
Suggested Readings:
Robbins and DeCenzo, “Fundamentals of Management”, 8h Edition, 1998, Prentice Hall. Donnelley, Gibson and Ivancevich Irwi, “Fundamentals of Management”, 10th Edition, 1998.


MS 1002 – Linear Programming (20L, 20P, 2C)
Dependencies:
None
Syllabus:
Formulation of linear programming problems, Solving 2 variable LP problems using the graphical method. The Simplex algorithm. The Simplex method in matrix notation. The degeneracy and convergence of the Simplex algorithm. Sensitivity and parametric analyses. The Dual Simplex method, Big M method and the Two phase Simplex method.
Evaluation Criteria:
End of semester examination


MS 1003 – Operational Research I (30L, 2C)
Dependencies:
None
Syllabus:
Introduction to Operational Research, Mind Expanding problems, Overview of Linear Programming, Integer Programming and Solution Techniques, Zero-one Programming and solution techniques, Transportation models, Assignment models and their solution techniques.
Evaluation Criteria:
End-of-semester examination (80%), Continuous assessments (20%)
Suggested Readings:
Operational Research an Introduction by Hamdy A. Taha, Introduction to Operations Research by Hillier and Lieberman


MS 1004 – Computing For Finance (10L, 10P, 1C)
Dependencies:
None
Syllabus:
Use of computer software packages like TORA, LINGO or MatLab to maximize/ minimize functions subject to certain constraints. Use of or Java to analyze and solve specific problems that come up in areas like Management, Finance, Economics and Applied Mathematics in general. Computer applications of Optimization techniques in solving and analyzing problems.
Evaluation Criteria:
End of semester examination


IS 2001 – Introduction to Survey Designs (15L, 1C)
Dependencies:
None
Syllabus:
Planning of surveys, questionnaire designing, methods of data collection, fieldwork procedures, Pilot surveys, Sources of errors, Non-response.
Evaluation Criteria:
End-of-semester examination (70%), Continuous assessments (30%)
Suggested Readings:
Theory of sample Surveys by M.E. Thompson, How to conduct your own Survey by P. Salant & D. A. Dillman


IS 2002 – Statistical Case studies I (30P, 1C)
Dependencies:
None
Syllabus:
Train students in analysing real/simulated data using the statistical packages SPSS & R. The emphasis will be on applications of statistical theory covered in semester I. Train students in report writing.
Evaluation Criteria:
Continuous assessments


IS 2003 – Design and Analysis of Industrial Experiments (30L, 2C)
Dependencies:
None
Syllabus:
Basic elements of experimental design: experimental unit, treatments, replication, randomization; homogeneous experimental units: completely randomized design with one-way and factorial treatment structures; blocking for increased precision: randomized complete block, Latin square and in-complete block, designs; factorial treatment designs; confounding and partial confounding; fractional replication; response surface designs; mixture experiments.
Evaluation Criteria:
End-of-semester examination (70%), Continuous assessments (30%)
Suggested Readings:
“Design of Experiments ; Statistical Principles of Research Design and Analysis” – 2nd Edition (2000) by Robert O. Kuehl.(Duxbury) Design and Analysis of Experiments (5th Edition) – 2002 by D.C. Montgomery (Wiley).


ST 2003 – Non-Parametric Methods (30L, 2C)
Dependencies:
None
Syllabus:
Introduction, one sample tests, randomization tests Wilcoxon’s one sample tests, Sign test, Sign Rank tests, Mann Whitney test, Simple Contingency tables, testing for independence, Fishers exact test, K.S.test, Kruskal-Wallis test, Friedman’s test
Evaluation Criteria:
End-of-semester examination (70%), Continuous assessments (30%)
Suggested Readings:
Non Parametric Statistics by Sidney Siegal, N. john Castellan Practical Non Parametric Statistics by William Conover Non Parametric Statistical Test Based On Ranks by Lehnmann


IS 2004 – Statistical Case studies II (60P, 2C)
Dependencies:
IS2003
Syllabus:
Continuation of Statistical Case Studies-I done in semester I. The emphasis will be on applications of statistical theory covered in semester II.
Evaluation Criteria:
Continuous assessments



