SYBCom Actuarial Studies_1 Syllabus Mumbai University by munotes
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AC – 06/04/2023
Item No. – 7.6 (R)
University of Mumbai
Revised S yllabus for
S.Y.B.Com. (Actuarial Studies)
(Sem. III & IV)
(Choice Based Credit System)
(With effect from the academic year 2022 -23)
Page 4
Page 5
(To be implemented from Academic Year - 2022 -2023 )
*List of Discipline Related Elective(DRE) Courses
for Semester III (Any One) *List of DisciplineRelated Elective(DRE) Courses
for Semester IV (Any One)
1 Actuarial Risk Management -Paper I 1 Actuarial Risk Management -Paper II
2 Pricing and Valuation in Insurance Paper I 2 Pricing and Valuation in Insurance Paper II
3 Auditing (Techniques of Auditing and Audit 3 Auditing (Techniques of Auditing and Audit
Procedures) - Paper II Procedures )- Paper I
4 Documentation ,Analysis and Reporting
Paper I 4 Documentation,Analysis and Reporting
Paper II
5 Innovations in insurance sector (Relating to
Climate insurance, Crop insurance, Micro
Insurance, Deposit insurance etc.,)Paper I 5 Innovations in insurance sector (Relating to
Climate insurance, Crop insurance, Micro
Insurance, Deposit insurance etc.,) Paper II
Note: Course/ Subject selected in Semester III will continue in Semester IV
S.Y.B.Com. (Actuarial
Studies)
No. of
Courses Semester III Credits No. of
Courses Semester IV Credits
1 Elective Courses (EC) 1 Elective Courses (EC)
1,2 & 3 *Any three courses from the
following list of the courses 09 1,2 & 3 *Any three courses from the
following list of the courses 09
2 Ability Enhancement Courses (AEC) 2 Ability Enhancement Courses (AEC)
4 Information Technology in 03 4 Information Technology in 03
service sector – Paper I insurance – Paper II
3 Core Courses (CC) 3 Core Courses (CC)
5 Management (Functions &
Challenges) – Paper I 02 5 Management (Production &
Finance) - Paper II 02
6 Insurance Laws and 03 6 Insurance Laws and 03
Regulation –Paper I Regulation –Paper II
7 Mathematical modeling
(Survival Models) - Paper I 03 7 Mathematical modelling -
(Stochastic Models) Paper II 03
Total Credits 20 Total Credits 20
Page 6
Elective Courses (EC)
1. Actuarial Risk Management – Paper I
Semester III
Instructional Objectives:
1. To recognize and understand various terms used in financial market services.
2. To understand the special features of the job of an actuary.
3. To identify the risk factors (micro and macro) in insurance business.
4. To acquire skills for mitigating or avoiding the risk elements.
5. To enable the learner to estimate, compute and quantify the risk elements.
6. To be aware of the features of the Indian Insurance Market.
Modules at a Glance
Actuarial Risk Management – Paper I
Sr.
No.
Modules No. of
Lectures
I Introduction to Actuarial Risk Management 15
II Environmental Aspects in Actuarial Risk Management - I 15
III Environmental Aspects in Actuarial Risk Management - II 15
IV Contract Design 15
Total No. of Lectures 60
Page 7
Elective Courses (EC)
Semester III
Actuarial Risk Management – Paper I
Topic
Module I Introduction to Actuarial Risk Management Learning Outcome
• Actuarial Stakeholders and their requirements
• Actuarial Services to various Stakeholders and
their Importance
• Duties and Responsibilities of an Actuary in carrying
out his professional job – highlighting the
responsibility of giving advice and for taking
decisions.
• Financial and other products, schemes, contracts and
other arrangements (Contingent).
• Financial services: Pricing, Reserving/
Provisioning and Capital Modeling and linkages.
• The student
understands the
importance of
actuarial services
to the clients.
Module
II Environmental Aspects in Actuarial Risk Management - I Learning
Outcomes
• Business Environment for an actuary and the
various components
• Risk Environment – Financial Risks and Business -
Concept of Systematic, Diversifiable risk and Risk
Adjusted Returns in Systematic Risk.
• Concept of Risk Appetite and Attainment of
Risk Efficiency
• Dealing with Risks: Risk Avoidance, Risk
Mitigation, Risk Transfer and Risk Retention.
• Portfolio approach to the overall management of risk,
including Proportionality for respective
stakeholders. • The student is
acquainted with
various types of
risks.
• The student learns
how to deal with
risks.
• The student
understands the
risk environment.
Page 8
III Environmental Aspects in Actuarial Risk
Management - II Learning
Outcome
• Regulatory Environment
• Investment Environment
• Demographic and Social Environment
• Capital Environment
• Enterprise Risk Management: An Introduction. • The student
understands
the
components
of business
environment.
IV Contract Design Learning
Outcomes
• Factors determining a suitable design for
financial structures e.g. products, schemes,
contracts or other arrangements
• Nature of service e.g. Asset based (Bank Lending)
and Liability based (Insurance, Deposits, Asset
Management)
• Use of Actuarial Techniques
• Data requirement for contract designing –
Problems in gathering data – Grouping of Data • The student
identifies the
factors
determining a
suitable
design for
financial
structure.
• The student
learns about
the
importance
of data
requirement
Page 9
Elective Courses (EC)
1. Actuarial Risk Management – Paper II
Semester IV
Instructional Objectives:
1. To explain the various components of Actuarial Control Cycle.
2. To understand multiple applications and Limitations of Actuarial Control Cycle.
3. To identify components of and different tools used in Risk Management.
4. To be acquainted with the Methods of Risk Evaluation.
5. To understand Approaches to Problem Definition and Ways to Developing Solution
6. To be acquainted with the implementation of Actuarial Models and Monitoring.
7. To appreciate the framework of Institute of Actuaries of India, Faculty of Actuaries and
the financial Reporting Councils
Modules at a Glance
Actuarial Risk Management – Paper II
Sr.
No.
Modules No. of
Lectures
I Actuarial Control Cycle 15
II Risk Management 15
III Defining the Problem and Developing a Solution 15
IV Implementation of Actuarial Models and Monitoring 15
Total No. of Lectures 60
Page 10
Semester IV
Actuarial Risk Management Paper – II
Topic
Module
I Actuarial Control Cycle Learning Outcome
• Meaning and Definition.
• Process of Actuarial Control Cycle.
• Essential information for Actuarial Control
Mechanism.
• Multiple Application of Actuarial Control Cycle
– Situations and Events.
• Practical Limitations of Actuarial Control
Cycle. • The student
acquaints himself
with the Actuarial
Control Cycle.
Module
II Risk Management Learning Outcome
• Components of Risk Management.
• Different tools used in Risk Management.
• Methods of Risk Measurement used by the
main providers of benefits on contingent events.
• Management of Risks with low likelihood but
high impact.
• Risk Evaluation using scenario analysis, stress
testing and stochastic modeling. • The student
understands various
aspects of risk
management.
