(Old Version)
RMSC 1101
Elementary Concepts in Risk Management (2021-22 Fall)
Class Information
Class time: M 1430–1615
ZOOM: 946-5059-8651
Pin: <See CUHK Blackboard>
Outline: <download here>
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: billyipmf@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 (job searching, study planning, etc).
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 short 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 solutions on the Internet.
Presentation (p out of 10): Each group is required to (i) deliver a 25-minute presentation on an assigned topic, and (ii) prepare a multiple choice question related to R-programing and the presentation. 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 of the problem; and
neatly summarize the problem and the solution.
Discussion (d out of 10): All students (except the presentation group) should discuss the programming question with their groupmates after listening to the presentation, and submit their own answers individually within 5 minutes. The second student who submits the answer will explain the answer with his/her group-mates to earn some bonus points. Submit m (out of 7) correct answers to get d = min(3m, 10). Aims:
effectively discuss new problems with other people; and
present a quick answer without preparation.
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 are not restricted to):
give a good answer for the discussion question; and
enthusiastically participate in class and tutorials.
Course materials
Lecture 0: Course introduction + Presentation skills
Lecture 1: R programing (I)
R code for the examples
R code for the demonstrations (Note: It is also for Exercise 1.1 of Assignment 1)
R code for the quick exercises (Note: It is also for Exercise 1.2 of Assignment 1)
Lecture 2: R programing (II)
R code for the examples and quick exercises
Lecture 3: Latex with overleaf
Register your overleaf account and create a new project called "2021Fall_R1101_lecture3"
Example latex source code
Lecture 4: Introduction to RMSC courses and jobs, email writing
Assignments
Assignment 1. Due: 27 September (Monday) at 6:00 pm
Assignment 2: Due: 11 October (Monday) at 6:00 pm
Assignment 3: Due: 3 Dec (Friday) at 6:00 pm
Course material in the previous years can be downloaded here.