IS 2005 – Statistical Inference (30L, 2C)
Dependencies: None
Syllabus:
Sampling distributions, sampling from normal, central limit theorem; point estimation: bias and mean square error, unbiased estimation, evaluating goodness of an estimator; interval estimation: confidence intervals, sample size determination, small and large sample confidence intervals. properties of estimators: relative efficiency, consistency; method of moments and maximum likelihood; elements of testing; common large sample tests; type I and type II errors, testing hypotheses using critical value, confidence interval, and p-value approaches; small sample tests; power of tests; likelihood ratio tests.
Evaluation Criteria: End-of-semester examination (70%), Continuous assessments (30%)
Suggested Readings:
Introduction to Mathematical Statistics (6th Edition) – 2004. Hogg, Craig, and Mc Kean.
Mathematical Statistics with Applications (6th Edition) – 2002.
by Wackerly, Mandenhall, and Scheaffer.
Probability and Statistics for Engineers and Scientists (7th Edition) by Walpole, Myer Myer, and Ye (Wiley).


FM 2001 – Computational Financial Mathematics I (20L, 20P, 2C)
Dependencies:
None
Syllabus:
Elementary Numerical methods and applications : Introduction to numerical methods, Taylor’s Theorem and its various forms. Different forms of numerical errors, orders of approximations, solution of non-linear equations and their applications in finance, interpolation techniques; polynomial interpolations, introduction to splines. Amortization schedules and Sinking funds : outstanding principal, amortization schedules, sinking funds, differing payment/interest conversion periods, varying series of payments. Bonds and other securities : types of securities, price of a bond, premium/discount, coupon payments, callable bonds, serial bonds, valuation of securities.
Evaluation Criteria:
End of semester examination


FM 2002 – Actuarial Mathematics I (30L, 2C)
Dependencies:
None
Syllabus:
Survival distribution of life tables, Life insurance, Life annuities, Net premiums, Net premium reserves, Multiple life functions, Multiple decrement models, Valuation theory for pension plans.
Evaluation Criteria:
End of semester examination


FM 2003 – Calculus II (30L, 2C)
Dependencies:
None
Syllabus:
Integration: Antiderivatives and indefinite integration, Intgration rules and integration by substitution, Riemann sums and definite integrals, Mean value theorem and Fundamental theorem of calculus. Application of integration, areas, volumes, arc length and surfaces of revolution. Transcendental functions: Differentiation and integration of logarithmic, exponential and hyperbolic functions, Applications – force of interest and force of death. Integration techniques: Integration by parts, trigonometric substitution and partial fractions, Improper integrals. Infinite series: Sequences and their limits, Infinite series and their convergence, The divergence test, Series of non-negative terms – Integral test, Comparison test, Ratio test and Root test. Alternating series – Absolute and conditional convergence. Power series – radius and interval of convergence, differentiation and integration. Taylor and Maclaurin series and their use for evaluation of limits.
Evaluation Criteria:
End of semester examination


FM 2004 – Mathematical Methods for Finance II (30L, 2C)
Dependencies:
FM1005
Syllabus:
Expected learning outcomes: Understanding of advanced topics in Mathematical Methods. Idea of well post ness of a problem, initial/boundary value problem(ODE), existence, uniqueness theorems(without proof) and related results, Matrices, Eigen values and related results, Fundamental matrices and their elementary properties, application in solving system of ordinary differential equations, Fourier series/transforms and their applications, calculus of variations, systems of linear equation and analytical method of solving them. Introduction to stochastic differential equations.
Evaluation Criteria:
End of semester examination


FM 2005 – Computational Financial Mathematical II (25L, 10P, 2C)
Dependencies:
FM1003
Syllabus:
Numerical approximation of a derivative. Numerical solutions of Ordinary differential equations. One step methods, introduction to multi-step methods, definition of consistency, stability and convergence. Insurance mathematics: utility theory, utility and insurance, optimal insurance and insurance policies. Index numbers : introduction to price, volume and value relatives, linked and chain relatives, tests for index numbers, price/simple/simple aggregate index numbers and their properties.
Evaluation Criteria:
End of semester examination