Module
III Defining the Problem and Developing the solution Learning Outcome
• Approaches to Problem Definition.
• Use of Actuarial Models and Suitability
Analysis.
• Assumption Setting and Provisioning.
• Testing the Solution. • The student learns
the various stages in
producing the
solution.
Module
IV Implementation of Actuarial Models and
Monitoring Learning Outcomes
• Principles of Profitability and Surplus • The student learns
Page 11
Management.
• Principles of Asset Management and
Allocation.
• Principles of Capital Management.
• Monitoring the Process.
• Principles of Actuarial Code. to control and
manage the cost of
payments arising on
contingent events.
• The student
becomes aware of
monitoring
assessment of
actuarial
experience.
REFERENCE BOOKS
1 ) Financial Risk Manager Handbook: FRM Part I / Part II + Test Bank (Wiley Finance) by
Philippe Jorion
2) Value at Risk, 3rd Ed. by Philippe Jorion
3) Managing Investment Portfolios : A Dynamic Process (CFA Institute Investment Series) by
John L. Maginn
4) Pension Fund Risk Management: Financial and Actuarial Modeling (Chapman & Hall/Crc
Finance Series) by Marco Micocci
5) Actuarial Finance: Derivatives, Quantitative Models and Risk Management by Mathieu
Boudreault
6) Financial Enterprise Risk Management (International Series on Actuarial Science) by Paul
Sweeting
7) Financial Enterprise Risk Management (International Series on Actuarial Science) 1st Edition
by Paul Sweeting (Author)
8) Understanding Actuarial Management: The Actuarial Control Cycle, Scond Edition , Clare
Bellis, Richard Lyon, Stuart Klugman and John Shepherd, Editors. 2010. Co -published by the
Society of Actuaries and the Institute of Actuaries of Australia.
9) Insurance Industry Mergers & Acquisitions Tom Herget and Jim Toole, Editors. 2005.
10) General Insurance Financial Reporting Topics, Fourth Edition ,Society of
Actuaries. 2019.
11) Fundamentals of General Insurance Actuarial Analysis , Jacqueline Friedland. 2013.
12) A Comprehensive Guide to Measuring and Managing Life Insurance Company Expenses, Sam
Gutterman. 2007.
13) Life Insurance Products and Finance, D.B. Atkinson and J.W. Dallas. 2000.
14) Life Insurance Products and Finance, D.B. Atkinson and J.W. Dallas. 2000.
Page 12
Elective Courses (EC)
2. Auditing (Techniques of Auditing and Audit Procedures) Paper I
Semester III
Objectives
• To be acquainted with scope of audit
• To be aware of the risk and its assessment in insurance industry.
• To know RBI regulations relating to audit of NBFCs.
• To be able to prepare an audit plan
• To understand audit framework for BFSI.
• To understand the rules and regulations governing insurance sector in India
Modules at a Glance
Auditing (Techniques of Auditing and Audit Procedures) Paper I
Sr. No. Modules No. of Lectures
1 General Audit consideration 15
2 Understanding Entity , Its Environment and Internal
Control 15
3 Audit Framework for BFSI 15
4 Professional guidance for audit of BFSI 15
Total No. of Lectures 60
Page 13
Elective Courses (EC)
Semester III
Auditing (Techniques of Auditing and Audit Procedures) Paper I
Topics
Module
I General Audit Consideration Learning Outcomes
• Introduction.
• Scope of Audit Engagement.
• Auditors’ independence and Professional
Ethics.
• Audit Planning • The learner identifies the
scope of audit.
• The learner appreciates the
importance of audit planning.
Module
II Understanding Entity, Its Environment and
Internal Control Learning Outcomes
• Common Industry Ratio and Performance
Indicator.
• Risk Indicators in Insurance Industry.
• Identifying and Assessing Risks of
Material mis-statement.
• RBI Regulations relating to Audit of
NBFCs. • The learner get to know the
industry.
• The learner understands the
risks of material mis -
statement.
Module
III Audit Framework for BFSI Learning Outcomes
• Preparation of a Detailed Audit Plan.
• Use of Information Technology.
• Preparation of Entity -specific Checklist for
Compliance.
• Collection of Audit Evidence and
Documentation. • The learner prepares an
audit plan.
• The learner gets to
understand audit procedure.
Module
IV Professional Guidance for Audit of BSFI Learning Outcome
• ICAI guidance note on audit of banks.
• ICAI guidance note on audit of General
Insurance Companies. • The learner understands
and appreciates the rules
and regulations governing
the insurance sector in
India.
Page 14
• ECIIA key principles of internal audit of
Insurance Companies.
• ICAI Technical guide on review and
certification of investment risk management
systems and processes of Insurance
Companies.
• Society of Insurance Checklist on audit of
insurance premiums.
• ICAI Technical guide on audit of asset
management companies/mutual funds.
Page 15
Elective Courses (EC)
Semester IV
2. Auditing (Techniques of Auditing and Audit Procedures) Paper II
Objectives
• To know the Financial Report framework
• To understand general audit consideration and audit planning and audit of risk factors
• To be acquainted with the provision of IFRS and GAAP
• To know duties and responsibilities of Auditor ( Internal and External)
Modules at a Glance
Auditing (Techniques of Auditing and Audit Procedures) Paper II
Sr. No. Modules No. of Lectures
1 Financial Reporting Framework 15
2 Audit Consideration Chart 15
3 IFRS and GAAP 15
4 Duties and Responsibilities of Auditor (Internal and
External) 15
Total No. of Lectures: 60
Page 16
Elective Courses (EC)
Semester IV
Auditing (Techniques of Auditing and Audit Procedures) Paper I
Topics
Module
I Financial Reporting Framework Learning Outcomes
• IRDAI preparation of Financial Statement
and Auditors’ Report in Insurance
Companies (Regulation).
• Internal Control Mechanism.
• Revenue Recognition – Reserve
Mechanism – Assessment of Risk.
• Identifying the mis -statements leading to
frauds and collecting information about the
same. • The learner gets to
know the special
features for preparing
audit report.
• The learner identifies
troublesome areas
Module
II Audit Consideration Chart Learning Outcomes
• Scope of Audit Engagement – General
Consideration, Audit Planning – Audit of
Risk Factor.
• Identification of adverse financial
conditions – communication with the
Management and Finance Committee.
• Reporting of Long Term Liabilities in
Insurance Companies – Liabilities for
Future Policy benefits and Other Contract
Liabilities.
• Listing fraud risk factors in BFSI and
Practice of Professional Skepticism. • The learner gets
trained to look out for
risk factors.
• The learner becomes
cautious with respect
to fraud.
Module
III IFRS and GAAP Learning Outcome
• Statutory Accounting Principles governing
insurance companies in India.
• GAAP – select provisions such as Audit
Procedure, Audit Consideration Chart.
• IFRS – select provisions. • The learner
understands and
applies the provision
of International Rules
and Regulations.
