MATHS1

MAT011 - Financial Maths and Modern Acturial Risk Theory Catalogue Entry The module builds upon ideas from Probability Theory and Stochastic Processes. The module provides a solid but understandable treatment of a number of topics in Finance and Insurance. These topics are oriented towards of stochastic models in real-life situations. This module is aimed at the students who wish to gain a working knowledge of financial engineering, risk-management and insurance business.  Specifically it aims to develop an advanced understanding of: - the financial markets and financial models; - risk-neutral pricing and hedging strategies, methods, tools and techniques; - risk models for aggregative claims for insurance business and ruin theory - statistical analysis and simulation techniques of financial and insurance data.

MAT010 - Business and Risk Strategy Catalogue Entry This module is designed to provide students with an in-depth study of business and risk strategic techniques and processes which enable management to formulate and develop policy in the context of and in response to the competitive environment and attitudes towards risk.

MAT009 - Healthcare Modelling Catalogue Entry This module will introduce the student to the concepts of modelling for healthcare and will explore models for both: • Planning and Management of Healthcare Resources • Epidemiology and Effective Treatment of Disease Examples of models might include those for the prevention, early detection and treatment of disease, such as HIV/AIDS, Diabetes and Asthma.  Resource models would include those for the planning and management of hospital beds, operating theatres and provision of resources in outpatient clinics and critical care units.  A historical outline will be given on the use, practicalities and limitations of both deterministic and stochastic models.  Differential equation models, Markov, semi-Markov and simulation techniques will be discussed and case studies on various topics presented. Students will also be introduced to the importance of health economics in conjunction with OR models, for example in providing cost-benefit and cost-effectiveness models for health policy evaluation. Through computer lab sessions, students will be able to develop and run healthcare models of their own.  The unit aims to encourage the student to consider what makes a mathematically robust, necessarily detailed and practical model for use by healthcare professionals, and how such tools can help influence health policy.

MAT007 - Statisticas and OR for Government Catalogue Entry This module will introduce the student to the ways in which Statistics and OR is used within Government.  It will be predominately taught by staff from the Office for National Statistics (ONS) and Welsh Assembly Government (WAG), and will therefore provide a first-hand fascinating insight in to the roles of Statisticians and Operational Researchers within these organisations.  Government is a large employer of graduates in Statistics/OR, and hence this module provides excellent training for students considering a career in Government or for those interesting to know what kinds of methods ONS and WAG utilise in assisting them to produce important analyses and reports.

MAT006 - Supply Chain Modelling Catalogue Entry The Supply Chain Modelling module aims to provide students with an in-depth understanding of advanced contemporary supply chain modelling techniques.  Students will also be provided with a comprehensive knowledge of supply chain dynamics and their impact upon competitiveness.  It is taught using theoretical and experiential approaches appropriate to an MSc audience and draws upon the latest management and analysis techniques. It develops, applies and consolidates learning by solving problems related to the real supply chains.  Specifically it aims to develop an advanced understanding of: - the relevance and importance to organisations of supply chain dynamics - strategies, methods, tools and techniques for understanding and documenting supply chains - simulation and analytical approaches to investigate the impact of supply chain structure and replenishment rule design on      the dynamic and economic performance of supply chains

- the role of, and barriers to, collaboration, co-ordination and supply chain re-design strategies.

MAT005 - Time Series and Forcasting Catalogue Entry Forecasting methods are utilised in a range of industries and are important tools for both Statisticians and Operational Researchers.  This module will introduce the students to time series models and associated forecasting methods.  It will demonstrate how such models and methods can be implemented to analyse time series data, and for students to appreciate the different fields of applications.  Computer workshops will allow students to build and experiment with practical forecasting tools using data from a variety of applications.

MAT004 - Computational Methods Catalogue Entry This module teaches students a variety of key computing skills needed for working in industry or in further research. The module covers the fundamentals of writing structured computer programs (using Visual Basic for Applications) and introduces various concepts used in basic problem solving. The module also introduces students to the statistical package SAS, which is widely used in industry.

MAT003 - Communication and Research Skills Catalogue Entry This module aims to develop the skills required for communicating work (such as writing a report or giving an oral presentation) and for undertaking research.  Students will gain an appreciation of the principles of working in OR and Statistics, and the necessary skills required for employment in these fields.  Key skills workshops will encourage team building, time-keeping and presentational skills.  Students will work in groups to tackle a real-life problem as posed by an external organisation during a case-study day.  Students will develop the skills required for researching, writing and presenting a report in OR/Statistics, by undertaking an individual assignment to produce a literature review paper and give a short oral presentation on a topic of their choice (this could be on more theoretical topics, for example bootstrapping methods, neural networks, Martingales, heuristic methods etc.; or a review of OR/Statistics applications for example in transportation, defence, pharmaceuticals, healthcare etc.)