MS 2001 – Statistical Quality Control (30L, 2C)
Dependencies:
None
Syllabus:
Sampling Inspection; Examples and Definitions, Where, Why and When sampling Inspection, Classification of inspection plan. Acceptance Sampling; OC curve, ARL, Method of choosing sampling plans, some inspection schemes. Control Charts: Control charts for variables (X-bar chart, s chart, R chart etc), control charts for attributes (p chart, C chart, U chart) Cumulative Sum (CUSUM) Charts, Equal Weight Moving Average (EWMA)Charts, Individual value charts, Moving Average (MA)Charts. Process Capability Analysis.
Evaluation Criteria:
End-of-semester examination (70%), Continuous assessments (30%)
Suggested Readings:
Introduction to Quality Control (5e) by Douglas Montgomery


MS 2002 – Quantitative Methods (30L, 2C)
Dependencies:
None
Syllabus:
Arguments with Sets and Venn diagrams. Decision theory and Group Decisions : Under uncertainity – various views and the study of risk, Under competition – competitive games. Input output models – Leontief open and closed, static and dynamic models. Stochastic matrices and determination of long run market shares of products. Inventory management and deterministic inventory models (static and dynamic models). Equipment selection and replacement methods (static and dynamic models).
Evaluation Criteria:
End of semester examination


MS 2003 – Qualitative Methods (15L, 1C)
Dependencies:
None
Syllabus:
Arguments with Sets and Venn diagrams. Decision theory and Group Decisions : Under uncertainity – various views and the study of risk, Under competition – competitive games. Input output models – Leontief open and closed, static and dynamic models. Stochastic matrices and determination of long run market shares of products. Inventory management and deterministic inventory models (static and dynamic models). Equipment selection and replacement methods (static and dynamic models).
Evaluation Criteria:
End of semester examination


MS 2003 – Qualitative Methods (15L, 1C)
Dependencies:
None
Syllabus:
Discussion on Hard OR (Classical OR / Quantitative methods) and Soft OR (Qualitative methods). Introduction to Soft OR. Qualitative Problem Structuring Methods and Modeling Interactive Decision Making processes : Strategic options development and analysis ( SODA), Soft system methodology (SSM), Strategic Choice (SC), simple and hyper games, etc..
Evaluation Criteria:
End of semester examination


MS2004 – Introduction to Marketing Research (15L, 1C)
Dependencies:
None
Syllabus:
Introduction, The Marketing Research Process, Qualitative & Quantitative Research, Defining the problem, Questionnaire Design, Sampling Procedures, Measurements and Attitude Scaling., Significance testing procedures in market research,
Evaluation Criteria:
End-of-semester examination (70%), Continuous assessments (30%)
Suggested Readings:
Marketing Research by D.R. Lehmann, S. Gupta, J.H. Steckel Marketing Research, by Melvin Crask, Richard J. Fox, Roy Stout Marketing Research by David A. Aakar


IS 3001 – Sampling Techniques (30L, 2C)
Dependencies:
IS2002
Syllabus:
Simple Random Sampling (SRS), Sample size determination, Ratio and Regression estimators under SRS, Stratified, Systematic, and Quota sampling. Separate and combined estimators for stratified sampling. Cluster sampling, Multi-stage sampling, Complex sample designs and related issues.
Evaluation Criteria:
End-of-semester examination (70%), Continuous assessments (30%)
Suggested Readings:
Sampling (2e) – by Steven K. Thompson Practical sampling Techniques by Ranjan Kumar Som Hand book of Sampling Techniques and Analysis by Poduri Rao


IS 3002 – Regression Analysis (30L, 2C)
Dependencies:
None
Syllabus:
Introduction, Relationship between two variables, Linear regression, Theory of Regression, Analysis of Variance, R-squared, Diagnostics, Matrix approach to regression, Multiple regression, Partial F-test, Lack of fit and pure error, Methods of model selection
Evaluation Criteria:
End-of-semester examination (70%), Continuous assessments (30%)
Suggested Readings:
Applied Regression Analysis by Draper & Smith Applied Linear Regression by Sanford Weisberg


IS 3003 – Computer Intensive Statistical Methods (30L, 2C)
Dependencies:
None
Syllabus:
Method of bootstrap : introduction, bootstrap standard error, parametric and non-parametric bootstrap estimates, applications to time series and regression models, bias estimation, improved estimate of bias through resampling vector; jackknife estimate of bias, adjustment for consistency; bootstrap confidence intervals; testing hypotheses using permutation tests and bootstrap methods; testing multi-modality. The EM algorithm. The Gibbs sampler and Metropolis algorithm.
Evaluation Criteria:
End-of-semester examination (70%), Continuous assessments (30%)
Suggested Readings:
“An introduction to the bootstrap (1993) by Efron andTibshirani. Tools for Statistical Inference by Martin, J. Tanner.