Page 17
• Taxation of insurance entities in India –
Regulation of Premium Rate, Tax on
Premium and Accounting Practices.
Module
IV Duties and Responsibilities of Auditor (Internal
and External) Learning Outcomes
• Reporting of unremediated material
weaknesses to regulators (Internal Audit).
• Classification of Frauds and Reporting of the
same to Regulators, namely RBI and IRDAI.
• Highlight on cases of Attempted Frauds and
Unreported Risk.
• Filing of opinion of Actuary as an Expert
about any gap in the books and reports.
• Filing of the Auditor’s Report in the given
format. • The learner prepares a
final report.
• The learner prepares
actuarial statement.
Teaching Pedagogy
Use of technology, Chalk and Talk method, Group discussions, case study analysis.
REFERENCE BOOKS
• Alvin A. Arens , Randal J. Elder, et al., Auditing and Assurance Services (16th Edition) Feb 1,
2016
• Karla M Johnstone -Zehms, Audrey A., Auditing: A Risk Based -Approach by Gramling, et al. | Feb
14, 2018
• Timothy Louwers, Allen Blay, et al, Auditing & Assurance Services (Auditing and Assurance
Services) Feb 10, 2017)
• Ray Whittington and Kurt Pany GEN COMBO LL PRINCIPLES OF AUDITING & OTHER
ASSURANCE SERVICES; CONNECT AC , May 4, 2018
• Jones Orumwense, Principles and Practice of Internal Auditing in the Banking Industry: A
Training Guide in internal and Forensic Auditing in Banks and other financial institutions, Feb 26,
2013
• AICPA, Audit and Accounting Guide - Depository and Lending Institutions: Banks and Savings
Institutions, Credit Unions, Finance Companies, and Mortgage Companies (AICPA Audit and
Accounting Guide) Oct 23, 2018
• Saloni Ramakrishna,Enterprise Compliance Risk Management: An Essential Toolkit for Banks and
Financial Services (Wiley Corporate F&A Book 641)
Page 18
Elective Courses (EC)
3. Documentation Analysis and Reporting – I
Semester III
The learning outcomes expected from this course are
• Learners develop analytical skill
• Learners appreciate the rendering of collected data and information in structured
manner.
• Learners acquire skills of arranging and sequencing the subject matter.
• Learners acquired skills for interpretation of data and information.
Learners form an opinion and express it verbally.
Semester -III
Modules at a Glance
Documentation Analysis and Reporting – I
Sr. No. Modules No. of Lectures
1 Overview of documentation analysis and reporting 12
2 IRDAI Annual Report 2018 -2019
(Introduction of the Report and discussion about the
format and other aspects of the report) 12
3 Discussion on tables and graphs – interpretation thereof 12
4 Nuances of interpretation and reporting 09
Total No. of Lectures: 45
Page 19
IRDAI Annual Report 2018 -2019.
Modalities
1. All the learners will have to read the report
2. The faculty will engage the learners based on the coverage of the modules.
3. There shall be group discussion, question answer sessions and idea generation.
4. There shall be a class test for 20 marks on the art of report writing in general and nuances
of organising a research report. This will purely evaluate the skills in report writing
including language proficiency and expression.
5. The learners have to interpret at least four statistical tables (randomly picked by the
faculty) and submit a report for 20 marks.
6. There shall be a Semester End Examination for 60 marks where the content of the report
shall be tested. The examination will be an ‘open book examination’.
7. The paper pattern for the same shall be five questions 15 marks each. There is no
specification about the allocation of questions based on sequence of the report.
8. The passing minimum is common as applicable to other courses.
Page 20
Elective Courses (EC)
3.Documentation Analysis and Reporting – II
Semester IV
Instructional Objectives :
• Learners develop analytical skill, appreciate the rendering of collected data and information in
structured manner.
• They acquire skills of arranging and sequencing the subje ct matter
• They acquire skills for interpretation of data and information.
• They identify the words and terminologies used in the report.
Learning Outcomes :
• The learners are able to analyse the information in the IRDAI annual report
• The acquire knowledge r equired to arrange the subject matter in the report
• They are enabled to form an opinion and express it verbally
• They gain adequate vocabulary for professional report writing
Modules at a Glance
Documentation Analysis and Reporting – I
Sr. No. Modules No. of Lectures
1 IRDAI Report - Analysis & Interpretation 12
2 RBI Ombudsman Scheme 12
3 RBI Annual report - Introduction of the Report and
discussion about the format and other aspects of the report 12
4 RBI Annual report - Analysis & Interpretation 09
Total No. of Lectures: 45
Page 21
The recommended report is RBI Ombudsman Schemes, Annual Report and IRDAI Annual Report.
Modalities
1. All the learners will have to read the report
2. The faculty will engage the learners based on the coverage of the modules.
3. There shall be group discussion, question answer sessions and idea generation.
4. There shall be a class test for 20 marks on the art of report writing in general and nuances of
organizing a research report. This will purely evaluate the skills in report writing including
language proficiency and expression.
5. The learners have to interpret at least four statistical tables (randomly picked by the faculty)
and submit a report for 20 marks.
6. There shall be a Semester End Examination for 75 marks where the content of the report shall
be tested. The examination will be an ‘open book examination’.
7. The paper pattern for the same shall be five questions 15 marks each. There is no specification
about the allocation of questions based on sequence of the report.
8. The passing minimum is common as applicable to other courses.
References :
1. IRDAI English Annual Report
2. Banking Ombudsman Report
3. Nestle India Annual Report
Page 22
Ability Enhancement Courses (AEC)
4. Information Technology in BFSI - Paper I
Semester III
Objectives:
• To lay a foundation in the usage of Information Technology (IT) in Banking, Financial
Services and Insurance (BFSI).
• To understand Data Base System in BFSI.
• To appreciate the use of internet in IT.
• To learn use of office automation using MS Office.
Modules at a Glance
Information Technology in BFSI - paper I
Sr. No. Modules No. of Lectures
1 Introduction to Information Technology 15
2 Data Base System in BFSI 15
3 Internet and Information Technology 15
4 Office Automation using MS Office 15
Total No. of Lectures: 60
Page 23
Semester III
Information Technology in BFSI -Paper I
Topics
Module
I Introduction to Information Technology Learning Outcomes
• Concepts related to Information
Technology: Data, Information, Data Base
Information system.
• Major components of Information System:
Types and Levels of Information System –
CBIS (Computer Based Information
System) Office Automation system
Management Information System,
Transaction Processing System, Decision
Support System, Executive Information
system, CRM.
• IT architecture in BFSI – Policy
administration., G -Ledger, Fund
accountability
• Co-existence of various systems in BFSI • The student is
aware of the
various concepts
related to IT
• The student
identifies/
understands the
major
components of
information
system
• The student
learns about IT
architecture in
BFSI
Module
II Data Base System in BFSI Learning Outcomes
• Data Base Management System (DBMS)
and Role of DBMS as the interface between
user and data base.
