(Old Version)
RMSC 1101
Elementary Concepts in Risk Management (2020 Fall)
Class Information
Class time: M 1430–1615
ZOOM meeting ID: 932-5871-2822
ZOOM passcode: <See CUHK Blackboard>
Instructor
Name: Kin Wai Keith Chan
Email: kinwaichan@cuhk.edu.hk
Office: LSB 115
Tel: 3943 7923
Teaching assistant
Name: Man Fai Billy Ip
Email: 1155115622@link.cuhk.edu.hk
Office: LSB G32
Tel: 3943 8529
Description
This is an elementary course that introduces current issues and special topics in RMSC. Students are required to present and discuss books and current articles in the related topics.
Learning outcomes
Ability to present complex (risk-management, statistics, finance) concepts concisely and precisely.
Basic computer skills (LaTeX, R-language, etc).
Communication with professionals as well as laymen (presentation, discussion, collaboration).
Development of job hunting skills (CV building, job searching, study planning).
Main content
The theme of this year RMSC 1101 is statistical paradoxes. We will discuss and present some counter-intuitive yet commonly encountered statistical phenomena. The aim is to understand the problems through programming. A 5-10 minutes long video is provided for each topic listed below. Students are required to watch each video before the corresponding presentation.
Unlikely coincidence is indeed very likely — birthday paradox
Optimal dating strategy — secretary problem (Updated!)
To change or not to change? That is the question! — exchange paradox
No information is still a piece of information — Monty Hall problem
Believe it or not: the worst part is the best part? — survival bias
A random guess is not a wild guess — Monte Carlo estimation of π
Assessment:
Assignment (a out of 10): Complete 3 individual assignments. Hand in any n pieces of them to get a = min(5n, 10). Aims:
start appreciating the art of programming; and
skillfully search for potential solution in the Internet.
Presentation (p out of 10): Each group is needed to deliver a 25-minute presentation on an assigned topic. Aims:
successfully attract the audience’s interest;
concisely outline the problem;
intuitively explain the solution; and
precisely present an R-program to illustrate and/or solve the problem.
Report (r out of 10): Each student is required to write a one-page report on his/her presented topic individually. Aims:
complete the report by LaTeX;
contain one graph produced by R;
demonstrate your own understanding toward the problem; and
neatly summarize the problem and the solution.
Discussion (d out of 10): One group is selected randomly (without replacement) before each presentation. They are required to lead the discussion section after the presentation. Aims:
raise interesting and relevant questions;
help criticizing and/or appreciating the presented material;
clarify unclear parts of the presented material; and
successfully lead all other students to get involved in the discussion.
Bonus (b out of 1): Bonus points are given to students who enthusiastically participate in this course, including lectures, presentations, discussions, tutorials, etc. Possible ways to earn the bonus points include (but not restricted to):
prepare a 5-minute video on your presented topic; and
enthusiastically participate in class and tutorial.
Course materials
Lecture 1: Course introduction & presentation skills
Lecture 2: Programming in R (I)
R code for the examples (for meeting 2)
R code for the demonstrations (for Exercise 1.1 in assignment 1)
R code for the quick exercises (for Exercise 1.2 in assignment 1)
Lecture 3: Programming in R (II)
R code for the examples and quick exercises (for meeting 3 and assignment 2)
Alternative R codes for Exercise 1.1 and the quick exercise are provided.
Lecture 4: Introduction to RMSC courses and related jobs. Alumni and senior students sharing. CV building with LaTeX.
Assignments
Assignment 1. Due: 28 September (Monday) at 6:00 pm
Assignment 2. Due: 5 October (Monday) at 6:00 pm
Assignment 3. Due: 4 December (Friday) at 6:00 pm
Course material in the previous years can be downloaded here.