IS 3004 – Applied Multivariate Methods (30L, 2C)
Dependencies:
None
Syllabus:
Overview, examples and introduction. multivariate normal distribution ; mean vector and variance covariance matrix, correlation matrix; bivariate normal distribution and density, missing values and outliers, summary statistics, standardized data; sample correlations; multivariate data plots, checking for multivariate normality; eigen-values and eigenvectors; geometric descriptions; principal components analysis, factor analysis, discriminant analysis, cluster analysis; multivariate inference; inference for ? and ?; two independent samples, profile analysis, repeated measurements, manova, canonical variates analysis, canonical correlations.
Evaluation Criteria:
End-of-semester examination (70%),Continuous assessments (30%)
Suggested Readings:
Applied Multivariate Methods for Data Analysts (1998) – D.E. Johnson (Duxbury). Applied Multivariate Statistical Analysis ( 3rd Edition) (1992) By R.A. Johnson and D.W. Wichern. Computer Aided Multivariate Analysis by Afifi, Clark, and May (Chapman and Hall).


IS 3005 – Generalised Linear Models (30L, 2C)
Dependencies:
None
Syllabus:
Introduction to Generalised Linear models, Modelling Binary data, Modelling categorical data, Overdispersion.
Evaluation Criteria:
End-of-semester examination (70%), Continuous assessments (30%)
Suggested Readings:
An Introduction to Generalised Linear Models by A. J. Dobson Generalised Linear Models by McCullagh, P. and Nelder, J. A.


IS 3006 – Time Series Modelling (30L, 2C)
Dependencies:
None
Syllabus:
Traditional time series modelling methods; exponential smoothing (simple and double). Trends, Seasonality, Stationarity, Auto correlation function, Wald’s representation of a linear discrete time process. Stationary Time series Models; Autoregressive, Moving Average, Auto regressive-moving average models. Non-stationary time series models, transformations (Box-Cox), Forecasting; Preliminary Model identification, Model Estimation, Diagnostic Checking. Seasonal time series model building.
Evaluation Criteria:
End-of-semester examination (70%), Continuous assessments (30%)
Suggested Readings:
The analysis of time series : An introduction (6th Ed.) by Chris Chatfield Time Series Analysis by Jonathan Cryer Time Series Analysis (Univariate and Multivariate) (3rd Ed.) by William Wei Introduction to Time Series Analysis (2nd Ed.), by Peter Brockwell and Roger Davies


FM 3001 – Mathematical Programming in Finance (30L, 30P, 3C)
Dependencies:
None
Syllabus:
Formulating integer programming problems related to finance. Using Lingo and Access databases to solve integer programming problems related to capital budgeting problem. Short term financial planning problem, Fixed charge problem, Risk insurance problem, Cutting stock problem, Problems related to cost curves, Traveling salesperson problem, Port folio optimization problem. The branch and bound method. The implicit enumeration method using dual simplex algorithm. The cutting plane algorithm. Formulating and solving Dynamic programming problems related to finance. The Wagner – Whitin algorithm. Forward recursion. Using spreadsheet to solve Dynamic programming problems in finance.

Evaluation Criteria:
End of semester examination


FM 3002 – Actuarial Mathematics II (45L, 3C)
Dependencies:
None
Syllabus:
The economics of insurance, Individual risk models for a short term, Collective risk  models for a single period, Collective risk models over an extended period, Application of risk theory, Insurance models including expenses, Non-forfeiture benefits and dividends, Special annuities and insurance, Advance multiple theory.
Evaluation Criteria:
End of semester examination