• Data Base Management System: Structure
and Features.
• Meaning and purpose of Data Dictionary,
File Manager, Role of Data Base
Administer, Traditional File system v/s Data
Base System. • The students is well -
versed with the data
base systems in
BFSI
• The student is aware
of Finacle, Life Asia
and others
Page 24
• Data Base Organization: Definition and
major Characteristics of Flat File, Relational
File, Hierarchical File, Network File and
Object Oriented File.
• Introduction to Finacle, life Asia and others
Module
III Internet and Information Technology Learning Outcomes
• Introduction to Internet.
• Internet Utility Software based on Client
Server Technology.
• Internet Service Provider and Internet
Protocol: Website, Webpage Construction,
Web server, Web Browser (URL, HTML,
History, Hyperlinks, Bookmark) – Basic
knowledge of SMTP, POP, IMAP, FTP,
HTTP, TCP, IP.
• Security: Internet based frauds, Hacking of
password, Viruses, Encryption &
Decryption Keys, Firewall, Digital
Signatures and Certificates,
• E-commerce. • The student
understands the role
of internet in IT
• The student
understands
importance of
internet in e -
commerce
Module
IV Office Automation using MS Office Learning Outcomes
• Creating and saving of word document: Editing
and Formatting Features, Designing file page
and preparing index.
• Spread Sheet Application: Creating, saving and
editing spread sheets and drawing charts.
• Use of basic functions such as Text,
Mathematical and Statistical, Financial and
Logical.
Use of advanced functions including use of V -
lookup, H-lookup.
• Data Analysis and validation, Sorting and • The student is
aware of the office
automation using
MS Office
Page 25
filtering of data, ‘what if - ’ analysis using data
tables and scenarios, Creating subtotals and
Grand Totals, Pivot tables/charts
• Presentation software: Creating presentation
with minimum 20 slides with Script, Inserting
pictures, Videos, Animation
Page 26
Ability Enhancement Courses (AEC)
4. Information Technology in BFSI –Paper II
Semester IV
Objectives :
• To become familiar with use of IT in Life Insurance
• To become familiar with use of IT in General Insurance
• To understand IGMS
• To understand role of TRAMBID
Modules at a Glance
Information Technology in Insurance Sector
Sr. No. Modules No. of Lectures
1 Role of Information Technology in Life Insurance 15
2 Role of Information Technology in General Insurance 15
3 Integrated Grievance Management System (IGMS) 15
4 Future of Information Technology and Insurance Sector
- TRAMBID 15
Total No. of Lectures: 60
Page 27
SYLLABUS FOR SY BCOM (ACTUARIAL STUDIES)
SEMESTER IV
Information Technology in Insurance Sector - Paper II
Topic
Module
I Role of Information Technology in Life
Insurance: Learning Outcomes
• Policy Administration System
• Claims Management
• Re-insurance and Risk Transfer
• Financial Accounting System •The student
understands and
appreciates the use of
Information
Technology in Life
Insurance
Module
II Role of Information Technology in General
Insurance: Learning Outcomes
• Front Office Online System
• Policy Management
• Reinsurance and Claims
• Accounting
• Report Generation • The student
understands and
appreciates the use
of Information
Technology in
General Insurance
Module
III Integrated Grievance Management System)
(IGMS) Learning Outcomes
• Legacy Data
• Data Security, Cyber Security
• Grievance Redressal System
• Investment System Challenges
• IT challenges in Mergers and Acquisitions • The student becomes
familiar with the
functions performed
by IGMS
Module
IV Future of Information Technology and
Insurance Sector - TRAMBID Learning Outcomes
• Telematics and Robotics
• Artificial Intelligence and Machine
Learning
• Block chain
• Internet of Things and Data Analytics
• System Hacking • The
student
learns
about the
future of
TRAMBID
Page 28
Reference Books
• E-Banking in India : Challenges and Opportunities – By Rimpi Jatana, R. K. Uppal
• Frontiers of E-Commerce – by Ravi Kalakota, Andrew B.Whinston – Pearson Education
• Frontiers of E-Commerce – by Ravi Kalakota, Andrew B. Whinston – Pearson Education
• Microsoft Office Professional 2013 -Step by stepl by step
• By Beth Melton, Mark Dodge, Echo Swinford, Andrew Couch
• An Overview of Cyber Crime and Security – Volume 1 -1st Edition by Akash Kamal
Mishra
• Computers and Banking by Sony and Agarwal
• E-Commerce by David Whitely
• Sanjay Soni and Vinayak Aggarwal, Computers and Banking, M/s Sultan Chand and sons,
New Delhi, 1993.
• Uppal, R. K. “E-Banking in India (challenges & Opportunities)”, New Century
• Publications, New Delhi, 2007.
• General Bank Management from Indian Institute of Banking and Finance by Macmillan
• Modern Banking Technology -by Firdos Temurasp Shroff – published by – Northern Book
Center, New Delhi
• General Bank Management from Indian Institute of Banking and Fiance by Macmillan
• Microsoft Office Professional 2013 -Step by step
• By Beth Melton, Mark Dodge, Echo Swinford, Andrew Couch
Page 29
Core Courses (CC)
5. Management: Functions and Challenges
Semester III
Objectives:
1. To make the learners aware of conceptual knowledge and evolution of Management.
2. To familiarize the learners with the functions of Management
3. To sensitize the learners about the actual work environment and how business managers have
to deal with the challenges posed by the changing environment.
Modules at a Glance
Management: Functions and
Challenges
Sr. No. Modules No. of Lectures
1 Introduction to Management 15
2 Planning & Organizing 15
3 Directing & Controlling 15
4 Management Challenges in Changing Environment 15
Total No. of Lectures 60
Page 30
Semester III
Management: Functions and Challenges
Topic
Module
I Introduction To Management Learning Outcomes
• Management
Concept, Importance of Management,
Functions of Management;
Managerial Competencies
Levels of Management
Managerial roles based on Mitzberg’s Theory.
• Evolution of Management Thoughts
Scientific Management by F.W.Taylor’s,
General Management Theory by Henri Fayol,
Human Relations Approach by Elton Mayo -
Hawthorne experiments.
• Ancient and Modern Management
Approach
Chanakya ‘Arthshastra’ Management
Practices by Indian Values
Peter Drucker’s Dimensions of Management.
• The learner knows
the meaning of
management,
evolution of
management thoughts
• The learner is able to
compare ancient and
modern management
approach.
Module
II Planning & Organising Learning Outcomes
• Planning - Steps, Importance, Components;
Coordination – Importance
• M.B.O - Process, Advantages;
Management by Exception - Advantages;
Management Information System - Concept,
Components.
• Decision Making -Techniques, Essentials of a
Sound Decision Making.
• Organising - Organization Structures – Line
& Staff Organization, Tall and Flat
Organisation Matrix Organization, Virtual
Organization, Formal/s Informal Organization.
• The learner applies
the process of
Planning in day-to-
day activities.