MAT002 - Statistical Methods Catalogue Entry This course will introduce to the students a range of fundamental statistical techniques. The broad aims of this course are three-fold: 1. To allow students to gain an appreciation and understanding of the theoretical underpinnings behind some common statistical procedures. 2. To inform students how to apply a combination of these statistical techniques to real-life data sets using commonly used statistical packages. 3. To give students the opportunity to practise communicating statistical findings to a wide variety of audiences.

MAT001 - OR Methods Catalogue Entry This course will introduce to students a range of fundamental Operational Research (OR) techniques, both stochastic and deterministic in nature.  Students will additionally gain experience in using commercial software packages to support learning and connect theoretical understanding with solving practical problems.  The stochastic part will introduce the concepts and applications of the following five topics: decision theory, reliability theory, inventory systems, queueing theory and simulation.  Models and examples will be provided to demonstrate applications of the topics.  The simulation component will include the main approaches in this topic: Monte Carlo, Discrete Event, System Dynamics, and Agent Based Simulation.  Computer workshops will introduce the students to a range of simulation software covering the different approaches taught in the lectures.  The deterministic part focuses on linear and integer programming, dynamic programming, scheduling, project networks and heuristics.  Following an explanation and illustrations of the standard simplex method, some of its variants will be introduced and the concepts of duality explained.  Computer workshops will train the students in the use of software for linear programming.  Branch and bound approaches for solving integer programming problems will be developed.  For tackling sequential problems, dynamic programming will be introduced.  Scheduling problems will be discussed and the students will be introduced to a number of algorithms for developing efficient schedules.  For project networks, the representation of projects as networks and methods for analysing such networks will be covered.  For complex problems, heuristic methods may be utilised, and design principles of heuristics and local search methods will be explained.

Programme Structure and Content Both programmes cover the fundamental topics in Operational Research and Applied Statistics, including the use of specialist software packages, spreadsheet modelling and computer programming skills.  Topics include: Computer Simulation OptimisationQueueing SystemsDecision TheoryReliability TheoryInventory ControlSchedulingHeuristics Probability TheoryEstimationHypothesis TestingAnalysis of VarianceRegression ModelsMultivariate MethodsNon-parametric StatisticsSample Surveys

Students may then choose from a range of interesting and varied option modules from the list shown below. SEMESTER 1 CORE MAT001 Operational Research Methods MAT002 Statistical Methods MAT003 Communication and Research Skills SEMESTER 2 CORE MAT004 Computational Methods OPTIONS (Select 4 modules) MAT005 Time Series and Forecasting MAT006 Supply Chain Modelling MAT007 Statistics and Operational Research for Government MAT009 Healthcare Modelling MAT010 Business and Risk Strategy* MAT011 Financial Mathematics and Modern Actuarial Risk Theory* MAT012 Credit Risk Scoring* MAT013 Advanced use of Statistical Packages PROJECT MAT099 Dissertation *Must be chosen by students on the MSc in Operational Research, Applied Statistics and Risk

Information on Degree Programmes Both programmes prepare you with essential techniques in Operational Research and Applied Statistics, and allow you to then select from a number of interesting and varied optional courses in topics such as supply chain modelling, healthcare, and Statistics and Operational Research for Government (delivered with input from the Office for National Statistics and Welsh Assembly Government).  The MSc in Operational Research, Applied Statistics and Risk, which is a unique MSc degree combination in the UK, is for those who wish to study in greater depth risk models, particularly for application to financial markets but also to other sectors.  As well as studying the foundations in Operational Research and Applied Statistics, you will study further topics in actuarial risk, financial modelling and credit risk scoring.  We have designed and structured the programmes with both full and part-time students in mind. Full-time students will complete the programme in 12 months, which includes a 3 month period working with a company on a real problem of importance to that company. Part-time students will complete the taught programme within 24 months with upto a further 12 months to complete the project dissertation.

Postgraduate Taught Cardiff School of Mathematics currently offers two MSC courses: MSc in Operational Research and Applied Statistics MSc in Operational Research, Applied Statistics and Risk

We currently offer 2 MSC courses in Operational Research and Applied Statistics, and Operational Research, Applied Statistics and Risk.

The main areas of research supported by the School include Analysis and Differential Equations, Number Theory, Operator Algebras and K-Theory, Newtonian and non-Newtonian Fluid Dynamics, Statistical Mechanics and Conformal Field Theory, Numerical Analysis, Statistics and Operational Research.

The School runs numerous courses throughout the year in conjunction with Open for Business. For more infomation please visit the open for Business website here.

The School of Mathematics at Cardiff offers students a wide choice of degree schemes covering all aspects of mathematics, and it provides a sound training for a very broad range of careers. The following degree courses are offered: Mathematics (BSc) Mathematics (MMath) Mathematics and its Applications (BSc) Mathematics, Operational Research and Statistics (BSc) as well as a number of Joint Honours degree schemes which combine the study of Mathematics with another discipline. Students on the Mathematics and its Applications and the Mathematics, Operational Research and Statistics programmes have the opportunity to spend a year in industry in the 3rd year if they wish. Further details about Professional Training: A Year in Industry Mathematics modules are also available for study on degree schemes that allow