FM 3003 – Calculus III (30L, 2C)
Dependencies:
None
Syllabus:
Plain curves : Conics, parametric equations, polar coordinates and graphs. Vector : Vectors in plane and space, Dot and Cross products, Lines, planes and surfaces in space, Cylindrical and Spherical coordinates. Vector valued functions : Differentiation and integration, Tangent and normal vectors, Arc length and curvature. Functions of several variables : Graphs of surfaces, Limits and continuity, Partial derivatives and differentiability, Linear approximation and error bounds, Chain rule, Directional derivatives and gradients, Tangent planes and normal lines, Extrema of functions of two variables and applications, Lagrange multipliers. Multiple integration : Iterated integrals, Double integrals and volumes, Change of variables and polar coordinates, Surface area, Triple integrals, Change of variables. Vector analysis : Vector fields, Line integrals, Conservative vector fields, Green’s theorem, Surface integrals, Divergence theorem, Stoke’s theorem.
Evaluation Criteria:
End of semester examination


FM 3004 – Numerical Methods for Finance (25L, 10P, 2C)
Dependencies:
None
Syllabus:
Expected learning outcomes: Understanding of advance topics in Numerical Methods
Linear multi-step method of solving ordinary differential equations, consistency, stability and convergence, Numerical methods of solving a linear system of equations, sparse systems, direct and iterative methods, convergence, Interpolation techniques of higher order accuracy.
Evaluation Criteria:
End of semester examination


MS 3001 – Introduction to Game Theory (45L, 3C)
Dependencies:
None
Syllabus:
Introduction to: Static and Dynamic games with complete information, Static games with incomplete information, Payoff matrix, applications. Static games with complete information : Standard games, zero-sum games, Prisoner’s dilemma, battle of sexes, coordinate games, Chicken or Hark versus Dove.
Basic Theory and Applications : Normal form games, Nash equilibrium, Iterated elimination of strictly dominated strategies. Cournot Model of Duopoly, Bertrand Model of Duopoly.Mixed strategies :Game theory applications in industry, politics, etc..
Evaluation Criteria:
End of semester examination


MS 3002 – Advanced Marketing Research (15L, 1 C)
Dependencies:
MS2004
Syllabus:
Multivariate Techniques including cluster, factor, conjoint, correspondence mapping, multiple regression, Data Fusion, Forecasting techniques including ARIMA Media Research: Definitions, specialized data collection methods, media terminology & measurement, media planning including introduction to proprietary software for pre & post evaluation of media schedules, Pricing Research: Types of pricing models & their application, Test Marketing & Simulated Test Marketing, Report Writing
Evaluation Criteria:
End-of-semester examination (70%), Continuous assessments (30%)
Suggested Readings:
Research for Marketing Decisions by Paul Green & Donald Tull “Marketing Research” by Harper Boyd, Ralph Westfall & Stanley Stasch “Essentials of Marketing Research” by V. Kumar, David Aaker & George Day


MS 3003 – Operational Research II (30L, 2C)
Dependencies:
MS1003
Syllabus:
Network Models: Minimal Spanning tree, shortest route problem, Project Planning and implementation, Inventory Models and OR packages
Evaluation Criteria:
End-of-semester examination (70%), Continuous assessments (30%)
Suggested Readings:
Operational Research an Introduction by Hamdy A. Taha, Introduction to Operations Research by Hillier and Lieberman


MS 3004 – Econometrics (30L, 2 C)
Dependencies:
None
Syllabus:
Linear regression model and properties of least squares estimates; Autocorrelation; Heteroscadasity; Multicollinearity; Model specification; Simultaneous equations; Unit roots, Non stationary and Cointegration.
Evaluation Criteria:
End-of-semester examination (70%), Continuous assessments (30%)
Suggested Readings:
Econometric Model and Economic Forecasts by Robert Pindyck and Daniel Rubinfeld
Introductory Econometrics: A Modern Approach by Jeffrey Wooldridge Econometric Analysis by Greene, W.G Applied Econometric time series (2nd Ed.) by Walter Enders


MS 3005 – Introduction to Management Accounting (25L, 10P, 2C)
Dependencies:
None
Syllabus:
Accounting Theory and Financial Statements : Basic principles, Ledger accounting and Control accounts, Bank reconciliation, Intangibles, Suspense accounts, Trading, Profit and Loss accounts, Balance sheet, Trial balance, Income and Expenditure accounts, Incomplete records, Using Financial accounting packages.
Cost Accounting Cost classification, Materials and Stocks control, Labour cost allocation and Overheads classification and analysis, Absorption and Marginal costing, Manufacturing and Departmental accounts, Budgets and budgetary control, Standard costing and variances, Integrated accounting systems and using Cost accounting packages.
Evaluation Criteria:
End of semester examination