• The learner is able to
use Decision Making
Techniques while
making decisions.
Module
III Directing and Controlling Learning Outcomes
• Departmentation –Meaning, Bases;
Span of Management - Factors -Graicunas
formula Influencing Span of Management.
• Delegation of Authority - Barriers to
• The learner
understands the bases
of departmentation in
various companies.
Page 31
Delegation, Measures to overcome barriers.
• Motivation: Factors influencing Motivation.
• Leadership: Styles and Qualities.
• Controlling: Techniques of controlling. • The learner
understands the
importance of
motivation and
leadership with
proper controls.
Module
IV Management Challenges in Changing
Environment Learning Outcomes
• Mergers and Acquisitions – challenges of
integrating corporate culture.
• Turnaround – challenges for top management
during turnaround process.
• Closure – Procedural challenges of closing a
business enterprise.
• Change and Disruptions – challenges posed by
technology gap. • The learner knows
the challenges faced
by managers in the
changing
environment
Page 32
Core Courses (CC)
5. Management : Production and Finance
Semester IV
Objectives:
1) To acquaint the learners with the basic concepts of Production Management, Inventory
Management &Quality Management.
2) To impart the basic orientation towards the institutional framework of the Indian Financial
Syste m.
3) To update the learners with the different markets and its players in the Indian Financial
Systemand their relevance to India’s Economy.
4) It will also orient them on how to invest in these financial markets.
Modules at a Glance
Management : Production and Finance
Sr. No. Modules No. of Lectures
1 Production & Inventory Management 15
2 Quality Management 15
3 Indian Financial System -I Institutional Framework 15
4 Indian Financial System -II Markets and Players -
Institutions and Individuals 15
Total No. of Lectures: 60
Page 33
Core Courses (CC)
Semester IV
Management: Production and Finance
Topic
Module
I Production & Inventory Management Learning
Outcomes
• Production Management: Meaning,
Objectives, Scope.
• Production Systems: Concept, Types -
Continuous and Intermittent.
• PPC : Concept and steps in PPC.
• Productivity: Concept, Factors Influencing
Productivity, Measures for improving
Productivity, Productivity in different
economies.
• Inventory Management: Concept and
Objectives.
• Inventory Control: Techniques. • The learner is
expected to
understand the
production
process of
industries and
the inventory
control
techniques
followed by
them.
Module
II Quality Management Learning
Outcomes
• Introduction to Quality: Dimensions of
Quality.
• Cost of Quality: Types – Internal Failure
Cost, External Failure Cost, Appraisal Cost,
Prevention Cost.
• Quality Circle : Features.
• Quality Management Tools: TQM –
Importance, Six Sigma – Process, ISO
9000 Kaizen – Process.
• Service Quality Management: Concept and
Importance.
• SERVQUAL Model: Measures to improve
service quality. • The learner is
expected to
know the
various Quality
Management
processes and
techniques
adopted by
companies.
Module
III Indian Financial System -I
Institutional Framework Learning
Outcomes
• Structure of Indian Financial Market
• Financial Institutions : (Banking and Non
Banking) , Role of Financial Institutions in a
developing country like India. • The learner is
expected to have
a complete
understanding of
Page 34
• Financial Markets : Money market and its
Instruments, Capital Market and its
Participants.
• Stock Exchange and Commodity Exchange :
Functions.
• Regulatory and Promotional Institutions:
Understanding the Role of RBI, SEBI, IRDA,
PFRDA.
• Depositories in India – Role. all components
of the Indian
financial system.
Module
IV Indian Financial System -II
Markets and Players - Institutions and Individuals Learning
Outcomes
• Credit Rating Agencies in India - CRISIL,
CARE, and ICRA and CIBIL.
• Mutual Funds: Factors responsible for growth
of mutual funds, related risks – Systematic
Investment Plan.
• Commodity Market and Commodity
Boards: Concept and relevance in Indian
Market.
• Derivatives Market : Meaning and Risks.
• Bond Market : Concepts and Types.
• Micro Finance – Importance, Role of Self Help
Groups.
• Personal finance – Preparing Individual
Savings, Investment and Pension (NPS)Plans. • The learner is
expected to
differentiate
between different
types of market
players.
• A desired
outcome is that
the learner is
motivated to
become more
financially
included by
participating in
financial markets.
Page 35
References:
1. Gene Burton, ManabThakur . Management Today Principles& Practice -, Tata
McGrawHill,PublishingCo.Ltd.
2. JamesA.F.Stoner .Management –, Prentice Hall, Inc .U.S.A.
3. Heinz Weihrich& Harold Koontz .Management: Global Prospective –, Tata
McGraw - Hill, Publishing Co.Ltd.
4. 4. AlexisLeon ,Mathe wsLeon Vijay Nicole .Essential of Database Management
Systems -, Imprints Pvt Ltd.
5. Peter Drucker .Management –Task ,Responsibilty , Practices – Truman Talley
Books / E.P. Dutton / New York
6. Viswanathan Rajeesh . Principles Of Management : Concepts &Cases . - 1st ed . -
Mumbai : Himalaya Publishing House , 2010
7. Viswanathan Rajeesh Bhat K.Shridhara. Principles Of Management : Concepts &
Cases Mumbai Himalaya Publishing House 2010
8. Sane Vivek S . Principles & Practices of Management. Pune : Symbiosis Centre for
Distance Learning ,
9. P.B Principles & Practices of Management Pune Symbiosis Centre for Distance
Learning
10. Ramasamy T . Principles of Management. - Mumbai : Himalaya Publishing House ,
2014
11. Ramasamy T. Ramasamy .Principles of Management,Mumbai, Himalaya Publishing
Hous, 2014
12. Jain T.K . Chugh Preeti. Principles of Marketing Management. - Jaipur : Garima
Publication , 2017
13. VasishthNeeru ; Vasishthvibhuti . Taxm ann’s Principles of Management: Text &
Cases / 4th ed . - New Delhi :
14. Indian Financial System —Bharathi Pathiak, Pearson Publication.
15. Financial Institutions and Markets : Structure Growth& Innovations – L.M.Bhole ,
JitendraMahakad, Tata McGraw Hill.
16. The IndianFinancial System and Financial Market Operator -VasantDesai, Himalaya
Publishing.
17. Indian Financial System – M.Y.Khan, Tata McGraw –Hill.
18. Production and Operations Management –Anandkumar Sharma, Anmol Publication.
19. Mutual Funds in India: Emerging Issues -NaliniPravaTripathy, Excel Books New
Delhi.
20. Bhole, L.M., Financial Markets and Institutions. Tata McGraw Hill Publishing.
21. Khan, M.Y., Indian Financial System -Theory and Practice. New Delhi: Vikas
Publishing House.
22. Sharma, G.L., and Y.P. Sin gh eds. Contemporary Issues in Finance and Taxation.
Academic Foundation, Delhi.
