Probability for Risk Management and Optimization
What you'll learn
- Basic application oriented Probability concepts.
- First step towards use of Probability concepts in Optimization.
- Probability and sensitivity applied in Risk Management
- Common source of conceptual mistakes related to Probability theory application.
- To model the Probabilistic situations with greater ease.
- Sharpen the learning without focusing on probability formulas.
- Nothing as such. Just a curious mind.
Probability is a measure of uncertainty and we have to deal with it everywhere. Managing risk and optimizing system performance in uncertain situations are some of the major challenges faced by every professionals. This course discusses about probability and it's sensitivity to help in risk management. It also gets into some kind of modelling to gain important insight into queue optimization. There are several application oriented practice questions with solutions in this course.
This course starts with basic probability concepts and focusses on first principles to build understanding about permutation, combination and counting. It discusses about some of the most popular probability distributions with an objective of moving towards application of the concepts. One should be able to improvise on these concepts to take care of special needs.
It works on some of the important concepts related to probability where students generally go wrong such as probability with continuous variables and not equally likely outcomes.
This course is not a conventional probability course discussing about various laws of probability and formulas to calculate probability values. But, it tries to make you understand the nuances of probability concepts so that you can become more comfortable in applying them and avoiding some of the serious mistakes.
Who this course is for:
- Those who wish to take advantage of probability concepts in their activities
- Those who are excited about understanding nuances of Probability
- Students studying Probability for any purpose
- Students or professionals needing to learn probability concepts in risk management
I am a graduate from Indian Institute of Technology, Kharagpur and a Ph. D. from Jharkhand Rai University, Ranchi, India. I enjoy teaching Operations Research and Applied Mathematics to students at different levels. My main engagement is with Insurance professionals who need to apply data science and related concepts extensively in their area of work.
These subjects can be learnt best when done in intuitive way. I prefer to focus on logic and try to get to the nuances of mathematical concepts.