23. Khan and Jain, Financial Services, Tata McGraw Hill.
24. Singh, J.K., Venture Capital Financing in India. DhanpatRai and Company, New
Delhi.
25. Horne, Van; James C., John Wachowicz, Fundamentals of Financial
Management,Pearson Education
26. Sharma, G.L., and Y.P. Singh. Contemporary issues in Finance and Taxation.
Academic Foundation Delhi
Page 36
C
o
r
e
C
o
uCore Cou rses (CC)
6. Insurance Laws and Regulations Paper I
Semester III
• To familiarize the student with the various common business laws applicable to insurance
business.
• To make the student aware of the evolution and legal framework of insurance business in
India.
Modules at a Glance
Business Laws and Insurance Specific Laws
Sr. No. Modules No. of Lectures
1 Introduction to Business Laws -I 15
2 Introduction to Business Laws -II 15
3 Evolution of Insurance Laws in India 15
4 Regulatory Framework of Insurance Business in
India 15
Total No. of Lectures 60
Page 37
Semester III
Insurance Laws and Regulations - Paper I
Topics
Module I Introduction to Business Laws - I Learning
Outcome
• India Contract Act 1872
• Definition of Contract and Agreement
• Essentials of a Valid Contract – Capacity to
Contract, offer, Acceptance and Consideration
with respect to Insurance Contract
• Communication and Revocation of offer and
acceptance, Misrepresentation, Fraud and Void
Agreement, E-Contract.
• Negotiable Instruments Act, 1881 : Introduction
and Relevance
• Concept, Characteristics and Classification of
Negotiable Instruments
• Promissory Note, Bill of Exchange and Cheques -
Features, Types and Points of Distinction
• Limitation Act and RTI Act • The student
acquires a
fairly good
idea of the
basic
provisions of
various
business laws.
• The student is
acquainted
with the
important
changes made
in the
provisions of
various
business laws
Module
II Introduction to Business Laws - II Learning
Outcome
• Indian Partnership Act, 1932
Introduction, Relevance, Partnership deed,
Rights and Duties of Partners, Partnership with
Ltd. Liabilities (LLP)
• Setting up of a Company under Indian
Company’s Act, 2013
• Consumer Protection Act, 1986
Concept, Objects, Definition of Consumer,
Consumer Disputes, Complaints, Complainant
Rights of Consumer, Consumer Protection
Council and Redressal Agencies • The student
acquires a
fairly good
idea of the
basic
provisions of
various
business laws.
• The student is
acquainted
with the
important
changes made
in the
provisions of
various
business laws
Page 38
Module
III Evolution of Insurance Laws in India Learning
Outcome
• Legal, Framework of Insurance business in India -
• Evolution of Insurance Laws in India
• Insurance Act, 1938
• LIC of 1956
• General Insurance Related Laws - Fire, Marine
and Property
• General Insurance Business (Nationalisation) Act
:1972 • The student
understands
the legal
framework
of Insurance
business in
India.
• The student
is well
acquainted
with the
various
insurance
laws.
Module
IV Regulatory Framework of Insurance Business in
India Learning
Outcome
• Fundamental Principles of Financial Regulation -
establishment of IRDAI
• Investment Regulations in India
• Institutional Structure of Insurance Regulation and
Supervision
• Registration of India Insurance Company, 2000
• IRDAI appointed Actuary Regulation , 2017 • The student
understands
and
appreciates
the
regulatory
framework
of insurance
business in
India.
References:
1. IRDAI Appointed Actuary Regulations, 2017
https://www.irdai.gov.in/ADMINCMS/cms/frmGeneral_Layout.aspx?page=PageNo3155&flag=1
2. IRDAI Investment Regulations, 2016
https://www.irdai.gov.in/ADMINCMS/cms/frmGeneral_Layout.aspx?page=PageNo2934&flag=1
Page 39
Core Courses (CC)
6. Insurance Laws and Regulations Paper II
Semester IV
Objectives:
• To understand the provisions of various insurance specific laws
• To appreciate the role of IRDAI with respect to insurance industry
Modules at a Glance
Insurance Laws and Regulations Paper II
Sr. No. Modules No. of Lectures
1 Life Insurance and Health Insurance 15
2 General Insurance I 15
3 General Insurance II 15
4 Regulation of Intermediaries in the Insurance
Industry 15
Total No. of Lectures 60
Page 40
Core Courses (CC)
6.Insurance Laws and Regulations Paper II Semester IV
Insurance Laws and Regulations Paper II
Topics
Module I Life Insurance and Health Insurance Learning Outcome
• Status of Life and Health Insurance in
India
• IRDAI Life Insurance/ Re -insurance
2013
• IRDAI Assets liabilities and solvency of
Life Insurance Business, 2013
• IRDAI Expenses of Management of
Insurers transaction, Life insurance
Business, 2016
• IRDAI Health Insurance Regulation,
2016
• IRDAI Third Party Administrators -
Health Services, 2016
• IRDAI Actuarial Report & Abstract for
Life Insurance Business, 2016
• The student knows the
current status of Life
and Health Insurance in
India.
• The student
understands the role of
IRDAI as a regulatory
body with respect to
Life and Health
Insurance Business in
India
Module II General Insurance (I)
Learning Outcome
• Need and Status of General Insurance in
India
• IRDAI General Insurance/ Re -insurance,
2016
• IRDAI Asset Liability and Solvency of
General Insurance Business, 2016
• IRDAI Expenses of Management of
Insurance transactions General / Health
Insurance Business, 2016
• IRDAI (Issuers of Capital by Indian
Insurance Company other than Life
Insurance Business) Regulation 2015
• IRDAI General Insurance/ Re -insurance,
2018 • The student knows the
current status of
General Insurance in
India.
• The student
understands the needs
for General Insurance
in India
• The student
understands the role of
IRDAI as a regulatory
body with respect to
General Insurance
Business in India
Page 41
•
Module
III General Insurance (II) Learning Outcome
• Need and Status of Fire Insurance,
Marine Insurance and Motor Insurance
in India
• Fire Insurance Act, (Current, as
amended )
• Marine Insurance Act, (Current, as
amended)
• Motor Insurance Act (Current, as
amended)
• IRDAI Obligations of Insurer in respect
of Third party Insurance Business 2016 • The student knows the
current status of Fire,
Marine and Motor
Insurance in India.
• The students
understands the need
for Fire, Marine and
Motor Insurance in
India.
• The student is aware
of the latest
amendments in Fire,
Marine and Motor
Insurance in India.
Module
IV Regulation of Intermediaries in the
Insurance Industry Learning Outcome
• IRDAI Linked Insurance Products, 2013
• IRDAI Non Linked Insurance Products,
2013
• IRDAI Licensing of Banks as Insurance
Brokers, 2013
• IRDAI Insurance Web Aggregators, 2017
• IRDAI Registration of Insurance Marketing
Firms, 2016
• IRDAI Insurance Brokers, 2018
• IRDAI Licensing of Corporates , 2002
• IRDAI Protection of Policy Holders
Interest, 2017
• IRDAI Obligation of Insurance to Rural
Sectors, 2015
• IRDAI Micro Insurance Regulations, 2015 • The student is
acquainted with
various laws
explaining the role of
IRDAI as a regulatory
body in the Insurance
industry in India.
Page 42
References:
1 IRDAI Actuarial Report and Abstract for Life Insurance Business, 2016
https://www.irdai.gov.in/ADMINCMS/cms/frmGeneral_Layout.aspx?page=PageNo2848&flag=1
2 IRDAI General Insurance – Reinsurance, 2016
https://www.irdai.gov.in/ADMINCMS/cms/frmGeneral_Layout.aspx?page=PageNo2865&flag=1
3 IRDAI Life Insurance -Reinsurance, 2013
https://www.irdai.gov.in/ADMINCMS/cms/frmGeneral_Layout.aspx?page=PageNo1971&flag=1
4 IRDAI Reinsurance Regulations, 2018
https://www.irdai.gov.in/ADMINCMS/cms/frmGeneral_Layout.aspx?page=PageNo3685&flag=1
5 IRDAI Assets, Liabilities and Solvency Margin of Life Insurance Business, 2016
https://www.irdai.gov.in/ADMINCMS/cms/frmGeneral_Layout.aspx?page=PageNo2847&flag=1
6 IRDAI Assets, Liabilities and Solvency Margin of General Insurance Business, 2016
https://www.irdai.gov.in/ADMINCMS/cms/frmGeneral_Layout.aspx?page=PageNo2845&flag=1
7 IRDAI Expenses of Management of Insurers Transacting Life Insurance Business, 2016
https://www.irdai.gov.in/ADMINCMS/cms/frmGeneral_Layout.aspx?page=PageNo2864&flag=1
8 IRDAI Expenses of Management of Insurers Transacting General or Health Insurance Business,
2016
https://www.irdai.gov.in/ADMINCMS/cms/frmGeneral_Layout.aspx?page=PageNo2850&flag=1
9 IRDAI Preparation of Fi nancial Statements and Auditor’s Report of Insurance Companies, 2002
https://www.irdai.gov.in/ADMINCMS/cms/frmGeneral_Layout.aspx?page=PageNo3632&flag=1
Page 43
Core Courses (CC)
7.Mathematical Modeling (Survival Models) -Paper I
Objective:
1) To introduce basic concepts of mathematics and statistics that are of relevance to survival
models and stochastic models in Actuarial studies.
Outcomes: Students will be able to
1) Find the probabilities of different types of events.
2) Find the probabilities of random variable in case of continuous and discrete distributions.
3) Apply the test of hypothesis to solve the problems.
4) Construct and analysis Kaplan Meier curves.
Semester III
Modules at a Glance
Mathematical Modeling (Survival Models & Stochastic Models) -Paper I
Sr. No. Modules No. of Lectures
1 Elementary Probability Theory 15
2 Probability Distributions 15
3 Sampling Theory 15
4 Non Parametric Distributions 15
Total No. of Lectures: 60
Page 44
Semester III
Mathematical Modeling (Survival Models ) -Paper I
Topic
Module
I Elementary Probability Theory
Probability Theory: Concept of random experiment/trial and possible
outcomes; Sample Space and Discrete Sample Space; Events their types, Algebra
of Events, Mutually Exclusive and Exhaustive Events, Complimentary events.
Classical definition of Probability, Addition theorem (without proof), conditional
probability, Baye’s Theorem. Independence of Events: P( A ∩ B ) = P(A) P(B).
Simple examples.
Module
II Probability Distributions
• Random Variables: Discrete and Continuous, Expectation and Variance
of Discrete and Continuous Random Variables.
• Discrete Probability Distributions: Binomial Distribution, Poisson
Distribution, Uniform Distribution.
• Continuous Probability Distributions: Normal Distribution.
Module
III Sampling Theory
The concepts of random sampling, statistical inference and sampling distribution,
the central limit theorem, mean and variance of sample mean, basic sampling
distributions for the sample mean and sample variance. Confidence intervals for
unknown parameters of binomial and normal distributions. Testing of
Hypothesis, Null hypothesis, Alternative hypothesis, level of significance, basic
tests for one-sample and two- sample situations involving binomial and normal
distributions. Introduction to ANOVA.
Module
IV Non Parametric Distributions
Kaplan Meier: Naive estimator, hazard function, maximum likelihood estimator.
Kaplan Meier Analysis: Construction of Kaplan Meier curves, Analysis of
Kaplan Meier curves.
Page 45
Core Courses (CC)
7. Mathematical Modeling Stochastic Models) -Paper II
Semester IV
Objective: To provide basic knowledge in the mathematical & statistical techniques which can
be used to model and value cash flows dependent on death, survival, or other uncertain risks
arising in pensions and life.
Outcomes: Students will be able to
1) Predict the value of unknown variable using the known variable.
2) Understand the techniques of actuarial models and stochastic processes
3) Compare random lifetime Survival model with Markov jump process survival model.
4) Understand the annuity factors, mortality table and their uses.
Modules at a Glance
Mathematical Modeling ( Stochastic Models) -Paper II
Sr. No. Modules No. of
Lectures
1 Regression Analysis and Time Series 15
2 Actuarial Modeling 15
3 Markov Chain Processes 15
4 Simple Assurance & Annuity Contracts 15
Total No. of Lectures: 60
Page 46
Semester IV
Mathematical Modeling (Stochastic Models) -Paper II
Topic
Module
I Regression Analysis and Time Series
Regression Analysis: Concept of Regression equations, Slope of the Regression
Line and its interpretation. Regression Coefficients, Coefficient of
Determination, Finding the equations of Regression lines by method of Least
Squares.
Time Series: Concepts and components of a time series. Representation of trend
by Freehand Curve Method, Estimation of Trend using Moving Average Method
and Least Squares Method (Linear Trend only ). Estimation of Seasonal
Component using Simple Arithmetic Mean for Additive Model and
Multiplicative Model (For Trend free data only). Concept of Forecasting using
Least Squares Method.
Module
II ACTUARIAL MODELING
Actuarial Modeling: The principles of Actuarial modeling; Reasons and
techniques of using actuarial models; Benefits and limitations of modeling;
Difference between a stochastic and deterministic model, its advantages and
disadvantages; Suitability of a model for any particular application; Difference
between the short run and long run properties of a model; Analysis of potential
output from a model and choice of model; Process of sensitivity testing of
assumptions and its importance; Factors in communicating the results of the
application of a model.
Stochastic Processes: Definition of stochastic process and counting process; The
general principles of stochastic processes, classification of stochastic pr ocesses,
Stochastic interest rate models; Stochastic process in continuous or discrete time;
continuous or a discrete state space and in mixed type; Application of mixed
processes; Meaning of Markov Property in the context of a stochastic process;
Concept of stochastic interest rate model and distinction between this and a
deterministic model; Algebraically derivation of annual rates of return.
Page 47
Module
III Markov Chain Processes and Markov Jump Processes
Features of a time homogeneous Markov chain model; Calculation of the
stationary distribution for a Markov chain model in simple cases; System of
frequency based experience rating in terms of a Markov chain model and simple
applications; Use of Markov chains as a tool for modelling; The Markov
Processes; Poisson process, two state survival model, sickness models and
examples, jump chain model associated with a Markov jump process model and
application. Markov jump processes as a tool for modeling. The random life time
surviva l model: Consistency condition between the random variable representing
lifetimes from different ages; random future lifetime, the survival function, the
force of mortality or hazard rate, and their relationships; Definitions of the
actuarial symbols and integral formulae; curtate future lifetime and the
probability function; comparison of the random lifetime survival model with the
two state Markov jump process survival model
Module
IV Simple Assurance & Annuity Contracts
Simple assurance contracts, formulae for the mean and variance of the present
value of payments, (assuming deterministic interest), Definition: whole life
assurance, Term assurance, Pure endowment, Endowment assurance, Deferred
Whole Life and Deferred Term Assura nce, relevant probabilities with their select
equivalents, Determination of expressions in the form of sums for the expected
present value of benefit payments under each of the above contracts, assuming
that death benefits are payable at the end of the yea r of death. Simplification of
these expressions, Application of the annuity factors, Different types of mortality
table and their use including ways in which future improvements can be allowed
for. Life table functions and their select equivalents, Definit ion of life table
probabilities.
Page 48
References:
1. Probability and Stochastic Processes with a View Toward Applications by Breiman, L.
Boston: Houghton Mifflin, 1969.
2. Introduction to Stochastic Processes by Cinlar, E. Englewood Cliffs, N.J.: Prentice -Hall,
1975.
3. The Theory of Stochastic Processes by Cox, D. R., and H. D. Miller. New York: John Wiley
& Sons, 1965.
4. Introduction to Stochastic Processes by Hoel, R. G., S. C. Port, and C. J. Stone. Boston:
Houghton Mifflin, 1972.
5. Finite Markov Cha ins by Kemeny, J. G., and J. L. Snell. New York: Van Nostrand Reinhold,
1960.
6. Elements of Applied Stochastic Processes by Bhat, U. N. New York: John Wiley & Sons,
1972.
7. An Introduction to Probability Theory and Its Applications by Feller, W. 2 vols. New Yo rk:
John Wiley & Sons, 1966 (vol. 2), 1968 (vol. 1, 3rd ed.).
8. A First Course in Stochastic Processes by Karlin, S., and H. M. Taylor. New York:
Academic Press, 1975.
9. An Introduction to Stochastic Modeling by H.M. Taylor,and Samual Karlin. New York:
Academic Press, 3rd Edition.
10. Mathematics for Economics and Finance Methods and Modelling by Martin Anthony and
Norman Biggs, Cambridge University Press, Cambridge low ‐priced edition, 2000, Chapters
1, 2, 4, 6 to 9 & 10.
11. Applied Calculus: By Stephen Waner and Steven Constenoble, Brooks/Cole Thomson
Learning, second edition, Chapter 1 to 5.
12. Business Mathematics By D. C. Sancheti and V. K. Kapoor, Sultan Chand & Sons, 2006,
Chapter 1, 5, 7, 9 &10.
13. Mathematics for Business Ec onomics: By J. D. Gupta, P. K. Gupta and Man Mohan, Tata
Mc‐Graw Hill Publishing Co. Ltd., 1987, Chapters 9 to 11 & 16.
14. Quantitative Methods ‐Part‐I By S. Saha and S. Mukerji, New Central Book Agency,
1996, Chapters 7 & 12.
15. Mathematical Basis of Life Insura nce By S.P. Dixit, C.S. Modi and R.V. Joshi, Insurance
Institute of India, Chapters 1 and 2
16. STATISTICS by Schaum Series.
Page 49
17. Fundamentals of Statistics ‐ D. N. Elhance.
18. Statistics for Management ‐ Lovin R. Rubin D.S. (Prentice Hall of India)
19. Statistics ‐ Theory, Method & Applications D.S.Sancheti& V. K. Kapoor.
20. Modern Business Statistics ‐ (Revised} ‐B. Pearles& C. Sullivan –Prentice Hall of India.
21. Business Mathematics &Statistics : B Aggarwal, Ane Book Pvt. Limited.
22. Business Mathematics : D C Sancheti& V K Kapoor, Sultan Chand & Sons.
23. Business Mathematics : A P Verma, Asian Books Pvt. :Limited.
24. Statistics of Management , Richard Levin &David S. Rubin,Printice Hall of India , NewDelhi.
25. Statistics for Business & Economics, David R Anderson, Dennis J Sweney,
ThopmsonPublication.
26. Business Statistics , Bharadwaj , Excel Books,Delhi
27. Business Mathematics, S.K Singh & J.K Singh, Brijwasi Book Distributor &Publisher.
28. Mathematics for Economics and Finance, Martin Anthony, Norman Biggs, Cambridge lowprice
editions,2000.
29. Stochastic Models for Social Processes by Bartholomew, D. J. New York: John Wiley & Sons, 1967.
30. Stochastic Population Models in Ecology and Epidemiology by Bartlett, M. S. New York: John
Wiley & Sons, 1960.
31. Business Mathematics, J.K. Singh, 2009,Himalaya PublishingHouse.
32. Mathematics of Finance 2nd Edition Schaum’s Outline Series Peter Zima, Robert Brows Tata
McGraw -Hill Publishing Company Ltd.
Page 50
Evaluation scheme
I Continuous Assessment (C.A.) – 25 Marks
1) Internal Assessment ( 20 Marks)
2) Overall Conduct (5 Marks )
II .Semester End Examination - 75 Marks
Question Paper Pattern for Semester End Examination
(Practical Courses)
Maximum Marks: 75
Questions to be set: 05
Duration: 2.5 Hrs.
All Questions are Compulsory Carrying 15 Marks each.
Question
No Particular Marks
Q-1 Objective Questions
A) Sub Questions to be asked 10 and to be answered any 8
B) Sub Questions to be asked 10 and to be answered any 7 (*Multiple choice /
True or False / Match the columns/Fill in the blanks) 15 Marks
Q-2
Q-2 Full Length Practical Question
OR
Full Length Practical Question 15 Marks
15 Marks
Q-3
Q-3 Full Length Practical Question
OR
Full Length Practical Question 15 Marks
15 Marks
Q-4
Q-4 Full Length Practical Question
OR
Full Length Practical Question 15 Marks
15 Marks
Q-5
Q-5 A) Theory questions
B) Theory questions
OR
Short Notes
To be asked 05
To be answered 03 8 Marks
7 Marks
15 Marks
Note:
Practical question of 15 marks may be divided into two sub questions of 7/8 and 10/5Marks.
Page 51